Been to the track 2 times in my life. One of them was to see a high school buddy of mine as he was a jockey for chariot racing at Los Alamitos. Brought a flask and a joint. Good times.
Was in upstate New York for a friends wedding. We went to Saratoga Springs the day before. We were able to bring in 2 full coolers of beer and at least 3 joints per person. Probably one of the best times in life. I think I came up $25 richer.
You don't need to do this under the new IRS reporting rules. In the past any wager paying over 300-1 was an automatic reporting and withholding. Say you bet a $1 pick 4 ticket that cost you $100 and it payed $1000. You would have taxes withheld and the winnings reported to the IRS because it was a single combination on that ticket that won that cost only $1. Under the new rules they calculate the total money you put into that specific parimutual pool. So to trigger withholdings and reporting on a $100 pick 4 ticket you would have to win a $30,000 ticket.Originally Posted by Gookieheimowitz
What ADW are you using Ernie? Because I live in Arizona and Harness Racing is Illegal here a lot of shops wont allow me to sign up . Also I hold a Nevada DL and None of the USA sites would take me. I do hold a TVG account but its for Viewing only I deposited once in order to be able to use there streaming . I do my wagers the old fashioned way at the window . But in all reality my volume is not huge . 1-3 Bets per week . That's a four day race week . Averaging around $140.00 per day . Depending on a .50 cent or $1.00 wager in my pick 4's . I usually play the $1.00 version broken up into two separate tickets that way if it hits and is less then 10k total with the new tax laws I do not have to pay . Example a single one dollar ticket Paying over $5,000 is required to pay 28.5% at window . But break that up into two separate .50 centers and now you are collecting $2,500 on each ticket with zero tax liability .
You don't need to do this under the new IRS reporting rules. In the past any wager paying over 300-1 was an automatic reporting and withholding. Say you bet a $1 pick 4 ticket that cost you $100 and it payed $1000. You would have taxes withheld and the winnings reported to the IRS because it was a single combination on that ticket that won that cost only $1. Under the new rules they calculate the total money you put into that specific parimutual pool. So to trigger withholdings and reporting on a $100 pick 4 ticket you would have to win a $30,000 ticket.
Hut: You are not correct here . The new law only covers bets under $5,000.00 . Anything over $5,000 is subject to 28.5% withholding no matter what the bet size or combo .
This was one of the original reasons tracks went to offering .50 cent wagers on Pick 3, s and Pick4,s also the same reason why they offer .10 cent superfecta's
The last pick4, combo I had paid $10k plus . Taxes withheld . The same night pick 3 paid $1,700 Old law taxes get reported, New law no taxes . I will agree that the new tax law on Horse Racing should bring more people to the sport if they understand economically how advantageous it is now to wager on Horse racing and make a nice profit with Zero tax liability .
So new law is 600-1 x total bet , total combos, up to $5,000.00 which is still awesome
Last edited by Gookieheimowitz; 05-18-2018 at 09:02 PM.
Hut: You are not correct here . The new law only covers bets under $5,000.00 . Anything over $5,000 is subject to 28.5% withholding no matter what the bet size or combo .
This was one of the original reasons tracks went to offering .50 cent wagers on Pick 3, s and Pick4,s also the same reason why they offer .10 cent superfecta's
The last pick4, combo I had paid $10k plus . Taxes withheld . The same night pick 3 paid $1,700 Old law taxes get reported, New law no taxes . I will agree that the new tax law on Horse Racing should bring more people to the sport if they understand economically how advantageous it is now to wager on Horse racing and make a nice profit with Zero tax liability .
So new law is 600-1 x total bet , total combos, up to $5,000.00 which is still awesome
I don't know....everything I have read says what I wrote earlier.
http://www.thoroughbreddailynews.com...we-all-did-it/
Before last week, horseplayers wagering on pari-mutuel races were subject to reporting on proceeds of $600 or more and automatic federal tax withholding on pari-mutuel proceeds of more than $5,000 if the winning amount was also at least 300 times larger than the “amount of the wager.” Previously, the “amount of a wager” was defined as the winning base unit, which virtually guaranteed that a high percentage of multi-horse and multi-leg wagers triggered reporting and/or withholding for horseplayers.
