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Originally Posted by Robert Goren
It has been that way since I first started betting horses in 1964. I learned very early in life not to chase big payoffs. As much as I like betting on horses, I don't think they should change the laws to promote gambling. Gambling in my book should be tolerated, not encouraged by governments.
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The IRS code, regarding reporting of losses v. winners, is totally inequitable. For winning: I lose $5,450 standard deduction that could be used for a tax refund. I really think that the code was changed within the past 5-15 years when levels of what amount is required to be a signer and what triggers automatic tax withholding.
Racing industry has had double-digit loss in handle. They promote winning P6 and other large pool bets. Little is known that a player(who does not itemize tax return) will lose about $1,000 in tax refund ability by winning.
The IRS code slams horseplayers. A player loses thousands of dollars by the method required to report losses. Certainly, it is cause to pause about betting large pool betting opportunities.
