[JayTris07]

I played the early P5 at Gulfstream Park today and hit. I invested $16 and and the payout was $7712.05. I noticed in my account that I was only credited a little over $6100. I called TVG and was told that the government automatically take out 25% in winnings of $5000+. I've never had this happen before, I usually claim my winnings and losses at tax time. Is Twinspires correct about this and would I have to pay taxes on the $6100+ at tax time also?



COMPLETED:f3e36-0b685GP
#1
$0.50 Pick-57, WT, 3, 5, WT, 1, 2, WT, 3, 5, WT, 4, 6, 7, 8none$16.00$8,099.65
+ $8,083.65

[Easy-Rider 66]

Not sure but nice hit. Wish I could sign up to Twinspires but live in a restricted state.

[JayTris07]

Not sure but nice hit. Wish I could sign up to Twinspires but live in a restricted state.

Thanks Easy-Rider

[littlekona]

all adw and tracks OTBs ect take out that when you hit over 5K and make you sign whens its over 600 but no take out w that.....look for that to change though as they are pushing through law that says it wont be the amount won but 300X what u wagered and that looks like it might go into effect very soon like next few months ..see link
http://www.drf.com/news/irs-treasury...ndly-tax-rules

[JayTris07]

all adw and tracks OTBs ect take out that when you hit over 5K and make you sign whens its over 600 but no take out w that.....look for that to change though as they are pushing through law that says it wont be the amount won but 300X what u wagered and that looks like it might go into effect very soon like next few months ..see link
http://www.drf.com/news/irs-treasury...ndly-tax-rules

Interesting. Thank you.

[StackinGreen]

Yes, totally pathetic that they haven't changed tax laws like this since the frickin' 1970s, what a joke

Inflate our currency then F us again, and again, and again

[StackinGreen]

I still don't understand how this is that good. Why don't they just say, unless a payout is $10k and over 300-1 it doesn't matter.

You gotta love the guys on that drf comment section down below as well worried about the FEDS money. As if declaring or not declaring $ on bets already TAXED HEAVY by the local gov't matters to the feds in the big picture (we have $20 tril debt). Let us have at least some fun where once you get us for 20-25% ahead of time, we don't have to get crushed at INCOME again...​

[harthebar]

yes it is true........but remember when it comes tax time that 1000 plus that goes to the fed......you will get back...as long as you claim loses equal to the amount you won...or at least most of it...........consider it a loan to the govt. but yea they do take it out anything over 5000

http://www.rosenbergmartin-tax.com/n...s-why-is-that/

[harthebar]

by the way nice hit

[harthebar]

i didnt see the second part of the question......you will have to claim the entire winning amount at tax time......not sure what form you use...........hopefully you claim other things......but you can write off the entire winnings...as long as you show loses equal to the winnings......or whatever the amount you lost was....thats from an 1 on.....so lets say its april you already lost 1500 that counts..........and what ever else you loss back by dec 31. and that can be lottery casino or whatever...any good acct. will tell you that......it works it self out...so thats why you will get some of the money they took

[JayTris07]

i didnt see the second part of the question......you will have to claim the entire winning amount at tax time......not sure what form you use...........hopefully you claim other things......but you can write off the entire winnings...as long as you show loses equal to the winnings......or whatever the amount you lost was....thats from an 1 on.....so lets say its april you already lost 1500 that counts..........and what ever else you loss back by dec 31. and that can be lottery casino or whatever...any good acct. will tell you that......it works it self out...so thats why you will get some of the money they took

Thanks Bro.

[pabonaparte]

What a score! Bravo, JayTris07!

[JayTris07]

What a score! Bravo, JayTris07!

Thanks Bro,

[JayTris07]

I still don't understand how this is that good. Why don't they just say, unless a payout is $10k and over 300-1 it doesn't matter.

You gotta love the guys on that drf comment section down below as well worried about the FEDS money. As if declaring or not declaring $ on bets already TAXED HEAVY by the local gov't matters to the feds in the big picture (we have $20 tril debt). Let us have at least some fun where once you get us for 20-25% ahead of time, we don't have to get crushed at INCOME again...​

Totally agree Stackin.

[harthebar]

Got to ask. How many horses did you have in the last leg. 2 in each leg

[JayTris07]

Got to ask. How many horses did you have in the last leg. 2 in each leg

This was my ticket.

7, WT, 3, 5, WT, 1, 2, WT, 3, 5, WT, 4, 6, 7, 8 $16.00

[harthebar]

Nice. You had 4. Going into last leg. Always a bit of comfort.

[JBEX]

only $16 invested... great job and congrats !!

[JayTris07]

only $16 invested... great job and congrats !!

Thanks JBEX,

[picantel]

Twinspires is garbage for rewards. Go try amwager. I do not like their new site and maybe use twinspires to check out the horses but holy cow amwager has some sweet rewards.

[JayTris07]

Twinspires is garbage for rewards. Go try amwager. I do not like their new site and maybe use twinspires to check out the horses but holy cow amwager has some sweet rewards.

Thanks, will do.