I'm not a real gambler. I'm neither proud nor ashamed of that fact. And I very rarely
bet my own horses. I simply have never been a big bettor. Before, during or after I had horses with Anderson. Biggest bet in my life was $100 to win on Bingo Johnnie in the Orange and Blue at Sportsman's. My yearly handle is a week's worth for Racetrack Phil.
I owned a mare (Pacific Flight N) who won 70% of her starts in Chicago over a 4 year period. Was 9 for 10 at Maywood and 10 for 10 betting cuz her entrymate, Columbia Nipper, won the only race she didn't win. And I made NOTHING betting her.
Call me stupid.
I never said betting or You were stupid all I said is when you had horses with Joe the knife everyvody knows they did really well so I'm sure you had winnings from them winning all those races. So I'm sure you had Training Bills, Vet Bills, Blacksmith bills, etc etc that you could rite off. Its the same with Gambling you can right the winnings off the only diffrence is you can only right off as much as your winning in gambling where in horses you can right off the whole investment. For Example if you spend 200,000 in horseflesh and they make lets say 275,000 so it looks like your 75,000 in the plus but then you can right off 50,000 in training bills, 15000 in vet bills then say 7500 in blacksmith bills. so right there your only 2500 winner but then you have other bills like shipping, turnouts,etc etc and in all honesty you lost money the first year. so on your taxes it will give you a negative if you owned the horse. Now in gambling if you sign lets say 42000 in signers but everybody knows that 95% of horse bettors lose their _sses year in and year out and even though they lose lets say 75000 the IRS will only let them claim that they lost 42000 to even out, which I think is
. I don't agree with that but it is what it is. (I hate that qoute too).