NTRA IRS Changes InfoForm

[DeanT]

It's right here

http://www.ntra.com/en/legislative/tax-reg-modernization/

Please consider signing if interested. And pass it along to those who might sign as well. Strength in numbers!

"The NTRA is encouraging fans, horseplayers and industry stakeholders to support the push for modernized tax withholding and reporting from pari-mutuel wagering that accurately and fairly reflect the realities of wagering today. Specifically, the NTRA is asking Treasury and the IRS to amend their tax regulations to make it clear that the definition of the “amount of the wager” includes the total amount wagered by a bettor into a pari-mutuel pool when determining whether a bettor’s winnings are subject to withholding and reporting."

[Stillriledup]

If the "Amt wagered" is factored in, there's almost no way that people will ever have a 'signer' no matter what the bet pays. If you do a 7 horse tri box for 210 dollars and hit a tri that pays 10,000 for a dollar, its still not a "signer" because the cash is only "47 times" the wager amount.

Unless you hit a HUGE tri on a bet that's less than 10 dollars, you probably will never "sign" for anything.

Is this right?

[raybo]

Yeah, I've bet very few "straight" superfectas ($1 total or $2 total) and yet if I buy a $1 base ticket that costs me $24 total, and I win a big super, the IRS treats it like I bet it straight for $1 total. So, I gambled $24 but the IRS says I only gambled $1. :bang:

[Stillriledup]

Yeah, I've bet very few "straight" superfectas ($1 total or $2 total) and yet if I buy a $1 base ticket that costs me $24 total, and I win a big super, the IRS treats it like I bet it straight for $1 total. So, I gambled $24 but the IRS says I only gambled $1. :bang:

You view it as 24 dollars on one ticket and they view it as 24 separate bets, they don't give bettors "Credit" for the technology that permits the track to have the ability to "bundle" these 24 bets into one physical ticket.

Not only do they view is as you gambled 1 dollar, but they don't even "subtract" the 23 dollars you lost on that transaction, if the Tri pays 1,000, they tax you on 1,000 and not 977.

[raybo]

Yes, and then they say you can only claim losses up to the amount of your winnings. Double trouble.

[Stillriledup]

Yes, and then they say you can only claim losses up to the amount of your winnings. Double trouble.

Right. So if you win 100k last year and lose 100k this year and break even in a 2 year span, they tax you as if you won 100k in the 2 year span.

[Ocala Mike]

Right. So if you win 100k last year and lose 100k this year and break even in a 2 year span, they tax you as if you won 100k in the 2 year span.




In SRUlandia, the old rules for income averaging should still exist! The IRS did, in fact, do away with income tax averaging except for farmers and fishermen years ago. Of course, I suppose we could all consider ourselves "fishermen" at the track, trying to hook that giant superfecta!