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Author Topic: IRS  (Read 953 times)
thearmada
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« on: October 02, 2011, 07:32:08 PM »

What are the stipulations for reporting winning bets to the IRS? I hit the Hawthorne Pick 5 today and it paid over $600 and from prior memory stuff like that needs to be reported to the IRS.

Thanks
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Chris Szulc
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« Reply #1 on: October 02, 2011, 10:20:23 PM »

If you bet it online using Twinspires or Xpressbet or another ADW, you'll get a tax form (W2-G) in the mail or at year-end.

Nice hit.
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pamwaggy
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« Reply #2 on: October 02, 2011, 10:37:00 PM »

Yep, you will get a form to fill out.  I bet TVG and got a pick four at Los Alamitos once, and hit it for $975.00..  The killer was I cannot take ONE bit of credit for it, I used the form from the day before!  My husband could not believe my luck.
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orioles
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« Reply #3 on: October 03, 2011, 08:11:03 AM »

Yep, you will get a form to fill out.  I bet TVG and got a pick four at Los Alamitos once, and hit it for $975.00..  The killer was I cannot take ONE bit of credit for it, I used the form from the day before!  My husband could not believe my luck.
When lady luck smiles on you , Take the money and run. Smiley
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OTB
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« Reply #4 on: October 03, 2011, 08:28:48 AM »

Yep, you will get a form to fill out.  I bet TVG and got a pick four at Los Alamitos once, and hit it for $975.00..  The killer was I cannot take ONE bit of credit for it, I used the form from the day before!  My husband could not believe my luck.

Great story!!  And nice hit to both of you.  You could find a senior citizen to cash it for you and give them a 10% chop rather then you reporting it to the IRS.
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CLOCKERTERRY
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« Reply #5 on: October 03, 2011, 09:59:35 AM »

What are the stipulations for reporting winning bets to the IRS? I hit the Hawthorne Pick 5 today and it paid over $600 and from prior memory stuff like that needs to be reported to the IRS.

In theory, all your wins are supposed to be reported.

Most people only report those wins for which you have to sign and receive a W2G, and that's over $600 plus > 300-1 odds, unless that's changed recently.
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pari mutual
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« Reply #6 on: October 03, 2011, 12:16:42 PM »

Great story!!  And nice hit to both of you.  You could find a senior citizen to cash it for you and give them a 10% chop rather then you reporting it to the IRS.
How dare you encourage a kind old man or lady to break the law! Let me know next time you need one. Wink
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thearmada
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« Reply #7 on: October 03, 2011, 12:55:30 PM »

Thanks to all for the responses. I use TwinSpires so I do have records of all my bets placed. If I have enough losses, can it offset the taxes I would face?
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OTB
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« Reply #8 on: October 03, 2011, 12:59:14 PM »

How dare you encourage a kind old man or lady to break the law! Let me know next time you need one. Wink

 thumbs up thumbs up  Always better in our pockets than theirs!!
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Red Ketcher
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« Reply #9 on: October 03, 2011, 01:24:41 PM »

 
  PRISON for Pete Rose and his fellow bettor Tom Giasosa (sp ? ) 

  Group hit a $47,000 +  pick six at Turfway Park  and only Giasosa signed for it.


  Conspiracy to defraud the IRS   and  Filing False Tax Returns  were Charges ( among other things )  that sent them both to Prison.

  Also, lying to a federal agent is a crime , so you could get nailed for merely denying that you did it.

 Of course , few of us are as big a target as Pete Rose.  Still ?

 
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alydar66
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« Reply #10 on: October 03, 2011, 02:24:56 PM »

Thanks to all for the responses. I use TwinSpires so I do have records of all my bets placed. If I have enough losses, can it offset the taxes I would face?
Yes, you can deduct your losses up to the amount of your winnings and make it a wash. But that is only for Federal. You cant deduct any losses on your State taxes, your stuck paying the tax.(thats if your an Illinois resident)
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CLOCKERTERRY
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« Reply #11 on: October 03, 2011, 04:22:54 PM »

Yes, you can deduct your losses up to the amount of your winnings and make it a wash. But that is only for Federal. You cant deduct any losses on your State taxes, your stuck paying the tax.(thats if your an Illinois resident)

You have to keep very good doc on your losses, too, in case the IRS wants to see that. I guess a Twin Spires activity printout would do it ... but then of course they would see all your undeclared winners, too. 
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Trainer Rusty
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« Reply #12 on: October 03, 2011, 04:27:41 PM »

If you have Twinspires you can print it out a couple days later.   They used to mail them the same week of the win.  Now they wait until the beginning of the new year to mail the forms.

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Mr_Ed
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« Reply #13 on: October 03, 2011, 04:48:53 PM »

In theory, all your wins are supposed to be reported.

Most people only report those wins for which you have to sign and receive a W2G, and that's over $600 plus > 300-1 odds, unless that's changed recently.

A .10 superfecta paying $200 = 2,000 - 1 odds

??
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Chris Szulc
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« Reply #14 on: October 03, 2011, 04:51:33 PM »

A .10 superfecta paying $200 = 2,000 - 1 odds

??

Wouldn't get a W2-G because it didn't pay more than $600.
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pamwaggy
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« Reply #15 on: October 03, 2011, 08:32:14 PM »

When lady luck smiles on you , Take the money and run. Smiley

Thanks orioles.  I sure did.
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lv hillbilly
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« Reply #16 on: October 04, 2011, 10:31:48 AM »


  PRISON for Pete Rose and his fellow bettor Tom Giasosa (sp ? ) 

  Group hit a $47,000 +  pick six at Turfway Park  and only Giasosa signed for it.


  Conspiracy to defraud the IRS   and  Filing False Tax Returns  were Charges ( among other things )  that sent them both to Prison.

  Also, lying to a federal agent is a crime , so you could get nailed for merely denying that you did it.

 Of course , few of us are as big a target as Pete Rose.  Still ?

 
was it turfway or LATONIA?Huh??
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