Reply to I just won $1,000 playing an instant scratch lottery ticket. Should I notify my family?

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Reply to "I just won $1,000 playing an instant scratch lottery ticket. Should I notify my family?"

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[quote=Anonymous][quote=Anonymous][quote]Gamblers are lucky in that casino taxes are not progressive like income taxes are. That is, you will owe the same percentage to the IRS on a $100,000 jackpot as a $10,000 one. Yet, it’s important to know the thresholds that require reporting. Winnings in the following amounts must be reported:

[b]$600 or more at a horse track (if that is 300 times your bet) 
[/b] $1,200 or more at a slow machine or bingo game 
 $1,500 or more in keno winnings 
 $5,000 or more in poker tournament winnings [/quote]

300 times your bet?  Did the horse that ran on those odds have three legs, or what?  Just curious.  [/quote]

There are a variety of bets you can make at the track other than just who wins.  You can bet the exacta (only pays if you pick the first place and second place horse in order) , or trifecta (pick the first 3 horses in order), daily double (only pays if you pick two winning races in a row), and all sorts of strange bets that can have very long odds and high payouts if you win.[/quote]

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