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P
Pavlik-42
Level 1
June 9, 2023
Question

Where to enter horse racing income and expenses associated with those bets?

  • June 9, 2023
  • 2 replies
  • 5 views
Income is reporeted on 1099-MISC
This topic has been closed for replies.

2 replies

sjrcpa
sjrcpa
Level 15
June 9, 2023

Not W-2G?

Is client placing wagers? Or does he own horses or parts thereof?

The more I know the more I don’t know.
    qbteachmt
    qbteachmt
    Level 15
    June 9, 2023

    In other words:

    Horse Racing is a business; there would be income, expense, liabilities and assets.

    Bets are gambling; there would be winnings and losses.

    It helps to be specific.

     

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