If you assume he “works” 200 days per year, he has devoted 20,000 hours to this “job” over the last 10 years. If he truly collected $500,000, he made $25 per hour pretax. Do you suppose he reported this income to the IRS?
‘It is all taxable income. “I file my winnings with the I.R.S. every year,” Mr. Leonardo said in his thick Dominican accent.’
Yep.
I think VINCENT M. MALLOZZI just did it for him.
Believe it or not, he might have a 1099 or something from the OTB. In most places, legal gambling facilities (as well as game shows) must report larger winnings to the IRS.