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Old 06-01-2018, 11:55 AM   #121
LemonSoupKid
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Originally Posted by AstrosFan View Post
Cash away, but the fact of the matter is that the IRS isn't going to penalize you (come tax time) even if the track makes you sign for it, when the new rule is already in place. The lazy ass track mgmt. officials need to implement this when it took effect, not Nov. 15 for a "deadline"
Did this mean that if you hit a bet in 2017 that was withheld right before November, but wouldn't have been after at the site, you theoretically could have neglected to put it on your tax return (and gotten away with it)?
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Old 06-04-2018, 03:08 PM   #122
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Bumping again for this reason as well

If you hit for less than 300-1 and thus the cash amount is not a withheld, but the amount the teller hands over is $15k, let's say, do they file a CTR? If so, is that a risk for those who "don't report" due to the fact that the form for CTR has your details on it?
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Old 06-04-2018, 09:17 PM   #123
AndyC
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Quote:
Originally Posted by AstrosFan View Post
Cash away, but the fact of the matter is that the IRS isn't going to penalize you (come tax time) even if the track makes you sign for it, when the new rule is already in place. The lazy ass track mgmt. officials need to implement this when it took effect, not Nov. 15 for a "deadline"
If you sign for it, the winnings will be reported and they then will need to be reported on your tax return. Even if you don't sign for it the winnings are supposed to be reported on your tax return. The new regulations did not change the rules for taxing gambling winnings. They changed the reporting rules and the withholding rules. As for penalties, if the IRS finds out that you didn't report winnings just because it wasn't a signer you can definitely be hit with some nice big penalties.
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