Picking tracks

[westcoastinvader]

Beating the tax man is a lesson for another day though, and the SFC is a tough wager to cash on - so learn the basics first (although playing a small 10 cent ticket once in a while might pay off nicely, so don't be afraid to give it a go once you understand the basics).[/quote]


VERY GOOD post Groundhog.

I especially liked the insight on the .10 wagers. I had read and thought about that before back in the ESPN board days, but it had left my potential playbook until you once more mentioned.

One addendum I will make......that we all know........as good American taxpayers.......is that all winnings should be declared as income. Whether the the withholding plateau is reached on the individual wager, or not.

I normally have at least a couple of signers each year.

But I also toss my losing tickets into a manilla envelope to offset the profit come tax filing time. I toss in my lottery losers, too!

I actually get a real kick going to the CPA and giving him the docs for my gambling winnings. It seems that's not all that common of an occurence.

Originally Posted by westcoastinvader

Beating the tax man is a lesson for another day though, and the SFC is a tough wager to cash on - so learn the basics first (although playing a small 10 cent ticket once in a while might pay off nicely, so don't be afraid to give it a go once you understand the basics).

VERY GOOD post Groundhog.

I especially liked the insight on the .10 wagers. I had read and thought about that before back in the ESPN board days, but it had left my potential playbook until you once more mentioned.

One addendum I will make......that we all know........as good American taxpayers.......is that all winnings should be declared as income. Whether the the withholding plateau is reached on the individual wager, or not.

I normally have at least a couple of signers each year.

But I also toss my losing tickets into a manilla envelope to offset the profit come tax filing time. I toss in my lottery losers, too!

I actually get a real kick going to the CPA and giving him the docs for my gambling winnings. It seems that's not all that common of an occurence.

Well, I've heard a lot of complaints about that 10 cent SFC wager being a 'piker bet', and some experienced players kinda turning their nose up at it and grumbling about getting shutout because some small timer was playing it.

It's a sweet deal though if you think about it. If you think your $1 SFC might pay $600-$6000, bet it in 10 cent increments and play it 10 times.

...but don't take all those 'would have been an IRS' tickets up to the teller all at once. They are obligated to combine them and tax you at the regular rate. Run them thru a self serve machine, or take them up to a teller one, two, three at a time - just don't go over $600 total in winners at a teller. Because really, you bet one for your wife, one for your friend, one for your grandma, one for the little boy that lives down the lane, etc. Right???

One addendum I will make......that we all know........as good American taxpayers.......is that all winnings should be declared as income. Whether the the withholding plateau is reached on the individual wager, or not.

I don't think that is true, unless maybe you declare yourself as a professional gambler.

For the average fan going to the track once in a while (or even frequently) your non-IRS winnings are free and clear.

What you do need to do if you do have an IRS ticket is accumulate losing tickets that equal or exceed your winnings if you want to write off losing wagers (there is no shortage of losing tickets to be found at a track/OTB).

I'm no tax expert, but I don't think we are all expected to account for every winning and losing ticket we wagered.

Who keeps track of all that nonsense?

I just wanted to thank everybody for their input and advice. I have a better idea where to start, and in the meantime I'm going to keep reading the books. I ordered Picking Winners and Betting Thoroughbreds yesterday. Now I just have to pick the tracks I want to follow and study away . . .

Thanks again!

[cakes44]

Go to the home of the sorest horses in America: Beulah Park.