Potential tax liability at HorseTourneys and HorsePlayers is a function of a player’s total NET WITHDRAWALS for a calendar year. Net withdrawals are defined as the total of a player’s WITHDRAWALS minus the total entry fees (i.e., purchases) played at HorseTourneys and HorsePlayers for the calendar year. Auto entries (entries won from feeder events) are counted according to their entry fee value.
If the total of NET WITHDRAWALS exceeds $600, the player will receive a 1099-MISC form in late January or early February following the year of qualification. 1099-MISC forms are the only tax forms issued (no W2Gs or otherwise).
The formula is simple:
NET WITHDRAWALS = Total Withdrawals minus Total Entry Fees (Purchases) for year
If the total of the NET WITHDRAWALS exceeds $600, a 1099-MISC form will be issued.
REPORTS: Please note that players may request updated activity reports of their activity at any time in the My Account section. These reports include total PURCHASES, DEPOSITS and WITHDRAWALS for the year selected.
To compute net withdrawals, players simply need to total the WITHDRAWALS and PURCHASES amounts from the spreadsheet, and apply the above calculation.
Questions may be directed toward support@horsetourneys.com.
