racing next year?

63corvette · 11-24-2020, 12:33 PM

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

11-24-2020, 12:33 PM	#11
63corvette Senior Member Join Date: Mar 2007 Location: Canyon, Tx Posts: 552 Likes: 128 Liked 359 Times in 103 Posts	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