Is this possible, will it work? - Page 2

GPK · #21 07-13-2006, 02:59 PM

If the winning ticket is supposed to be a IRS ticket...the tote machines WILL NOT print them out.

Gander · #22 07-13-2006, 03:00 PM

What happens when they bolt?

Its your own fault if you stoop to this level so I guess you got what was coming to you. Theres certainly no legal action you can take, since you are the one breaking the law called tax evasion in the first place.

GPK · #23 07-13-2006, 03:00 PM

No matter where you are at it's 300-1 odds....unless you are wagering off shore.

ninetoone · #24 07-13-2006, 03:02 PM

Quote:

Originally Posted by GPK

No matter where you are at it's 300-1 odds....unless you are wagering off shore.

So that example w/the daily double is wrong then...right?

Gander · #25 07-13-2006, 03:03 PM

If it over $1200 dollar payout for a $2 ticket, it's a signer(of course that means if the $1 payed over $600, it's a signer as well)...

I dont think this is true. I think if its $600 or over on $2 its a signer.

GPK · #26 07-13-2006, 03:04 PM

I will have to go back and look....

tycharles01 · #27 07-13-2006, 03:06 PM

Its on a $2 bet guys

I had same thing on Kentucky Oaks put $20 on Lemons paid $960 asked the lady at the window if I had to hit the IRS since no one was in the booth and she said as long as you don't have a $2 bet over $600 you are fine(Did not know that, nor do I know if its right??, but that what she told me) So guess example would be on tri bets or super or Piks

Always wondered about if I put $500 win on a horse if I had to pay the IRS? Any ideas on that

GPK · #28 07-13-2006, 03:09 PM

By federal law, any wager which results in proceeds of $600.00 or more must be reported to the Internal Revenue Service (IRS), IF the amount of such proceeds is at least 300 times as large as the amount wagered. Any wager which results in proceeds of more than $5000.00 is subject to withholding, if the amount of such proceeds is at least 300 times as large as the amount wagered

#29 07-13-2006, 03:10 PM

The point in all this is to make $1 wager twice so the total wager equals $2. That way is the winning tickets pays $1150 for a two dollar, you dont have to pay taxes. But you cant put a singor into the machine like Oracle has stated.

GPK · #30 07-13-2006, 03:11 PM

Quote:

Originally Posted by GPK

By federal law, any wager which results in proceeds of $600.00 or more must be reported to the Internal Revenue Service (IRS), IF the amount of such proceeds is at least 300 times as large as the amount wagered. Any wager which results in proceeds of more than $5000.00 is subject to withholding, if the amount of such proceeds is at least 300 times as large as the amount wagered

AGAIN....if you do a $100 straight exacta and it you get back $2,000 = no taxes because it is less than 300 times the amount wagered and less than $5,000.

Gander · #31 07-13-2006, 03:14 PM

Yes Point, it was a signer because it was over $600. Would have been over $1300 for $2.

What I was saying is say if you hit a daily double for $800 based on a $2 payout:

Scenario 1) You are holding a $2 ticket in your hand. Yes you have to pay taxes.

Scenario 2) You are holding two $1 tickets in your hand. No you dont have to pay taxes. Why? Because you were smart enough to split up your tickets.

GPK · #32 07-13-2006, 03:16 PM

Quote:

Originally Posted by ninetoone

if you make a $2 bet that pays $600, you are signing....and if you break it down into 2 bets @ $1 each that pay $300, you are signing as well...

NO...MUST exceed $600...

ninetoone · #33 07-13-2006, 03:17 PM

Quote:

Originally Posted by GPK

NO...MUST exceed $600...

sorry, bad example...i didn't even get a chance to delete! you are fast dude!

#34 07-13-2006, 03:17 PM

Oh my gosh--anything that pays over $600 on a $1 bet or a $2 bet is a signor. Man, why is this so confusing. If you have a $10 exacta that pays $1000 it is not a signor. The formula would be $1000 divided by 5 so the $2 payout is $200.

2MinsToPost · #35 07-13-2006, 03:25 PM

Thanks man, that is very clear to understand. Cool, not that I will have a signer anytime soon lol

Quote:

Originally Posted by GPK

By federal law, any wager which results in proceeds of $600.00 or more must be reported to the Internal Revenue Service (IRS), IF the amount of such proceeds is at least 300 times as large as the amount wagered. Any wager which results in proceeds of more than $5000.00 is subject to withholding, if the amount of such proceeds is at least 300 times as large as the amount wagered

2MinsToPost · #36 07-13-2006, 03:26 PM

So,

If I hit a "signer" on my online account I am assuming they just send you the paperwork?

SentToStud · #37 07-13-2006, 03:26 PM

Quote:

Originally Posted by eurobounce

Oh my gosh--anything that pays over $600 on a $1 bet or a $2 bet is a signor. Man, why is this so confusing. If you have a $10 exacta that pays $1000 it is not a signor. The formula would be $1000 divided by 5 so the $2 payout is $200.

lol... not many here were president of theri high school math club. certainly not me.

ninetoone · #38 07-13-2006, 03:30 PM

my daddy always told me there's 3 kinds of people in the world....those that can count and those that can't.

#39 07-13-2006, 03:31 PM

Quote:

Originally Posted by SentToStud

lol... not many here were president of theri high school math club. certainly not me.

What is sad is that I was Treasurer of the Math and Chess Club. Man, I was and still am a geek.

#40 07-13-2006, 03:32 PM

The thing to do is to have the OTB take out the taxes right there. I believe you can still do this.