Para-Mutual Investing & the I.R.S. & Security

[VoodooFan]

Please, some feedback from consistant winners or consistantly semi-consistant.

Maybe most of us will never have this problem, or at least, not for a long time, anyway, if ever.

But dealing with the Feds(IRS):

What has worked for you over the years, or the best piece of advice when doing taxes from winnings, like....

Is there a tax specialist who knows proper deductions and write-offs from Para-Mutual Investing?

Do you save ALL tickets, whether winners or losers?

Do you file long, as a corporation, capital gains, etc,.?

In general , how do the Feds treat consistant winners, and whats the best way NOT to throw up RED FLAGS their way and forever stay under the radar and OUT of their sight..?.....if that is at all possible.

Wonder what Brohamer or Bob Cochran, or even THE HAT would say or other charter teaching members?

Boy, what's it like to win enough to have these problems? Are there problems ? Or will there be problems?

Don't you got to watch your back, as far as security? Aren't there scum bags who hang around the track watching and waiting for a sucker to take?

Just remember that story about a stinking drunk dude at Hollywood park who won the pick 6 and had maybe $72,000 or so in cash, and just would'nt shut up about it. Kept bragging all the way out the door, on his way home, nice and loud for everybody to hear.

They found him dead, later, with his cash gone.

I guess to talk and dream about success is one thing, but to actually deal with it is alright also, maybe it's not as romantic as we fanticize.

But more money in yer pocket is better than less money you don't have.

VoodooFan

[Rxlawyer]

Voodoo:

The Answer, At Least From My Prospective, Is To Keep Excellent Records And Good Clean Consecutively Numbered Tickets. Do Not Pick Up Tickets With Shoe Marks On Them.

Gary L.

[tfm]

Giving back a huge chunk of my money when I'm already getting hammered by the takeout doesn't sit too well, unfortunately. And, to the best of my knowledge, one can only declare expenses if handicapping is one's occupation.

So, two options remain:

1) go to the track and bet with anonymity like the old days -- hard to do once you get accustomed to handicapping in front of your PC. Of course, the extra time spent commuting and the aggravation suffered in interacting with the natives out there is balanced by the extra money you'll pick up as a result of paddock and warmup inspections. Here, YOU do the work, the TRACK takes ITS money, and YOU get to keep your winnings. If you're really pulling out some cash, you could always hire someone to bet for you. So, there are much CHEAPER workarounds than 30%+ taxes.


2) live very close to an OTB and deal with giving back 5% on each bet. this might not seem the way to go but 5% is alot better than 30% ---assuming you can take out a good chunk from the game. And, let's face it, if your ROI isn't $1.5, which means you can easily deal with the 5%, you really shouldn't be playing anyway. You should be begging for rebates and writing about your handicapping prowess over at PA.

[partsnut]

As far as I know you have to file as a "Professional Gambler" as your occupation and primary source of income.
Otherwise your losing tickets will not be acknowledged.
As Gary stated and which is well advised, you must keep very detailed records of your expenses as well as your win and loss records which is not difficult to do when us use a service such as Twin Spires. If you play at the track or at an OTB office. Photocopy your win tickets and keep all your losing tickets.

[VoodooFan]

Originally Posted by partsnut

As far as I know you have to file as a "Professional Gambler" as your occupation and primary source of income.
Otherwise your losing tickets will not be acknowledged.

That sucks.

Get financially raped as though you were a 9 to 5'er wage earner.

No, maybe worse, cause on regular wages, you can file jointly, deduct children, medical, etc,.

Even if someone had the ability to be a Professional Gambler, who would soley do ONLY that?

If you make a decent enough score consistantly, you won't have to gamble all the time, and you would be off into other investments like Real Estate, Bonds, small corporation,etc,.

Hate talking about politics in any vein, but one dude says a national sales tax, adjustable to the level and luxury of purchased goods. If you buy a luxury item, taxes would apply, higher on some scale. If you bought a $1 digital watch, it would also apply , except much lower. That will NEVER happen. Washington, World Banks,Corporations are swimming drunk in a sea of cash gained with taxes. Too much fun raping the Treasury and sharing profits with their friends,both democratic/republic and others, lobbyist, corporate buddies on sham projects too numerous to name.

Now my danders up. Check Lincolns and Kennedys executive orders weeks or months before they got shot. They were going to take back TOTAL control of the Federal Reserve and its notes. Art Bell is smilin now, boy.

VoodooFan

[emilio840]

In Toronto at Woodbine, we don't have that problem. There is no taxes wether you win at the track or lotteries.

How much do you have to win to get taxed?

emilio

[VoodooFan]

Originally Posted by tfm

If you're really pulling out some cash, you could always hire someone to bet for you. So, there are much CHEAPER workarounds than 30%+ taxes.


2) live very close to an OTB and deal with giving back 5% on each bet. this might not seem the way to go but 5% is alot better than 30% ---assuming you can take out a good chunk from the game. And, let's face it, if your ROI isn't $1.5, which means you can easily deal with the 5%, you really shouldn't be playing anyway. You should be begging for rebates and writing about your handicapping prowess over at PA.

G@#%&*mn, too much cloak and dagger just to keep what honestly earn.

Starting to think the KGB and IRS differences are only the choice of 3 letters.

Everything so expensive, I can't even find the (cents) symbol on my keyboard. Is it on yours?

VoodooFan

[Rverge]

i don't know if any one wants to read/ believe this. at both otb's i go to there are 2 different gents who will cash your IRS ticket for a small percentage. knew this and saw this several times, once just recently. check out the 1st 3 races at PHA within the last 2wks. a monday, mar 31, the pick 3 was 6-10-6 9-1/35-1/2-1. and this guy hits the excta in race two.
however, if one is cashing IRS tickets, HEY, your making some money, go for it!
Rverge

[kiltman]

For what its worth almost every OTB and racetrack a a couple of guys who will cash your big tickets for you and take a certain amount either fixed or percentage for doing this. If you win big and would put you in a 30pct bracket and that will go up after the election this year. It is probably worth using this as a way to keep from paying the full amount. As for Canada doesnt do this I am sure they being the government finds a way to get money from the folks what with all the socialism up in that neck of the woods.

[tfm]

Originally Posted by VoodooFan

G@#%&*mn, too much cloak and dagger just to keep what honestly earn.

Starting to think the KGB and IRS differences are only the choice of 3 letters.

Everything so expensive, I can't even find the (cents) symbol on my keyboard. Is it on yours?

VoodooFan

And this to a very basic difference between me and you; and, the assumption is that we're both able to pull out $100k a year betting.

You have no problem giving back $35-$40k of it to Uncle Sam cause you've been 'properly' socialized.

I, on the other hand, don't enjoy getting BENT OVER. To each his own.

Did I hit a nerve?