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Ask the Experts / Re: betting payoffs
« on: October 10, 2007, 02:05:27 AM »
Collecting over $600 on a bet that pays over 300-1 requires an IRS form. Collecting over $5,000 on same requires withholding.
Thus, hitting a $653 triple for $2 triggers a reporting requirement, but hitting it for $1 twice does not. Makes no sense but that\'s the way it is.
Betting $1,000 to win on a 6-1 shot and collecting $7,000 does not trigger a reporting requirement because it\'s not over 300-1.
Thus, hitting a $653 triple for $2 triggers a reporting requirement, but hitting it for $1 twice does not. Makes no sense but that\'s the way it is.
Betting $1,000 to win on a 6-1 shot and collecting $7,000 does not trigger a reporting requirement because it\'s not over 300-1.