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Originally Posted by arizonadave
This also brings up the point of playing 50 cent P4s,when able. In this example, the 50 cent P4 would pay $500 per ticket and there wouldn't be any tax paperwork. Instead of two $1 P4 tickets, it would be 4 50 cent tickets.
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That is one advantage of playing at the track vs. an ADW which would report the four 50 cent tickets to the irs.
Can anyone answer this one:
If I broke even during the course of the year wagering through the ADW sites I use, would there be a tax liability on the money that one of those sites gives me ?
(This ADW deposits $100 per month in my account when I deposit and wager $100 by the 15th of each month. By the end of the year if I broke even on my wagers I would have $1,200 in my account.)