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09-26-2017, 02:23 PM
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#16
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Registered User
Join Date: Dec 2012
Posts: 114
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Quote:
Originally Posted by VigorsTheGrey
You say Treasury, I was trying to figure out why this is so...? How does uncle Sam benefit more from this...? If it is so good for the betters, doesn't that mean that uncle Sam will be getting a whole lot LESS...?
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Taxes on gambling winning are not being lowered.
If you took the amount of revenue generated from Pari Mutel players and subtracted what it's costs the IRS to enforce compliance in the current system. I think it would be shocking.
Remember that most people who gamble lose and the tax on that is ZERO.
The biggest plus is keeping your standard deduction in tact. Remember the deduction of gambling losses comes on the miscellaneous line that is after adjusted gross income is calculated. Which lead to a very deceptive number.
Last edited by showonly; 09-26-2017 at 02:29 PM.
Reason: additional thought
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09-26-2017, 02:33 PM
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#17
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Registered User
Join Date: Jan 2015
Posts: 1,957
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Quote:
Originally Posted by bucksboy
Please confirm - a $100.00 Pic 5 bet has no reporting up to $30,000.00 ??
I this correct ??
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It appears to me that your example requires paperwork by the $5,000 threshold for reporting. (I am not an accountant or tax expert)
This new reg will certainly reduce paperwork triggered by the old 300x and $600 limits, but it still appears the $5,000 threshold is in play. I'm not sure about the lottery, but I thought there was a $10,000 threshold for casino winnings and sports wagers. Considering the difference in takeouts, you would think the lottery and horse racing would have higher thresholds to exceed before the tax man swooped down to keep you honest.... 
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09-26-2017, 02:46 PM
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#18
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Registered User
Join Date: Sep 2008
Posts: 361
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AndyC! Lil help here plz.
What happens if I hit 10 P5 consols (ha!) for $600 on a $248 ticket? Hey, it could happen...
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09-26-2017, 03:30 PM
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#19
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Registered User
Join Date: Dec 2011
Posts: 4,285
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Quote:
Originally Posted by lamboguy
...the questions i would have are if this new ruling will take people out of the w-p-s pools and into the jackpot bets.....
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If a player is a winning player in the W-P-S pools I doubt that they would change their MO much.
Quote:
Originally Posted by lamboguy
some offshoot really good news will be if you are a resident of Massachusetts where they are holding 6% for a state tax without deductions and that will probably end with this.
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I think the withholding will remain but obviously the number of withholdings will drop considerably.
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09-26-2017, 03:31 PM
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#20
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Registered User
Join Date: Dec 2011
Posts: 4,285
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Quote:
Originally Posted by chiguy
As a clerk who does the tax forms I cannot tell you how delighted this makes me. It has always been such a strange thing for a customer to be happy on one hand with the score but unhappy on the other end because of the reporting. It also appears now that I dont need to see the SS card? If that is correct then this is really great news.
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If a person fills out a W-9 you won't need a SS card.
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09-26-2017, 03:53 PM
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#21
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Registered User
Join Date: Dec 2011
Posts: 4,285
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Quote:
Originally Posted by VigorsTheGrey
So under the new regs, they(?) ...are anticipating an additional 1 billion to be wagered.....wow! And it took them this long to figure that out...? Maybe they knew it all along and it was a matter of convincing uncle Sam...so how will this change the way you bet...? Or how can we make this work to our advantage....? I know I will be making a lot more $1 super and trifecta bet instead of dime supers...how about you...? What are some of the bet structures that will take more action now...?
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Who will be wagering this additional 1 billion? I haven't heard anybody say that they are now going to up their betting substantially. If they were going to do that they would have done that to get rebates.
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09-26-2017, 03:57 PM
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#22
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Registered User
Join Date: Jan 2006
Posts: 28,549
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Quote:
Originally Posted by AndyC
Who will be wagering this additional 1 billion? I haven't heard anybody say that they are now going to up their betting substantially. If they were going to do that they would have done that to get rebates.
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No one is going to wager the additional billion...because this new law-revision will mainly affect the below-$5,000 winnings...which suffered no IRS cash deduction in the first place.
__________________
Live to play another day.
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09-26-2017, 04:00 PM
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#23
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Registered User
Join Date: Dec 2011
Posts: 4,285
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Quote:
Originally Posted by showonly
Remember that most people who gamble lose and the tax on that is ZERO.
The biggest plus is keeping your standard deduction in tact. Remember the deduction of gambling losses comes on the miscellaneous line that is after adjusted gross income is calculated. Which lead to a very deceptive number.
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With the way gambling is taxed, you could lose and still owe money because of the gambling.
The other shoe will be dropping soon with the new tax law. It is quite possible that gambling losses will be eliminated as an itemized deduction. And if it does stay as a deduction the higher standard deduction will actually hurt quite a few players.
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09-26-2017, 04:01 PM
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#24
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Veteran
Join Date: Feb 2016
Posts: 4,553
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Quote:
Originally Posted by AndyC
Who will be wagering this additional 1 billion? I haven't heard anybody say that they are now going to up their betting substantially. If they were going to do that they would have done that to get rebates.
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I don't understand it either Andy, it is just what the media on the news is reporting, that an additional 1 billion is expected to be wagered because of these changes...
"The NTRA spearheaded the lobbying drive to get the revisions considered by IRS and the Treasury over the last two years. In a statement, Alex Waldrop, the organization’s president, called the revisions “among the most meaningful regulatory advances made by our industry in decades.” The association estimated that handle might grow by $1 billion in the next year as a result of the revisions."
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09-26-2017, 04:03 PM
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#25
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Registered User
Join Date: Dec 2011
Posts: 4,285
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Quote:
Originally Posted by spiketoo
AndyC! Lil help here plz.
What happens if I hit 10 P5 consols (ha!) for $600 on a $248 ticket? Hey, it could happen...
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It means you will be buying drinks. No paperwork or withholding needed.
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09-26-2017, 06:41 PM
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#26
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Registered User
Join Date: Jan 2006
Posts: 28,549
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I expect the divorce rate to go down by at least 10%...now that the horseplayers won't have to confess to their wives that they lost back all the money that they won on those "signers" that they had to report to the IRS.
__________________
Live to play another day.
Last edited by thaskalos; 09-26-2017 at 06:42 PM.
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09-26-2017, 09:29 PM
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#27
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Registered User
Join Date: Jun 2015
Posts: 175
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does this go retroactive to jan 1 or will w-2gs from earlier in the year still need to be reported?
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09-26-2017, 10:54 PM
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#28
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Veteran
Join Date: Sep 2007
Posts: 9,047
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Churn baby churn!
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09-26-2017, 11:44 PM
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#29
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Registered User
Join Date: Jan 2015
Posts: 915
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Quote:
Originally Posted by Rollingpk3
does this go retroactive to jan 1 or will w-2gs from earlier in the year still need to be reported?
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All W2G's from earlier this year will still need to be reported 
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09-27-2017, 09:10 PM
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#30
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Veteran
Join Date: Feb 2016
Posts: 4,553
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"United Tote, the provider of pari-mutuel tote services to more than 150 racing operations including Churchill Downs Racetrack, has implemented the necessary technological changes to begin processing wagers and payouts that will benefit horseplayers around the world. The positive changes will come into effect Thursday." Source: Churchill Downs.
So does this mean we should check with the track we are betting on to see if they use United Tote...?
So that no matter which OTB you bet from, as long as the home track has UNITED TOTE, it applies..?
Or does the OTB need to be UNITED TOTE as well...?
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