1. 09-27-17 03:41 PM #1
    milwaukee mike
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    **twinspires changing tax reporting requirements on 9/28/17

    from now on the total cost of the ticket will be the base amount for purposes of the 300-1 rule on issuing W-2G

    here's the example from their email/website...



    Changes to the United States tax code that go into effect Thursday will directly benefit TwinSpires.com players by letting you keep more of your winning and eliminating the need for most W2G forms.

    TwinSpires reports winnings to the IRS when the return exceeds $600 and 300-to-1. TwinSpires automatically withholds from your winnings when the return exceeds $5,000 and 300-to-1.

    Before Thursday, the 300-to-1 criteria was calculated using the base price of the wager; it is now calculated using the total cost of the bet.
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  2. 09-27-17 03:42 PM #2
    milwaukee mike
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    kind of complicated, but hopefully all the other sites follow their lead on this
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  3. 09-27-17 03:46 PM #3
    funnyb25
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    We don't win so it does not affect us.
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  4. 09-27-17 03:47 PM #4
    Foxx
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    Not just twinspires, it is an across the industry change. The ad seems a little deceptive by suggesting they are somehow the only one's doing it. Maybe that will be the case for a week or so, but all sites, otb's, and tracks will be switched over within a month.

    Anyway, this is a rare piece of good news for horse racing.
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  5. 09-27-17 03:49 PM #5
    Foxx
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    The change was an IRS reporting change so it's not specific to Twinspires.
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  6. 09-27-17 03:53 PM #6
    alling
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    This starts thursday and not all of 2017? That sucks.
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  7. 09-27-17 04:20 PM #7
    daneblazer
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    Quote Originally Posted by alling View Post
    This starts Thursday and not all of 2017? That sucks.
    Federal fiscal year begins october 1. Thursday is September 28th. Odd
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  8. 09-27-17 04:24 PM #8
    trytrytry
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    twinspires was worthless in this effort it was all LOBBY by the NYRA to drive this player improvement in parimutual

    dogs, harness, jai li, quarterhorses.

    nice change in the law
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  9. 09-27-17 06:05 PM #9
    Foxx
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    Quote Originally Posted by alling View Post
    This starts thursday and not all of 2017? That sucks.
    Tough to make it retroactive because you can't unreport what has been reported and unwithhold what has been withheld.
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  10. 09-27-17 06:38 PM #10
    jjgold
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    I guess it’s OK but still horse racing is a losing proposition but it’s better than nothing
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  11. 09-27-17 07:38 PM #11
    actiondan
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    Fukk taxes
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  12. 09-27-17 08:03 PM #12
    milwaukee mike
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    Quote Originally Posted by trytrytry View Post
    twinspires was worthless in this effort it was all LOBBY by the NYRA to drive this player improvement in parimutual

    dogs, harness, jai li, quarterhorses.

    nice change in the law
    does anyone bet jai alai any more?

    i used to bet that in tampa... one quinella of mine got ruined by a lazy drop, i started cussing the guy out and almost got thrown out

    i sure made some big dumb bets back in my younger days, used to bet hundreds on that nonsense until there was nobody left to bet against
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  13. 09-27-17 08:40 PM #13
    Lucky Strike
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    Quote Originally Posted by Foxx View Post
    Not just twinspires, it is an across the industry change. The ad seems a little deceptive by suggesting they are somehow the only one's doing it. Maybe that will be the case for a week or so, but all sites, otb's, and tracks will be switched over within a month.



    Anyway, this is a rare piece of good news for horse racing.

    yeah, Twin Spires is just doing it a day earlier. It’s a nationwide thing.
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