Question for gamblers re: IRS signers

[ThePaceMaker]

I could see not feeling the need to bet your own horse, you already have so much tied into it that a moderate bet seems insignificant.. Besides, I'm sure a lot of ppl have bet on their own horse for awhile, lost, stopped betting n then the horse wins @ 30:1 n they don't have a dime on it. Just like getting locked out on a bet that pays huge.

[Homestretch]

They have told me in the past that they want losing tickets of the same type of play. If you pick up losing tickets from the floor or table, look for pick4 tickets.
Nice return on a $10 play.

Don't give an IRS agent tickets with footprints on them.

[swaymi]

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).

[Psycho Dad]

There is really no such thing as "The IRS will" or "The IRS won't."

To be specific, the individual IRS agent will or won't.  The agents work on guidelines and interpret laws differently.  When you run into a bonehead, you have the right to go to court.

I had a friend who rant into an agent who would not accept horse expenses against horse earnings.  My friend could have fought him in court, instead he decided never to buy another horse.

[burton]

Although I've been "playing the horses" for 50 years, I am primarily a racing fan and not a big gambler.  Small handle, conservative wagers.  I mostly bet  win and exactas.  I consider myself more of a recreational player as opposed to a serious gambler.

Due to the nature of my normal wagering, I haven't had a signer for many years.  But Friday night I hit the late P-4 at Woodbine for 20 cents.  Invested $10.80 and got back $1210.82.  So I had to sign.

What do I do now in regard to preparing for the IRS? 

Any help will be appreciated. 

Congrats Bill!
Hope you have many more.