Signer question - Page 2

Port Conway Lane · #21 03-06-2011, 07:37 AM

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?

The ADW provider will withold the taxes.

Quote:

Originally Posted by Kasept

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.

I would think it would be more difficult to enforce witholding on these tickets.
This would require that an attempt to cash any of them would send a red flag to the teller immediatly.

Thanks for the heads up.

Dahoss · #22 03-06-2011, 08:18 AM

Quote:

Originally Posted by justindew

If you consider blogging to be journalism, then you're the one making a mockery out of journalism.

Oh I get it. You excuse your ineptitude by pretending what you do isn't a form of journalism, so it's okay to be shitty at it.

cal828 · #23 03-06-2011, 08:19 AM

Why cash alll the tickets at once? You have several months to cash any ticket. Why not spread out the cashing of the tickets over several days or weeks? For $599 I wouldn't mind going to the track every day.

Kasept · #24 03-06-2011, 08:28 AM

Quote:

Originally Posted by Port Conway Lane

The ADW provider will withold the taxes.

I would think it would be more difficult to enforce witholding on these tickets.
This would require that an attempt to cash any of them would send a red flag to the teller immediatly.

Thanks for the heads up.

Don't think there is aggressive enforcement taking place generally. But the point is, that if mutuel departments need to, they can. They're sharper than people think.

geeker2 · #25 03-06-2011, 08:47 AM

Quote:

Originally Posted by Port Conway Lane

The ADW provider will withold the taxes.

I would think it would be more difficult to enforce witholding on these tickets.
This would require that an attempt to cash any of them would send a red flag to the teller immediatly.

Thanks for the heads up.

Really? I've never had them withhold (TS/Youbet & Xpress).

Port Conway Lane · #26 03-06-2011, 08:58 AM

Quote:

Originally Posted by geeker2

Really? I've never had them withhold (TS/Youbet & Xpress).

If you read the terms and conditions they say they will. If they didn't it was to your benefit at the time.

I would rather have them take the taxes out if it occured early in the year.

You could be responsible for estimated tax payments if you show a profit for the year and could incur penalties above the tax liability.

Bigsmc · #27 03-06-2011, 09:03 AM

Quote:

Originally Posted by geeker2

Really? I've never had them withhold (TS/Youbet & Xpress).

$600 to $4,999 winnings per wager, no withholding, just a W2G issued.
$5,000 and up, 25% withholding automatically taken by the track or ADW and a W2G issued.

SOREHOOF · #28 03-06-2011, 09:05 AM

I believe they withhold above $5000.

justindew · #29 03-06-2011, 09:11 AM

Quote:

Originally Posted by Dahoss

Oh I get it. You excuse your ineptitude by pretending what you do isn't a form of journalism, so it's okay to be shitty at it.

I'll need you to be more specific when you refer to "what I do". Are you referring to my blog on the Derby website that ended in 2009? My blog on the TVG community site? My actual job? My role as amateur film critic? What?

geeker2 · #30 03-06-2011, 09:15 AM

Quote:

Originally Posted by Bigsmc

$600 to $4,999 winnings per wager, no withholding, just a W2G issued.
$5,000 and up, 25% withholding automatically taken by the track or ADW and a W2G issued.

Makes sense..I've gotten the W-2's in the mail - but never had $$$ withheld..but then again the most I ever hit at ADW was $4998

tiznowthegreat · #31 03-06-2011, 09:28 AM

If you hit for say 30k and they witthold 25%, but you can claim losses at the end of the year for 30k, should you expect to be getting money back in tax returns or paying more taxes?

SOREHOOF · #32 03-06-2011, 09:28 AM

I'm pretty sure you have the choice for them to withhold or not between $2000 and $4999. A few years ago I hit a tri for $6000 on my phone acct. When I called for my next bet I thought I got ripped off for $1500.

Antitrust32 · #33 03-07-2011, 08:19 AM

Quote:

Originally Posted by geeker2

Really? I've never had them withhold (TS/Youbet & Xpress).

you have to hit big bets first

herkhorse · #34 03-07-2011, 08:43 AM

OK so it's tax time again, and I know this has been discussed before, but I can't find a Horseplayer's Tax Guide For Dummies book. With most people using ADW's now, I imagine it's easier for the IRS to track wagers. Say for example a player bets 5000.00 over the year, wins 7500.00 with 2500.00 of that "signers". There are more than enough losing bets to cover the signers, but the player still has a profit of 2500. Does he or she have to claim the winnings or not?

geeker2 · #35 03-07-2011, 08:57 AM

Quote:

Originally Posted by herkhorse

OK so it's tax time again, and I know this has been discussed before, but I can't find a Horseplayer's Tax Guide For Dummies book. With most people using ADW's now, I imagine it's easier for the IRS to track wagers. Say for example a player bets 5000.00 over the year, wins 7500.00 with 2500.00 of that "signers". There are more than enough losing bets to cover the signers, but the player still has a profit of 2500. Does he or she have to claim the winnings or not?

Only offset what is reported to the IRS...never declare extra income to the IRS that isn't reported to them.

ps maybe see how you look in Orange right after you file

Port Conway Lane · #36 03-07-2011, 09:05 AM

Quote:

Originally Posted by herkhorse

OK so it's tax time again, and I know this has been discussed before, but I can't find a Horseplayer's Tax Guide For Dummies book. With most people using ADW's now, I imagine it's easier for the IRS to track wagers. Say for example a player bets 5000.00 over the year, wins 7500.00 with 2500.00 of that "signers". There are more than enough losing bets to cover the signers, but the player still has a profit of 2500. Does he or she have to claim the winnings or not?

Yes. Even if you have no signers it would be wise to file.
I write down my on track wagers in my programs.