How are winnings calculated and what is reported to the IRS?
Example. (I know threshold #'s are higher for reporting, just using these as easy calculation examples)
1) You bet $100 on a game and win $50. The payout is $150 ($100 original wager + $50 win/profit). In this scenario the true profit is $50. What is reported to IRS, is it the total payout ($150) or just the win/profit ($50)?
2) Regarding the $600 or 300:1 win to bet ratio that triggers a W2 from casino/online book.....is that on one single bet, or a total of daily bet or summarized for the whole year?
Thanks
