Tax Ticket Question

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.

[tector]

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.

Good point that I forgot to mention.

[Port Conway Lane]

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.

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.)

[tector]

Originally Posted by Port Conway Lane

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.)

Of course, it is just like interest income.

Hell, I opened a bank account a couple of years ago and was given like $20 in Corningware--got a 1099 for that, too.

[booner]

For some reason I thought the 300-1 factor came into play with taking it off the top. I had forgotten that it doesn't kick in until $5k. I did remember that it is reportable and taxable. I'm good now.

I do agree with the .50 plays. I do that whenever they are offered. My buddy loves superfectas (not my cup of tea) and plays the crap out of them, but always plays for $1. I keep trying to talk him into getting 10 .10 tickets but he won't do it. Thinks it's too much trouble. Once he hits a big one, maybe he'll change his tune.......

And a 1099 for $20 in Corningware? OMG.......

[Port Conway Lane]

Originally Posted by tector

Of course, it is just like interest income.
Hell, I opened a bank account a couple of years ago and was given like $20 in Corningware--got a 1099 for that, too.

That is what I figured. I don't expect to get a 1099 on any of that money they match.Technically that is reportable income and I'm guessing it falls under the category of a gift.
If I was to lose $1,200 wagering during the year I assume I would not be able to offset the "gift" with my losses.