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Post by the believer on Dec 31, 2006 0:16:26 GMT -5
A...therealmuljuice wins the handicapping crown in the contest....congratulations
B...jimhorseman had a Richard Dreyfuss type day Friday (must see movie-LET IT RIDE...you will die laughing) in the contest and where it really counts in the pocket.....congratulations
C- Jay..comes up to Windsor to watch Well Bet...get a victory.....
congratulations
D-the believer goes home to see family (100 miles)...returns with a carload of gifts..
.........the contest......watch out realmuljuice , myself and a whole bunch (i hope) of new members will be out to grab that handicapping crown away !
Oh Jim , those IRS forms.....why do they tax winnings over a certain amount ?.......is that why they sweep up the tickets so fast at the tracks....so you can't claim someone elses loss!lol
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Post by jimhorseman on Dec 31, 2006 13:27:11 GMT -5
Believer:
In the States all winnings at odds over 600-1 are taxed and an IRS form must be filled out before you can collect on your ticket. It's generally more of a paperwork pain as long as the payoff is less than $5,000. In those cases all the money is paid up front and the winner just needs to notate the winnings on their tax form and then notate that they lost an equal amount to offset the winnings. Thus in actuality there is no real loss to the tax man. However; if the winnings are over $5,000 the tax is withheld before you are paid. In my case when I hit the superfecta friday night the ticket was worth $6,009.50. When I went to cash the ticket $1502 was withheld for federal taxes and I was paid just over $4,500. When I complete my 2006 federal taxes in a few months I will claim gambling losses equal to the $6,009.50 and the $1502 withheld will be added to my tax refund check. As you know I live in a suburb of Buffalo and just a half hour from the Canadian border. Even though I am not a big flats guy I do like to bet the Triple Crown races and the Breeders Cup program. On those days you will find me at the Fort Erie Simulcast in Canada. In case I hit big I don't have to worry about tax problems. In fact, this past Breeders Cup day while I lost a bit on that card I hit a tri at Flamboro that paid just over $1,200. That would have meant an IRS form in the states.
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Post by the believer on Jan 1, 2007 12:42:30 GMT -5
Believer: In the States all winnings at odds over 600-1 are taxed and an IRS form must be filled out before you can collect on your ticket. It's generally more of a paperwork pain as long as the payoff is less than $5,000. In those cases all the money is paid up front and the winner just needs to notate the winnings on their tax form and then notate that they lost an equal amount to offset the winnings. Thus in actuality there is no real loss to the tax man. However; if the winnings are over $5,000 the tax is withheld before you are paid. In my case when I hit the superfecta friday night the ticket was worth $6,009.50. When I went to cash the ticket $1502 was withheld for federal taxes and I was paid just over $4,500. When I complete my 2006 federal taxes in a few months I will claim gambling losses equal to the $6,009.50 and the $1502 withheld will be added to my tax refund check. As you know I live in a suburb of Buffalo and just a half hour from the Canadian border. Even though I am not a big flats guy I do like to bet the Triple Crown races and the Breeders Cup program. On those days you will find me at the Fort Erie Simulcast in Canada. In case I hit big I don't have to worry about tax problems. In fact, this past Breeders Cup day while I lost a bit on that card I hit a tri at Flamboro that paid just over $1,200. That would have meant an IRS form in the states. Thankyou Jim , for explaining about wagering in the U.S.A. .I've been to the tracks in the United States many ,many times, i guess i never cashed a big one, eh ...darn! |
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