multiple bets, taxes

[elhelmete]

This would never happen...or would it??

Just mildly curious about taxes on multiple bets within a race.

So I believe that even if I play, say, a 5x5x5x5 pick 4 and hit at a certain level, the taxman (track/ADW acting on his behalf) ignores all my losing combinations when it comes to determining whether $$ is withheld. He focuses only on the one combo that hits. Right?

So what if on one ticket, or one ADW bet 'session', or one SAM session using a player card with $$ deposited I bet a horse to win, key him in an exacta and trifecta? Do you think we'll ever see those bets congolmerated as if one "bet" if the key horse hits and the aggregate pushes me over the signer limit?

[Dave Schwartz]

On a federal level you are only taxed on "gross annual win."

On the state level (i.e. Mass.) you do not get to deduct your losses.

[Robert Goren]

The general rule is: We are going to take your money for now and you can sort it out when you file your return.

You may not like it, but there is zero you can do about. Live with it. Arguing with a teller will get you now where. They are just doing what their boss told them to do. Getting a hunk of your bankroll withheld is the price you pay for playing exotics. You need figure that in when you make your wagers.

[rastajenk]

Ignoring Goren's non sequitur and addressing the original question, I think the answer has to be a no. They are different bets going into different pools, and will always be thus; at least I hope they would.

[Lemon Drop Husker]

No. It was a change that was made a few years ago.

Let's say you hit a $1 trifecta that paid $635. The ticket/wager that you made the winning wager with can be subtracted from your winnings to determine if anything will be withheld. Thus, if the ticket cost you $36, the total would fall under the $600 threshold and thus nothing would have to be withheld.

I have had a couple of tickets fall into this category the past couple of years which didn't require a signer or any withholdings.

[elhelmete]

No. It was a change that was made a few years ago.

Let's say you hit a $1 trifecta that paid $635. The ticket/wager that you made the winning wager with can be subtracted from your winnings to determine if anything will be withheld. Thus, if the ticket cost you $36, the total would fall under the $600 threshold and thus nothing would have to be withheld.

I have had a couple of tickets fall into this category the past couple of years which didn't require a signer or any withholdings.
Thanks.

But do you think the opposite is likely to come about...like if on one race I hit a $300 win bet, a $300 exacta and a $300 tri (all fake numbers of course) and my "ticket" costs $100. Three bets into 3 pools on the same event, but over the withholding limit?

[Lemon Drop Husker]

Thanks.

But do you think the opposite is likely to come about...like if on one race I hit a $300 win bet, a $300 exacta and a $300 tri (all fake numbers of course) and my "ticket" costs $100. Three bets into 3 pools on the same event, but over the withholding limit?

No. You didn't have a single ticket that won you over the $600 threshhold thus none of those would qualify to be withheld. Also, it depends on the amount you wagered. Highly unlikely you would ever hit a $2 Win ticket that would pay $600 (a horse that went off at 298/1). Keep in mind, the payout has to be over $600, and a return of 300/1 or greater.

I doubt they will ever allow you to pool together other tickets from the same race or day to qualify a winning ticket to fall under the threshhold.

[lamboguy]

how can racing stand by and let governement knock them out of business?

what does the NTRA do for the money they get?

racing can never compete with a slot machine or a lottery the way it is run.

[baconswitchfarm]

No. It was a change that was made a few years ago.

Let's say you hit a $1 trifecta that paid $635. The ticket/wager that you made the winning wager with can be subtracted from your winnings to determine if anything will be withheld. Thus, if the ticket cost you $36, the total would fall under the $600 threshold and thus nothing would have to be withheld.

I have had a couple of tickets fall into this category the past couple of years which didn't require a signer or any withholdings.


If it is over 600 and 300-1 then it is a signer. The total amount of your ticket bet has nothing to do with it. In many large carryovers I have bought a play . You can lose money on the ticket and it still be a signer. You can lose money on the ticket and have a signer and withholding.

[AndyC]

No. You didn't have a single ticket that won you over the $600 threshhold thus none of those would qualify to be withheld. Also, it depends on the amount you wagered. Highly unlikely you would ever hit a $2 Win ticket that would pay $600 (a horse that went off at 298/1). Keep in mind, the payout has to be over $600, and a return of 300/1 or greater.

I doubt they will ever allow you to pool together other tickets from the same race or day to qualify a winning ticket to fall under the threshhold.

There are 2 threshholds: one for signing and one for withholding. It is $600+ for signing and $5,000+ for withholding.

[therussmeister]

Here's my question: If you get two winning tickets due to a dead heat, and each payout is below the threshold, but combined payout is above the threshold, is it a signer?

[ReplayRandall]

Here's my question: If you get two winning tickets due to a dead heat, and each payout is below the threshold, but combined payout is above the threshold, is it a signer?


If one pay-out is $550 and the other $450, should tabulate through SAM and spit out a voucher for 1K.......Something tells me you might have experienced a problem, thus the question.