Author: Dina Barabash, NASBA Content Development and Web Specialist
Life can be busy, whether you’re running around to meetings, classes or friendly gatherings. But this week is unique, as a select few will be running for roses. That’s right, it is time for the Kentucky Derby. Sunshine, big hats, wagers and did we mention mint juleps? Yes, please!
The Derby’s debut dates back to 1875 and according to its website , it is the longest running sporting event in the US. Although it is recognized as a southern tradition, fans from near and far enjoy watching, and rooting for their equestrian favorites.
Besides cheering on favorites, attendees enjoy taking part in Derby betting. Whether they choose their favorite horse name, favorite number, best looking horse, etc., betting can be a tough decision. What Derby-goers don’t want to take a bet on, is not submitting the right forms for gambling winnings. Yes, winnings from the Kentucky Derby are taxable.
Save a CPA or tax accountant from a headache and make sure the right forms are filed, if winnings are collected. Don’t wait until tax return time, either. In some cases, individuals may be required to pay an estimated tax on winnings.
Want more inside scoop on numbers and facts of the Derby? Check out the infographic below!
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