Jai-Alai Question of the Week

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#64 - Do you worry about the tax man?

Posted on November 2, 2004 at 03:51:51 PM by Tiger

I won't get into state taxes or the details of standard/itemized deductions, just the basic IRS premise that gambling winnings are taxable. And, I won't get into such laughable Internal Revenue pearls of wisdom like the fact that 'bribes received' are taxable income, but 'bribes paid' are not deductible - yes, they really SAY that

In a nutshell, if your ticket pays more than 300:1 you must file a tax statement. If the amount is greater than $5,000 the fronton must also withhold 28 percent. If you get whacked like this, it will help if you can deduct losses to the extent of winnings.

Two ways around this (one 'legal', the other not):

How do you play this game?


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