Gambling winnings(horses) tax return question

**frizzelli** · 02-12-12, 04:53 PM

4 for 4 yesterday Bronxer you made me like $1650 appreciate the texts pal.

**spankie** · 02-12-12, 04:55 PM

Originally posted by jjgold

10000% you get caught, its all automated as far as IRS and it pops up I guess with some sort of red flag if not reported

Best thing to do is let an old guy cash ticket and pay him a fee

how do you figure?

i useto go to the track all the time and make a few dimes and i never reported anything.

who's going to report you? you dont give names when you get a ticket at a race track.

are you talking about online??

**robmpink** · 02-12-12, 04:57 PM

Originally posted by tblues2005

If you have a log book it would not be a problem. I have a friend that has hit one several times and as long as you don't go above $10,000 of them all together they don't seem to bother you. You have to document your losses and winning now. That is what my friend does and he goes to the track and staples the losers and makes believe on winners too but always comes out behind at the end of the day like a normal player would do and you are fine with that. I hope this helps you but just keep that in mind that you need to form from every time you claim a loss on each day. You have to be exactly right on or it will not work. I hope this helps you because I know it is a headache.

This assumption is just silly.

**str** · 02-12-12, 05:22 PM

Originally posted by spankie

how do you figure?

i useto go to the track all the time and make a few dimes and i never reported anything.

who's going to report you? you dont give names when you get a ticket at a race track.

are you talking about online??

They are talking about signers.
The tracks withhold or not depending on the amount won, and it is reported to the IRS.
Not winnings from race to race.

**spankie** · 02-12-12, 05:31 PM

Originally posted by str

They are talking about signers.
The tracks withhold or not depending on the amount won, and it is reported to the IRS.
Not winnings from race to race.

thanks for clarifying

**opie1988** · 02-12-12, 05:34 PM

Originally posted by spankie

how do you figure?

i useto go to the track all the time and make a few dimes and i never reported anything.

who's going to report you? you dont give names when you get a ticket at a race track.

are you talking about online??

The specific thump that Bronxer is referring to was a winner of WAYYYY more than a few dimes.

It was a serious hit.

**StaticXman** · 02-21-12, 04:43 PM

Topic no. 419, Gambling income and losses | Internal Revenue Service

http://www.irs.gov/taxtopics/tc419.html

Topic No. 419 Gambling Income and Losses

IRS website quick info about gambling winnings/losses

**dugbug15** · 02-22-12, 11:10 AM

concerning scratch ticket write-offs.in massachusetts,and,i,m guessing the irs,these tix are notacceptable for write-offs,as they cannot verify the year they were purchased.there are no dates on the tickets.they can't cofirm that you bought the tix the same year that you are claiming your deduction.normally if you had no tax problems before with state/fed.they will not challenge your claims.bottm line,no need to pick up tix on the floor as proof of deductions.not to mention that if you did present found tix on the floor or trash,they could trip you up in anumbe of ways,ie: you found a tix bought in the grandstand at,say 1:05 pm for $100.00,and,then hbought another ticker ,say$40.00,at 1:06 pm in the clubhouse. they"re going to pick up on this physical impossibility.also some tracks do not show the players reward account number on the ticket.they will pick up on that also.just my past experiences with this input.hope it helps.

**dugbug15** · 02-23-12, 09:12 AM

correction to my previous post. massachusetts dept of revenue does not allow deductions of gambling losses.

**DOMINATER** · 03-02-12, 11:23 PM

Guys heres a heads up its ok if you scoop the tickets the best thing to do is pay one of the guys that sweep up to give you the tickets, the tracks have cameras the Irs will see you picking and bust you, one other big big thinghave you heard of a mobster named Bobby Deluca he was a capo for the mob, they decidrd to put a hit on him he ratted about the strip clubs in rhode island, 10 years ago he did 5 years because he took a guys tickets and went to I.R.S. to do his taxes used tickets from a guy who already was checked by irs and they marked them with a pen that was seen only under ultra blue lighting he got busted cost him over $20,000 in fines 25 grand for lawyers and additional 5 years in the federal can. If you want to be a gangster talk to other guys and think like a gangster

**cashrevert** · 08-21-13, 01:42 AM

Originally posted by Louisvillekid1

/\ this or get a grandparent/parent who is senior citizen to cash it tax free...

bronxer doesn't give a fukk, He's going to that teller taking his cash and moving on to the next wager...

Can you please elaborate? Do senior citizens not have to pay taxes on gambling winnings? Trying to research the best way to cash this $2200 ticket I have at the race track.