Tax Question

[cal828]

Originally Posted by Scav

Here is the thing though that is so sketchy, less then 2% of people in their respective cities get audited, and lets just say that 5k doesn't get reported, you are probably on the hook for 1k, and that is that, they won't even audit you, they will send you a letter saying "Um you forgot to claim this so you owe us this"

I would say with 100% certainity that people on here are not claiming EVERY ticket they cashed at the racetrack, which according to tax code, you are suppose to do.

Unless you making over 250k, where your chance of getting audited is alot larger....well, you get the point

Just curious. Do betting services like youbet and others report your total winnings on a 1099 to the IRS or do they just report single winnings over $600?