Great news esp for horse players!
Great news USA new tax rule!
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littlekonaSBR Hall of Famer
- 11-19-15
- 5242
#1Great news USA new tax rule!Tags: None -
picantelSBR MVP
- 09-17-05
- 4338
#2Taxes 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 -
littlekonaSBR Hall of Famer
- 11-19-15
- 5242
#3Taxes 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 -
picantelSBR MVP
- 09-17-05
- 4338
#4I have 10k in winnings this year so far that are taxable. Do you know if this is retroactive? Thanks.Comment -
littlekonaSBR Hall of Famer
- 11-19-15
- 5242
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OptionalAdministrator
- 06-10-10
- 61390
#6Taxes 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 -
seau45SBR Rookie
- 03-06-11
- 23
#7I like how gambling winnings in the UK are tax free, the bookies pay the taxComment -
StackinGreenSBR Posting Legend
- 10-09-10
- 12140
#8Taxes 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 -
cobra_kingSBR MVP
- 08-07-06
- 2491
#9Thank 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 DickSBR MVP
- 09-12-08
- 1067
#10Thank 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 -
littlekonaSBR Hall of Famer
- 11-19-15
- 5242
#11
The only tote provider who is not yet compliant Sportech
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StackinGreenSBR Posting Legend
- 10-09-10
- 12140
#12Thank 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.
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 -
StackinGreenSBR Posting Legend
- 10-09-10
- 12140
#13Funny 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 -
trytrytrySBR Posting Legend
- 03-13-06
- 23649
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littlekonaSBR 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 nowComment
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