Quote:
Originally Posted by herkhorse
Is this true? If it is, and someone has ten .50 tickets worth say 550.00 each, does the IRS come knocking on their door demanding the taxes up front?
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Quote:
Originally Posted by Port Conway Lane
One advantage of wagering on track is that if you cash multiple tickets just below the signing threshold you can redeem them at different windows. The same wagers made online will be reported to the irs.
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If you are going to use the cashing at different windows gambit, you better BUY the tickets at several different machines. The imprinting on the tickets identifies the unit that punched them. If there were 10 plays at minimum and they were all punched at the same machine, self serv or not, the pattern is easily identified. It can be deduced that the same person person bought all of them in the specific attempt at tax avoidance. A couple years ago, the state government forced NYRA to send a letter to players that similar efforts with online accounts would have to be reported.
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03-06-2011, 07:15 AM
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