Do you print out each of your individual bets after you make them and save them for tax time? Or is printing a win/loss statement for each account at the end of the calendar year sufficient?
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if i printed each ticket out id owe more in ink/paper than taxes at the end of the year.....Comment -
I can see how the paper and ink costs could be a problem. In my case I would guess that I currently make 100-150 horse bets per year, usually on major race weekends and large carryovers. Almost all of my larger bets are made at an OTB and I always keep my losing tickets. I've only recently started betting more online so I'm curious to see how others deal with the tax issues. Thanks for your input!Comment -
if your betting into the pools (not offshore) and hit a "signer" (over $600 for $1 bet i believe) they'll be sure to send you the tax form at the end of the year. get a hold of them for a profit/loss statement if you indeed collect a few bigguns.
if you're playing offshore...forget about it.
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