Quote:
|
Originally Posted by thaskalos
This proposal needs to be expanded beyond the "withholding" aspect of this ridiculous law...and should include those instances where the player is asked to sign an IRS form whenever he collects a payoff of more than 600-1. I mean...the unfairness of the law applies in equal measure there. Why should I play a $160 pick-5 ticket...hit for a $605 return...and then have to sign an IRS form for my supposed 600/1 jackpot -- when the REAL return on my investment is less than 4/1?
The NTRA is being disingenuous here. They care only about the withheld money in the $5,000+ cases, because they know that this money would benefit them directly if it remained in the pockets of the bettors. But they don't care about the injustice perpetrated against the horseplayer when he signs those other signers...because this does not seem to have an adverse effect on the fortunes of the industry.
If you are going to ask for a revision to an unjust tax law...then try to fix it and get it right all the way through. Don't ask to fix just the part that would put more money in your pocket. Pathetic...  |
If you are correct that it only applies to the withholding aspect then I agree wholeheartedly with you. However I don't read it that way, for example this statement seems to indicate the change should be for both reporting and withholding purposes.
Quote:
Therefore, for reporting and withholding
purposes, winnings from that pool should be calculated as total proceeds minus
total wagers with respect to that pool
|
