Can someone confirm to me how arbitrage betting is reported for taxes?
So if I bet both sides of the money line
Team A - bet $100 Profit $110
Team B - bet $100 Profit $110
I've locked in a profit of $10 profit but for tax purposes do I
Report winnings of $10
or
Report winnings of $110 and a $100 itemized loss.
Thanks
So if I bet both sides of the money line
Team A - bet $100 Profit $110
Team B - bet $100 Profit $110
I've locked in a profit of $10 profit but for tax purposes do I
Report winnings of $10
or
Report winnings of $110 and a $100 itemized loss.
Thanks