Great news USA new tax rule!

Collapse
X
 
  • Time
  • Show
Clear All
new posts
  • littlekona
    SBR Hall of Famer
    • 11-19-15
    • 5242

    #1
    Great news USA new tax rule!
    Great news esp for horse players!
    The U.S. Treasury Department and the Internal Revenue Service (IRS) today announced that they will formally adopt modernized regulations regarding the withholding and reporting of pari-mutuel proceeds. The National Thoroughbred Racing Association (NTRA) has long pressed for these updated regulations that will allow horseplayers to keep more of their winnings, thereby increasing the amount wagered
  • picantel
    SBR MVP
    • 09-17-05
    • 4338

    #2
    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
    • littlekona
      SBR Hall of Famer
      • 11-19-15
      • 5242

      #3
      Originally posted by picantel
      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.
      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!
      Comment
      • picantel
        SBR MVP
        • 09-17-05
        • 4338

        #4
        I have 10k in winnings this year so far that are taxable. Do you know if this is retroactive? Thanks.
        Comment
        • littlekona
          SBR Hall of Famer
          • 11-19-15
          • 5242

          #5
          Not sure but here is new info
          Tax revisions that will be highly beneficial to horseplayers are expected to go into effect Thursday, but it is unclear how many bet-takers in the United States will be ready to immediately comply with the changes on that date.
          Comment
          • Optional
            Administrator
            • 06-10-10
            • 61390

            #6
            Originally posted by picantel
            Taxes on horse racing is such a scam.
            Taxes on any sort of gambling winnings is such a scam.

            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
            • seau45
              SBR Rookie
              • 03-06-11
              • 23

              #7
              I like how gambling winnings in the UK are tax free, the bookies pay the tax
              Comment
              • StackinGreen
                SBR Posting Legend
                • 10-09-10
                • 12140

                #8
                Originally posted by Optional
                Taxes on any sort of gambling winnings is such a scam.

                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.
                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).
                Comment
                • cobra_king
                  SBR MVP
                  • 08-07-06
                  • 2491

                  #9
                  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
                  • Brooklyn Dick
                    SBR MVP
                    • 09-12-08
                    • 1067

                    #10
                    Originally posted by cobra_king
                    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.
                    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.
                    Comment
                    • littlekona
                      SBR Hall of Famer
                      • 11-19-15
                      • 5242

                      #11
                      Originally posted by Brooklyn Dick
                      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.
                      Depends on track...all Churchill down affiliated tracks like fairgrounds Arlington and otbs are compliant as are NY area and Cali...
                      The only tote provider who is not yet compliant Sportech

                      Comment
                      • StackinGreen
                        SBR Posting Legend
                        • 10-09-10
                        • 12140

                        #12
                        Originally posted by cobra_king
                        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.
                        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.

                        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, lol
                        Comment
                        • StackinGreen
                          SBR Posting Legend
                          • 10-09-10
                          • 12140

                          #13
                          Originally posted by Brooklyn Dick
                          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.
                          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.
                          Comment
                          • trytrytry
                            SBR Posting Legend
                            • 03-13-06
                            • 23649

                            #14
                            Originally posted by littlekona
                            Depends on track...all Churchill down affiliated tracks like fairgrounds Arlington and otbs are compliant as are NY area and Cali...
                            The only tote provider who is not yet compliant Sportech
                            what ADW engine do they drive? who uses them?
                            Comment
                            • littlekona
                              SBR Hall of Famer
                              • 11-19-15
                              • 5242

                              #15
                              ... sportech handles smaller ones plus Pennsylvania tracks will be completed oct 11th...xpressbet tvg and twinspires are all compliant now
                              Comment
                              SBR Contests
                              Collapse
                              Top-Rated US Sportsbooks
                              Collapse
                              Working...