10 cent Super - 3 questions

Originally Posted by Secretariat

i really don't understand why anyone would ridicule someone for betting within their budget, but then again, it takes all kinds to live in our world. one thing is for certain, those who bet the dime supers are usually betting with their own money which they probably earned through working. when you earn the money you bet, its more difficult to through it away.it should also be notedif the is no $1 payout, the dime get the whole payout.

Paul, playing within your budget should always be done. But the super is a difficult bet to call out to a teller, and difficult to punch in to a machine.
These morons write down 50 different combinations, and punch them in one by one. I've seen them tie up a self serve machine for 5-10 minutes. Its rude. One guy shoud not be able to shut out 5 guys, espeically a guy betting a lousy 5 bucks.

Originally Posted by PeteMugg

I really like the ten cent supers and the cheap trifectas. You can go out to the track with a plan to play a few races and hit them pretty heavy. Dime super combos are great time killers between your races.

I wouldn't single out Loose Change Larry when we're talking about idiots. These guys are no worse than the people who go up to bet and don't even know which horses are scratched or the guy that wants to make his plays for the entire day and waits til post time to do it. Or they don't have their wallet out ... or they have to flirt with miss pretty ... or they are so plastered they have no clue what they are doing.

DITTO! Pete I was just about to post the same thing. How about the guys who put their voucher in the machine and then handicap and check out the odds while they are betting? Incredulous. etiquette is, knwo what you wanna play, bet it, and get out of the way.

[dr. fager]

Originally Posted by oracle80

DITTO! Pete I was just about to post the same thing. How about the guys who put their voucher in the machine and then handicap and check out the odds while they are betting? Incredulous. etiquette is, knwo what you wanna play, bet it, and get out of the way.

Yep, stories like this remind me why I like betting from my couch so much...lol

Originally Posted by seconditis

I have to admit, the people deciding on their 10 cent combinations at the machine is a bit frusturating. Almost as bad as the the guy who comes to the track with a few hundred dollars to play and is down to his last 40 cents. You haven't hit a winner all day and now you are going to use your "handicapping skills" to try and hit a 40 cent ticket?!

Hooseir Downs
Thistle/River
Hawthorne
Bulah
also offer this wager. Nobody has still answered my first 2 questions yet. What disadvantage is this to a track? Why don't gamblers play 10 10 cent supers to play with the tax loophole?

I have never thought about tax reporting on a 10 cent bet. I always thought that tracks had to report anything over 300/1 return. Which on a 10 cent bet could a lot less than $600. I guess I can't answer your question.

Ez

I always thought it was a $600 on a $1 bet (600/1). I have quite a few bets for a $1 and always pay when I get over the $600 limit. I really never bet big exoticts for $2 so I just figured the limit was $1200, but it is $600 on any bet from what I know. So correct me if I 'm wrong, but a $1 super ticket that pays $5,000 , you would be paying a lot of tax, but if I bet 10 10 cent super tickets they each pay $500 and I owe nothing. Unless I"m wrong, which is very possible, this is a great loophole in the rules. Yeah it would suck to have to keep punching in the same bet over and over at the track, but if you are not too lazy or the track is not too busy sounds like the way to go. Also if you bet online this is very easy to do.

[alysheba4]

Originally Posted by oracle80

Oh yeah, these guys need to be gelded. Morons who stand there for 10 minutes betting 10 cent staright supers, shutting out players. Just great.
Nicknames are already forming at tracks and parlors for these guys. Ten Cent Tony, Dan the Dime, Loose change larry, spare change sam, etc
They need to be stopped, they clog up machines and tellers. Its not funny. Someone will be strangled some day when his 10 cent supers cost someone a real score.

....... someday, i bet its happened before........hell i saw someone get knocked out for taking to long at the a.t.m at hollywood park.....classic, my only visit to belmont was the 04 belmont stakes, that was a real cluster fukc......124k people, girls sneaking into the mens restrooms, guys pulling cases on bear on their KIDS WAGONS around.....classic stuff. i love new york.

Originally Posted by seconditis

I always thought it was a $600 on a $1 bet (600/1). I have quite a few bets for a $1 and always pay when I get over the $600 limit. I really never bet big exoticts for $2 so I just figured the limit was $1200, but it is $600 on any bet from what I know. So correct me if I 'm wrong, but a $1 super ticket that pays $5,000 , you would be paying a lot of tax, but if I bet 10 10 cent super tickets they each pay $500 and I owe nothing. Unless I"m wrong, which is very possible, this is a great loophole in the rules. Yeah it would suck to have to keep punching in the same bet over and over at the track, but if you are not too lazy or the track is not too busy sounds like the way to go. Also if you bet online this is very easy to do.

it is $600, IRS requirements, if you pay anyone over $600 and they are not incorporated, they are to be issued a form 1099.
that includes the guy that painted your basement for cash, the guy that fixed your car for cash, etc.
it also should include your landlord if you pay him rent,BUT there is a specific exemption regarding giving your rent receiver a 1099.
the burden of issuing the 1099 is on the payor, not the receiver.
they even have a form you give to the payee where you specifically request his SS number to report the payment.

