Great news esp for horse players!
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Taxes on horse racing is such a scam. I could win 10k in taxable winnings and lose it in the same night and still have to pay taxes if the winnings are less than my standard deductions. I cannot tell you how many years I had to pay thousands to the IRS while having thousands in losses for the year. Total scam.Comment -
Yes I too have been hit hard to over the years....But that's all over no more worries no more IRS line unless you hit some crazy huge ticket...Most of my plays are on 24$+ tickets so min. win on ticket would have to be over 14K based on 24$ Bet for IRS Line...Great news!Originally posted by picantelComment -
I have 10k in winnings this year so far that are taxable. Do you know if this is retroactive? Thanks.Comment -
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Taxes on any sort of gambling winnings is such a scam.Originally posted by picantel
How many times do they want to tax each dollar for one transaction? Income tax, betting tax, business tax, then tax winnings without the chance to write off all loses.
Total scam as you say.
It's just the backdoor way to try and regulate it in the US..Comment -
I like how gambling winnings in the UK are tax free, the bookies pay the taxComment -
Indeed, and that's why this is a big win, because it effectively allows people to dodge the scam, at least on some level(s).Originally posted by OptionalComment -
Thank God I live and wager in Canada where everything is tax free. I'm happy you guys are getting a little bit of a break here but it doesn't go nearly far enough. For example, how i'm reading this is that if I wager $1000 into a pool, but do it in increments of 50 $20 tickets, I don't get credit for the $1000 i bet, but just the $20 on the ticket that I hit. Honestly, i'd retire from the game if I had to deal with this type of nonsense.Comment -
Expressbet sent me an Email that with their company ALL wagers on the same race count as one. But they said this cannot be done at the track.Originally posted by cobra_kingComment -
Depends on track...all Churchill down affiliated tracks like fairgrounds Arlington and otbs are compliant as are NY area and Cali...Originally posted by Brooklyn Dick
The only tote provider who is not yet compliant Sportech
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I hear you but they this is such a huge win and reversal of idiotic reporting laws that one can hardly complain. If over $600 before and 300-1, it's reported. So you would have a lot of pools like pick 4 that had lower payouts for that day that maybe you bet into a fair amount (and even lost) but your number was reported if let's say the $.50 paid $623, etc. Now, you don't have to do the lowest denomination ticket dodging crap (as much, it still could be a smart thing to do) because most likely a huge hit will be on a ticket with a base of at least $100, making it have to go over (100 x 300) $30,000 to be reported. Things like Pick 4 are from the $100 ranges to obviously 5 figures, but generally fall with good wins from 5k to 20k. You could walk away with several 5k+ tickets and not worry about it now.Originally posted by cobra_king
My question now becomes, what if you hit a pick 6 for let's say $50k, and your base was $300. You're under the reporting threshold, but 50k is a big sum. How do they pay you? It's funny because if it's by check then you have to get "creative" on that end, lolComment -
Funny how this sorta gives ADW a mini advantage. The cost is that you're totally tracked in everything you do for the same reason. They won't report certain things now, but there is a clear trail. At the track if you hit and don't report (whoops!) there is no trail.Originally posted by Brooklyn DickComment -
what ADW engine do they drive? who uses them?Originally posted by littlekonaComment -
... sportech handles smaller ones plus Pennsylvania tracks will be completed oct 11th...xpressbet tvg and twinspires are all compliant nowComment
