Win a Kentucky Derby Bet? Don’t Forget Taxes
- Saturday, May 5, 2012, 23:59
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You may be flushed with excitement–and cash–from your Derby Day winnings. There was a 15-1 payoff on I’ll Have Another?s Kentucky Derby win. But if you won, before you spend it all, remember to save some for the tax man. Gambling winnings are fully taxable and must be reported on your tax return just like everything else. Yup, Gambling Winnings Are Always Taxable Income.
http://www.forbes.com/sites/robertwood/2012/05/05/win-a-kentucky-derby-bet-dont-forget-taxes/
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