Para-Mutual Investing & the I.R.S. & Security - Pace and Cap

tfm · 04-14-2008, 11:19 PM

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.

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04-14-2008, 11:19 PM	#3
tfm Former member Join Date: Dec 2007 Posts: 1,136	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.