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Floyd Wins $446,000 on a Single Bet
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11-05-2012, 08:06 PM
Post: #11
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| Floyd Wins $446,000 on a Single Bet | |||
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11-07-2012, 11:07 PM
Post: #12
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Floyd Wins $446,000 on a Single Bet
To the person who asked about the IRS taxing this....Yes, gambling income needs to be included as part of income. However, losses can be deducted on schedule A as a misc. deduction up to the winnings. I'm assuming he has losses up to winnings.
He'll be broke in 2-3 years unless he fights again. |
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