Re: racing next year?
I tried one year back in the 1990's when I was doing a lot of bracket racing and doing well at it one year to claim the winnings as gambling. I then deducted the entries as losses of gambling.
Needless to say that did not work and I was audited.
My last try at that.
I thought it was better to ask for forgiveness than ask for permission from a Government Agency.
They only charged me interest on the deduction and no penalty after the audit which was a pain.
Just My Experience
Rick Cates
Canyon, TX
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