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05-05-2015, 03:47 AM
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#1
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Registered User
Join Date: Jul 2007
Posts: 37
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Tax Question - W2
I need a little help. I hit a $1 pick 4 a couple of months ago that paid $445 for $1. I had 3 horses live in the final leg. The 4 horse scratched, giving me the favorite instead. The favorite wins final leg, I hit it twice, and I thought it wouldn't be considered a "signer". I bet it online at an adw, and just realized today while looking up my W2's that it got reported. The guy I spoke to from support said I'm basically screwed because they were on the same ticket and the total payout was $890, but he didn't seem very knowledgeable. Any chance I get this taken away, or is that the norm when they are on the same ticket? It would suck if I had to start doing 50+ individual bets to avoid being taxed. Any input appreciated.
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05-05-2015, 04:23 AM
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#2
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EXCEL with SUPERFECTAS
Join Date: Mar 2004
Posts: 10,206
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Quote:
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Originally Posted by Doza
I need a little help. I hit a $1 pick 4 a couple of months ago that paid $445 for $1. I had 3 horses live in the final leg. The 4 horse scratched, giving me the favorite instead. The favorite wins final leg, I hit it twice, and I thought it wouldn't be considered a "signer". I bet it online at an adw, and just realized today while looking up my W2's that it got reported. The guy I spoke to from support said I'm basically screwed because they were on the same ticket and the total payout was $890, but he didn't seem very knowledgeable. Any chance I get this taken away, or is that the norm when they are on the same ticket? It would suck if I had to start doing 50+ individual bets to avoid being taxed. Any input appreciated.
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The rule mentions "like bets", so since you had them both on the same ticket, they were considered "like bets", and you are subject to reporting.
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05-05-2015, 04:57 AM
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#3
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Registered User
Join Date: Mar 2015
Posts: 333
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I'm also pretty sure that even if you make 50 tickets it will still be considered a "like bet."
You might be able to get away with making bets on multiple ADW's but I'm not positive about that.
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05-05-2015, 05:37 AM
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#4
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Registered User
Join Date: Jul 2007
Posts: 37
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Ok, thanks fellas. I won't pursue it any further. I didn't have a single "signer" in 2014, and have suddenly had 5 in the last couple of months. Certainly not complaining, but I was thinking I'd get away with that one and not have to report it.
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05-05-2015, 07:17 AM
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#5
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EXCEL with SUPERFECTAS
Join Date: Mar 2004
Posts: 10,206
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Quote:
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Originally Posted by Doza
Ok, thanks fellas. I won't pursue it any further. I didn't have a single "signer" in 2014, and have suddenly had 5 in the last couple of months. Certainly not complaining, but I was thinking I'd get away with that one and not have to report it.
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As was mentioned by 'minethatbird08', you could probably get away with betting multiple tickets, using multiple ADWs, or betting at the track, buying multiple separate tickets (just don't cash more than one ticket at the same window!).
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05-05-2015, 01:17 PM
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#6
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Registered User
Join Date: May 2010
Posts: 5,005
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And, of course, as I'm sure raybo and many others on here know, there is a move afoot to rewrite the tax regulations to address just this issue. I might not be inclined to hold my breath waiting for the regs to change, however.
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05-05-2015, 02:18 PM
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#7
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EXCEL with SUPERFECTAS
Join Date: Mar 2004
Posts: 10,206
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Quote:
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Originally Posted by Ocala Mike
And, of course, as I'm sure raybo and many others on here know, there is a move afoot to rewrite the tax regulations to address just this issue. I might not be inclined to hold my breath waiting for the regs to change, however.
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Me either! 
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