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Win a Kentucky Derby Bet? Don’t Forget Taxes

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 [...]
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See more about: Kentucky Derby

Betting the ponies saved a broke Larry King

Sports : Game On! (5 years ago)

There weren't any big payoffs at the Preakness when favorite Rachel Alexandra ran away from the field, but Mine That Bird did conjure some gambling fantasies when that 51-to-1 longshot stole the Kentucky Derby. That made for a $41,5... Read Post

Taxes on Kentucky Derby Winnings Could be up to 47.6 Percent

Business & Finance / Taxes : Tax Foundation's Tax Policy Blog (2 months ago)

My home state was on national display Saturday evening with the Kentucky Derby, with California Chrome notching a win, finishing the 10 furlong ( 1.25 miles) race in 2:03.66 (a bit on the slow end for recent years, though Super Save... Read Post

Kentucky Derby Trifecta Nets Cash, Aids Boston Victims, Even Tax Write-off

Business & Finance / Taxes : The Tax Lawyer (2 months ago)

Betting on Wicked Strong Could Win Big, Help Boston Bombing Victims, May Even Give You A Tax Write-off. What's Not to Like? Read Post

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