Originally Posted by seconditis

I always thought it was a $600 on a $1 bet (600/1). I have quite a few bets for a $1 and always pay when I get over the $600 limit. I really never bet big exoticts for $2 so I just figured the limit was $1200, but it is $600 on any bet from what I know. So correct me if I 'm wrong, but a $1 super ticket that pays $5,000 , you would be paying a lot of tax, but if I bet 10 10 cent super tickets they each pay $500 and I owe nothing. Unless I"m wrong, which is very possible, this is a great loophole in the rules. Yeah it would suck to have to keep punching in the same bet over and over at the track, but if you are not too lazy or the track is not too busy sounds like the way to go. Also if you bet online this is very easy to do.

it may be difficult to do, but for 25 % of the winnings, its worth it.

Originally Posted by Secretariat

it is $600, IRS requirements, if you pay anyone over $600 and they are not incorporated, they are to be issued a form 1099.
that includes the guy that painted your basement for cash, the guy that fixed your car for cash, etc.
it also should include your landlord if you pay him rent,BUT there is a specific exemption regarding giving your rent receiver a 1099.
the burden of issuing the 1099 is on the payor, not the receiver.
they even have a form you give to the payee where you specifically request his SS number to report the payment.

Not that way at the track..it is based on odds..you can cash a ticket for more than $600 and not get a 1099.

Originally Posted by seconditis

I always thought it was a $600 on a $1 bet (600/1). I have quite a few bets for a $1 and always pay when I get over the $600 limit. I really never bet big exoticts for $2 so I just figured the limit was $1200, but it is $600 on any bet from what I know. So correct me if I 'm wrong, but a $1 super ticket that pays $5,000 , you would be paying a lot of tax, but if I bet 10 10 cent super tickets they each pay $500 and I owe nothing. Unless I"m wrong, which is very possible, this is a great loophole in the rules. Yeah it would suck to have to keep punching in the same bet over and over at the track, but if you are not too lazy or the track is not too busy sounds like the way to go. Also if you bet online this is very easy to do.

300/1 on a $2 bet gets you to the $600 dollar threshold..isn't that why playing a $1 ticket was smart. I am beginning to confuse myself! If you are correct about playing 10 centers and staying under the radar...you would be a fool not too.

Ez

The question is how long until the gov. figures this out. I don't have the large bankroll that some of you have, but when I see some of you guys betting $500 to win on a horse, does this mean if you hit you are definitely paying taxes on your winner? If so why not 10 $50 tickets?

Originally Posted by seconditis

The question is how long until the gov. figures this out. I don't have the large bankroll that some of you have, but when I see some of you guys betting $500 to win on a horse, does this mean if you hit you are definitely paying taxes on your winner? If so why not 10 $50 tickets?

When you win $600 or more, and that amount is 300 times your wager, the track issues you a 1099 type form (not a 1099, but similar). If your winnings are less than 300 times your wager, reporting is between you and the IRS. Technically, all gambling winnings, less losses, are taxable. Not a CPA, but that is my understanding.

Ez

[bogeydaman]

Originally Posted by seconditis

I always thought it was a $600 on a $1 bet (600/1). I have quite a few bets for a $1 and always pay when I get over the $600 limit. I really never bet big exoticts for $2 so I just figured the limit was $1200, but it is $600 on any bet from what I know. So correct me if I 'm wrong, but a $1 super ticket that pays $5,000 , you would be paying a lot of tax, but if I bet 10 10 cent super tickets they each pay $500 and I owe nothing. Unless I"m wrong, which is very possible, this is a great loophole in the rules. Yeah it would suck to have to keep punching in the same bet over and over at the track, but if you are not too lazy or the track is not too busy sounds like the way to go. Also if you bet online this is very easy to do.

If the track offers a $.10 super and you want to bet a $1 (or any) combination your best bet is to make the bet at one of the machines (or online, etc) and repeat ticket 10 times. Does not take long to repeat the ticket. You will save the taxes if the $.10 payoff is <600. Only way to go.

Originally Posted by ezrabrooks

When you win $600 or more, and that amount is 300 times your wager, the track issues you a 1099 type form (not a 1099, but similar). If your winnings are less than 300 times your wager, reporting is between you and the IRS. Technically, all gambling winnings, less losses, are taxable. Not a CPA, but that is my understanding.

Ez

the rule is 1099 on 600 times your wager, ie if you wager 1 dollar and win 600 you get a 1099, 2 dollars 1200 gets you a 1099

Originally Posted by Secretariat

the rule is 1099 on 600 times your wager, ie if you wager 1 dollar and win 600 you get a 1099, 2 dollars 1200 gets you a 1099

Not to beat this into the ground, but the triggering rule mandates that a W-2G (not a 1099) be issued where the winnings were over $600 and are also at least 300 times the amount wagered. That is the way the IRS rule was originally written. The rule was written prior to $1 bets, with the 300/1 getting a $2 bet to $600. You are correct in the end result.

Ez