For example, the IRS considered the amount wagered to be $1 in the case of a $1 Pick Six consisting of 140 different combinations costing the bettor $140. Because the 300/1 ratio is reached at just $300 when the amount of the wager in only $1, any payoff on this $140 Pick Six wager in excess of $600 triggered reporting and any payoff above $5,000 triggered automatic withholding. This was a major problem because withholding and even reporting to some extent reduced players’ liquidity during handicapping and adversely impacted pari-mutuel handle and purses.
The new regulations published last week clarify “the amount of the wager” to include the entire amount wagered into a specific pari-mutuel pool by an individual, not just the winning base unit. Back to the example above, a $1 pick 6 ticket costing $140 will not be subject to withholding or reporting unless that winning payoff exceeds $42,000 (300 x $140 = $42,000).
EDIT: Looks like you are correct. I found the actual law. Interesting though that all the commentaries I have read got it wrong.
(b) Winnings subject to withholding--(1) In general. Winnings subject to
withholding means any payment from--
(i) A wager placed in a State-conducted lottery (defined in paragraph (c)(2) of this
section) but only if the proceeds from the wager exceed $5,000;
(ii) A wager placed in a sweepstakes, wagering pool, or lottery other than a
State-conducted lottery but only if the proceeds from the wager exceed $5,000; or
(iii) Any other wagering transaction (as defined in paragraph (c)(3) of this section)
but only if the proceeds from the wager:
(A) Exceed $5,000; and
(B) Are at least 300 times as large as the amount of the wager.
(2) Total proceeds subject to withholding. If proceeds from the wager qualify as
winnings subject to withholding, then the total proceeds from the wager, and not merely
amounts in excess of $5,000, are subject to withholding.
(
RE EDIT: Actually upon reading the law more closely I think my initial statement was correct. It says the proceeds must be greater than $5000 AND be 300X the wager. It says AND not OR. It seems unlikely that every source I have read would get this wrong. TVG announced changes and their example supports my initial position.
from TVG...
Sure! If you bet the above $2 Pick 4 ticket L1: 2,5,6,7,9 L2: 2,6,7 L3: 1,3,5,7,9 L4: 6,9 it would cost $300. If this ticket were to pay $8,000, under the old rules this would be a reportable ticket that required withholdings. It is more than $600 and 300 to 1 at a $2 ticket cost whereby $2 is the multiplier. You would receive $5,998 to your account, with $2,000 withheld. Under the new rules, the multiplier is the entire $300. Now, not only is this not a withholding ticket but it isn’t even reportable, saving you $2,000 in withholdings.
Last edited by hutmaster; 05-19-2018 at 07:49 AM. Reason: I was wrong....
I don't know....everything I have read says what I wrote earlier.
http://www.thoroughbreddailynews.com...we-all-did-it/
Before last week, horseplayers wagering on pari-mutuel races were subject to reporting on proceeds of $600 or more and automatic federal tax withholding on pari-mutuel proceeds of more than $5,000 if the winning amount was also at least 300 times larger than the “amount of the wager.” Previously, the “amount of a wager” was defined as the winning base unit, which virtually guaranteed that a high percentage of multi-horse and multi-leg wagers triggered reporting and/or withholding for horseplayers.
For example, the IRS considered the amount wagered to be $1 in the case of a $1 Pick Six consisting of 140 different combinations costing the bettor $140. Because the 300/1 ratio is reached at just $300 when the amount of the wager in only $1, any payoff on this $140 Pick Six wager in excess of $600 triggered reporting and any payoff above $5,000 triggered automatic withholding. This was a major problem because withholding and even reporting to some extent reduced players’ liquidity during handicapping and adversely impacted pari-mutuel handle and purses.
The new regulations published last week clarify “the amount of the wager” to include the entire amount wagered into a specific pari-mutuel pool by an individual, not just the winning base unit. Back to the example above, a $1 pick 6 ticket costing $140 will not be subject to withholding or reporting unless that winning payoff exceeds $42,000 (300 x $140 = $42,000).
EDIT: Looks like you are correct. I found the actual law. Interesting though that all the commentaries I have read got it wrong.
