Quote:
Originally Posted by Parkview_Pirate
Robert, as user "clean money", your questions seem to be in conflict with IRS intentions....  And asking these types of questions on the internet is, well, not going to look good if the Tax Man comes a knockin'....
AFAIK, the recent rule changes raised the minimum amount for takeout on signers from $1K to $5 or $10K, but paperwork still needs to be done for anything that's 300x the wager. So the $600 level is still in play.
If you have ten $1K winners, the rules used to clearly state that ALL the same winning tickets needed to be combined for reporting purposes. So cashing at different tellers or on different days would only increase the odds of an audit, IMHO. Of course, you could hope the hapless and incompetence of the IRS would never connect the transactions....
There may be other angles, but the only advantage I can think of for "in person" play vs. the ADWs, is when wagering larger amounts and showing profits from non-IRS tickets. IE, $2000 to win on a 15-1 shot gets back $30K but no paper/electronic trail. Assuming the track/OTB can cough up the cash...which is getting more difficult as the war on cash continues. |
-Good Stuff ( and still reading Scott's material, excuse any contradictions.
2nd example is one of my questions.
If i had $2k win on 15-1 , ret $30k , there's no paper trail whatsoever for $30k because of it not 300/1?
(yes, if >300/1 i'd cash at same time and combine for reporting purposes)
(& yea, I don't like carrying a bag of cash, and not quitting, so both Teller and I would be happy to cash a small amount and structure vouchers for remaining amount).
