Tax Question on Split Tickets
Has anyone used an online account to split a P4 or P6 ticket and won more than $600 and 300/1 that requires reporting it to the IRS? How does that work? If it is on your account are you stuck with the whole tax bill or can it be split among the people that invested on the ticket? What is the procedure for splitting it out? I'm looking at getting people to split a ticket at the Travers party I am going to but want to make sure I let them know about the tax ramifications beforehand.
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