(b) Winnings subject to withholding--(1) In general. Winnings subject to
withholding means any payment from--
(i) A wager placed in a State-conducted lottery (defined in paragraph (c)(2) of this
section) but only if the proceeds from the wager exceed $5,000;
(ii) A wager placed in a sweepstakes, wagering pool, or lottery other than a
State-conducted lottery but only if the proceeds from the wager exceed $5,000; or
(iii) Any other wagering transaction (as defined in paragraph (c)(3) of this section)
but only if the proceeds from the wager:
(A) Exceed $5,000; and
(B) Are at least 300 times as large as the amount of the wager.
(2) Total proceeds subject to withholding. If proceeds from the wager qualify as
winnings subject to withholding, then the total proceeds from the wager, and not merely
amounts in excess of $5,000, are subject to withholding.
(
RE EDIT: Actually upon reading the law more closely I think my initial statement was correct. It says the proceeds must be greater than $5000 AND be 300X the wager. It says AND not OR. It seems unlikely that every source I have read would get this wrong. TVG announced changes and their example supports my initial position.
from TVG...
Sure! If you bet the above $2 Pick 4 ticket L1: 2,5,6,7,9 L2: 2,6,7 L3: 1,3,5,7,9 L4: 6,9 it would cost $300. If this ticket were to pay $8,000, under the old rules this would be a reportable ticket that required withholdings. It is more than $600 and 300 to 1 at a $2 ticket cost whereby $2 is the multiplier. You would receive $5,998 to your account, with $2,000 withheld. Under the new rules, the multiplier is the entire $300. Now, not only is this not a withholding ticket but it isn’t even reportable, saving you $2,000 in withholdings.
You could be correct . The way it was explained to me was anything over $5,000.00 was reported and withheld but my last ticket was over the threshold of 600-1 on a $1.00 ticket . The ticket cost was $30.00 and it paid 10k and change . At 600-1 the threshold was $9,600.00 . No matter how I broke that ticket up it wouldn't had mattered it was getting taxed . So I possibly stand corrected. Next one I have that is not over 600-1 or 300-1 on a .50 center I will report to make sure we have this correct . The law is new and confusing .
Grew up going to Saratoga every summer for the Travers stakes, haven't been in a couple years but hoping to make it out this August - always tons of fun. Bring as much alcohol as you can carry and camp out all day gambling.
Last time on the way up I stopped at Shaun Deebs families restaurant, Teds Fish Fry. I only noticed it because the sign outside used to be his Stars image back in the day when he was in literally every tournament every day.
Grew up going to Saratoga every summer for the Travers stakes, haven't been in a couple years but hoping to make it out this August - always tons of fun. Bring as much alcohol as you can carry and camp out all day gambling.
Last time on the way up I stopped at Shaun Deebs families restaurant, Teds Fish Fry. I only noticed it because the sign outside used to be his Stars image back in the day when he was in literally every tournament every day.
The one of maybe 10 tracks in this country I have never been at. One day possibly. I am not big on any New York Racing but the nostalgic experience would be worth the trip.
I'm not betting Justify at 1/5 but don't think he is getting beat. Throwing some money into the exotics hoping for the long shots to run in the money
$1 Super 7 with 5 with 1,8 with all
$20 exacta 7 with 1,8
Nice hit on Exacta Hut. Was it me or does Justify look like a tired horse? I wanted him to win today but only for selfish reasons as it sets up the Perfect Storm for a huge Pick 3 and Pick 4 payoff in 3 weeks .
I am Hoping upon Hope that Hofburg goes to Belmont . I do not see Justify winning the triple crown . I certainly do not think he can run 1.5 miles and he has truly had an advantage with the speed favoring off tracks so far . He will be a tired horse come Belmont day and Big Sandy will eat him alive. Good Magic pressed Justy today and Bravazo dam near got there . You can also guarantee there will be a couple rabbits placed in the field on Belmont day to ensure Justify has to work hard .
I thought todays Preakness value was in the superfecta it paid $386.00 . I didn't play it but here in Arizona there where many people who liked the #6 Horse . So its wasn't a big stretch to have the 7-8-6-5 .
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