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Originally Posted by obie1
I was lucky enough to have (2) dollar tickets on the derby winning exacta does it make any tax difference if I cash them both in at the same time? How much will they take out in taxes each ticket is worth just over a thousand dollars. Someone told me they take out 25% is that of the amount over $600 or is it of the entire amount. Hate paying taxes when I finally have a winner.
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Cash them at different times....and you did not hear this from me but dont claim the income on your tax returns, how would they track it to you?