A Tax Question for Fishhead or other Knowledgable Person

Whoson1st · Apr 15, 2006

Hypothetical Only.

A Bettor makes a $10,,000 win Bet on the Kentucky Derby Winner. It's made on line with YouBet (a US Company). The horse wins and Pays $4.00 for a $2. win bet. It's the only bet this bettor made all year. Has no other wins and no other losses. He collects $20,000 for his $10,000 win bet.
QUESTION; As for as the IRS is concerned: Did this bettor Win $20K or did he win only $10K?

CHOPTALK · Apr 15, 2006

Illini · Apr 15, 2006

This cannot be a serious question, can it?

Whoson1st · Apr 15, 2006

Illini--It is deadly serious! So I would appreciate your indulgence. I have been totally screwed by YouBet....They sent me (at my request an end of the year statement) Showing Wins and Losses. ALL amounts are considered a win that come back to the bettor. I just now figured out how they arived at the figure and my taxes have been filled by Jackson Hewlett.

You for some reason--don't care for me and my questions/comments---so you can or should ignore.
Best wishes.