If you are in the horse or harness racing business hopefully you are receiving form 1099 at the end of each year from one of more race tracks and perhaps a few of your clients if you are a trainer.
The question I am often asked is what should I do with these 1099s? Must I report every 1099 on my tax return? Must I report 1099 income from racetracks only? How about if I got a 1099 from an owner who paid me in cash?
Let me start by advising you that if you received a 1099 the IRS and your state most often got the same 1099. Therefore, you should report ALL of your income shown on all 1099s received.
What happens if you lost or never got some of your 1099’s?
Here at the Equine Tax Group we can secure all your horse racing 1099s for any year for you directly from the IRS as well as all other income documents such as W-2’s and interest and dividend reports so you avoid problems with your tax returns.
Underreporting of your racing income is a serious offense in the eyes of the IRS. Why risk this situation when a simple call to the Equine Tax Group can solve this problem? Call us at 844-777-7200.