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Preakness Stakes: win, place, show, pay taxes

The second leg of the Triple Crown runs today at Baltimore's Pimlico Race Course. You know what that means. I'm reminding all bettors of their tax responsibilities when it comes to gambling winnings.

All eyes are on American Pharoah, the Kentucky Derby winner who's the favorite today.

American Pharoah

The horse racing community is hoping that the chestnut thoroughbred will become the first Triple Crown winner since 1978. It would be great for the sport.

Oddsmakers think he has the best shot at taking today's race. The downside for gamblers is that any bet payoffs won't be that much.

But regardless of the amount, and whether the bet was placed at a legal sports betting outlet or an illegal bookie, any winning amounts are taxable income.

Do you follow the horses or just the Triple Crown races (Kentucky Derby, Preakness and Belmont)?

Are you betting on today's race? No judging here as to how. Just remember to pay your tax bill.

The Internal Revenue Service and I wish you good luck.

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