 |
|
12-29-2016, 08:01 PM
|
#1
|
|
Registered User
Join Date: Feb 2012
Posts: 2,956
|
IRS Considers New Tax Rules
|
|
|
|
12-29-2016, 08:23 PM
|
#2
|
|
NoPoints4ME
Join Date: Sep 2013
Posts: 9,854
|
Quote:
|
Originally Posted by upthecreek
|
I actually like withholding. It covers quarterly estimated taxes and it's a christmas bonus in the 1st quarter of a year.
But overall this is good for the industry so 
|
|
|
|
|
12-30-2016, 08:27 AM
|
#3
|
|
Registered User
Join Date: Sep 2006
Posts: 290
|
small bettor
how will this affect the guy that hits a 1.00 tribox for say 1,000.
He bets 6.00 or 24.00 and hits it.Does he run for a 10% er or what???
Seems like this is for the big player trying to hit for over 5k the current
withholding treshold where the irs takes it's chop right there.
mabred
|
|
|
|
|
12-30-2016, 08:42 AM
|
#4
|
|
Registered User
Join Date: Feb 2012
Posts: 2,956
|
Quote:
|
Originally Posted by mabred
how will this affect the guy that hits a 1.00 tribox for say 1,000.
He bets 6.00 or 24.00 and hits it.Does he run for a 10% er or what???
Seems like this is for the big player trying to hit for over 5k the current
withholding treshold where the irs takes it's chop right there.
mabred
|
Under new proposed rules, a $24 bet would have to pay $$7200 or more to be subject to taxing
(24 cost of wager x 300)
|
|
|
|
|
12-30-2016, 09:27 AM
|
#5
|
|
Registered User
Join Date: Sep 2006
Posts: 290
|
thanks
|
|
|
|
|
12-30-2016, 10:01 AM
|
#6
|
|
Registered User
Join Date: Feb 2014
Posts: 4,520
|
excellent news.
great for the NTRA to FINALLY get something done for the long suffering horseplayers.
This change is long overdue.
Allan
|
|
|
|
|
12-30-2016, 11:15 AM
|
#7
|
|
Veteran
Join Date: May 2016
Posts: 1,831
|
Not sure about ADW's (would think this would not be a problem, but who knows), but I heard that for on track wagers, a SINGLE ticket is required.
Thus , if you bet (3) $100 tickets, only one is counted as the total wager.
Prob did that to prevent stooping for losing tickets.
|
|
|
|
|
12-30-2016, 02:24 PM
|
#8
|
|
Registered User
Join Date: Feb 2014
Posts: 4,520
|
Here is the official proposed rule:
https://www.federalregister.gov/docu...bling-winnings
also changing ID requiremnents.
used to need SSN
Now will only need gov't ID and a completed W9.
we are in the 21st century now.
Allan
|
|
|
|
|
12-30-2016, 05:51 PM
|
#9
|
|
Registered User
Join Date: Dec 2011
Posts: 4,285
|
Quote:
|
Originally Posted by biggestal99
|
A lot of P-6 players will not be happy with example 13. The A-B-C ticket configurations will not be aggregated because they will be on separate tickets.
Still don't understand the logic of the 300-1 qualifier. It is completely arbitrary. I would think that a net winnings amount for any type of bet should be the decider.
|
|
|
|
|
12-30-2016, 06:34 PM
|
#10
|
|
Veteran
Join Date: May 2016
Posts: 1,831
|
Already mentioned the aggregation problem.
Scanning that dense and obtuse document, I don't see any reference to ADW or online wagering. Is it there? And is there any hope that the separate ticket scam would be avoided?
|
|
|
|
|
12-30-2016, 07:36 PM
|
#11
|
|
Registered User
Join Date: Dec 2011
Posts: 4,285
|
While clearly the new proposed regulations will be a help to many players, I doubt that the coming tax reform bills will do the same. I have seen proposals where the standard deduction will be greatly expanded and where deductions for state and local taxes and real estate taxes will be eliminated as itemized deductions. Not sure how gambling losses will be treated but if they are left as an itemized deduction there will be a lot of taxes paid on phantom income.
Consider a new $30,000 standard deduction for a married couple. Before considering gambling losses they have $10,000 of itemized deductions. If during the year they have $20,000 of reportable winnings and manage to lose all $20,000 for a net zero winnings they will still have to pay tax on $20,000. Unless winnings are allowed to be netted above the line, like a professional gambler on Schedule C, there will be a lot of very unfair results.
|
|
|
|
|
12-30-2016, 10:42 PM
|
#12
|
|
Out-of-town Jasper
Join Date: Nov 2009
Posts: 2,364
|
Quote:
|
Originally Posted by AltonKelsey
Already mentioned the aggregation problem.
Scanning that dense and obtuse document, I don't see any reference to ADW or online wagering. Is it there? And is there any hope that the separate ticket scam would be avoided?
|
Yes, I've read that separate tickets at ADW's will not be a problem, they will be combined.
__________________
“If you want to outwit the devil, it is extremely important that you don't give him advanced notice."
~Alan Watts
|
|
|
|
|
12-31-2016, 02:24 AM
|
#13
|
|
Registered User
Join Date: May 2014
Posts: 310
|
It is to your advantage now to make the biggest ticket possible.
|
|
|
|
|
12-31-2016, 10:40 AM
|
#14
|
|
Registered User
Join Date: Mar 2005
Location: Queens, NY
Posts: 20,604
|
This will clearly be a net positive for the handful of horse players that run into bankroll problems during the year because of withholding. It's also more convenient to not have to deal with it as often. But I don't see it as much of a positive for industry handle. Under current law, if you are entitled to get that money back when you do your taxes, it comes back into your bankroll anyway. So just the timing is different. To have a meaningful change in handle you have to bring in new players.
__________________
"Unlearning is the highest form of learning"
|
|
|
|
|
12-31-2016, 11:54 AM
|
#15
|
|
Registered User
Join Date: Dec 2011
Posts: 4,285
|
Quote:
|
Originally Posted by therussmeister
Yes, I've read that separate tickets at ADW's will not be a problem, they will be combined.
|
I know they will be combined for the identical wagers rule but who determines whether one P-6 ticket is really part of another P-6 ticket when there might be several races with different horses bet?
|
|
|
|
|
|
| Thread Tools |
|
|
| Rate This Thread |
|
|
Posting Rules
|
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts
HTML code is Off
|
|
|
|
|
