Betting California Chrome For Uncle Sam
Some 15 million people will watch California Chrome June 7th, many pulling for California Chrome. A Triple Crown Winner would be great, especially out of a kind of rags to riches story like this one. Whoever wins, there will be some nice payoffs. But remember to save some for the tax man. Gambling winnings are fully taxable and must be reported. What’s included? Gambling income includes winnings from lotteries, raffles, horse and dog races and casinos. Recreational gamblers need to keep a diary or other contemporaneous record of how much they bet and lose on each visit. If you don’t keep good records you could end up a two-time loser—losing once at the tables and once to Uncle Sam.
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