Is this possible, will it work?
 

Ok, Joe Blow bettor is at the track and hits a Pick 3 that pays $1,400. Is this possible?

He takes his winning ticket and puts it in the self service machine. Would it not just print you off a voucher for $1,400?

Then, Joe Blow bettor plugs in $500 to win on a horse in a race 1 hour away, and $400 to win and $500 to place on another horse in another race.

Then, he decides he wants to just get a refund (hint) before the races go off. Would he not get his $1,400 and avoid the Tax Man?

No its not possible. Those machines are programmed to not cash an IRS ticket. It beeps and says "withholding" or "irs" and spits the ticket back out.
Never happen.

$1,400 ticket does not mean you have a signer.

What do you mean?

tvg just sent me some tax info stuff

Right, you get some type of message telling you to "Go to the IRS Window" ... i've tried

Its based on the odds.

If I play a $100 straight exacta and it pays me $1,400....I don't have to pay taxes on it.

Why would you want to avoid paying taxes? Thats illegal. If you are that pathetic, then find a 10 % er, you know the bums who hang around tracks to cash people who have job's tickets. Funny how some people are so desperate to make a living.

I am confused, it's based on the odds of the horse(s) ?

KEV i miss you and love you

No...its based on the odds of how much you have invested in the ticket vs. the payout.

No, I would not do that, just curious I was brainstorming, more like daydreaming, earlier today

miss ya and love you too bro.

got ya, thats how it works

Oracle and the guys would probably know best, but out here the $2 payoff has to be $600 or more to be a signer ... I had a $5 exacta on the Derby that paid $587 for $2 and I didn't have to sign .... not sure if the minimum amount is different from state to state

I'd be pretty dang worried handing a stranger my winning ticket just to try to avoid taxes...but I guess it happens. What happens when they bolt?

I should know this having been a Teller but it never came up

One individual tried this move a couple months ago and lets just say that he was found and dealt with in a physical manner. True story, I know the loser from the track who tried to pull this off. I can tell ya that at Beulah and Scioto their are 2 or 3 guys every single day their that do nothing but sign

You pay taxes when you hit for $600 or higher based on a $2 ticket.

Say if you hit a double that pays $700 for $2. If you were smart enough to place $1 tickets you would be exempt from the taxes. But if you made a straight $2 wager or higher you pay taxes. Always make $1 wagers on exotics.

I believe where I'm at it's 300-1 (or 600-2 as steve said) means you have to sign.

If the winning ticket is supposed to be a IRS ticket...the tote machines WILL NOT print them out.

What happens when they bolt?

Its your own fault if you stoop to this level so I guess you got what was coming to you. Theres certainly no legal action you can take, since you are the one breaking the law called tax evasion in the first place.

No matter where you are at it's 300-1 odds....unless you are wagering off shore.

So that example w/the daily double is wrong then...right?

If it over $1200 dollar payout for a $2 ticket, it's a signer(of course that means if the $1 payed over $600, it's a signer as well)...

I dont think this is true. I think if its $600 or over on $2 its a signer.

I will have to go back and look....

Its on a $2 bet guys

I had same thing on Kentucky Oaks put $20 on Lemons paid $960 asked the lady at the window if I had to hit the IRS since no one was in the booth and she said as long as you don't have a $2 bet over $600 you are fine(Did not know that, nor do I know if its right??, but that what she told me) So guess example would be on tri bets or super or Piks

Always wondered about if I put $500 win on a horse if I had to pay the IRS? Any ideas on that

By federal law, any wager which results in proceeds of $600.00 or more must be reported to the Internal Revenue Service (IRS), IF the amount of such proceeds is at least 300 times as large as the amount wagered. Any wager which results in proceeds of more than $5000.00 is subject to withholding, if the amount of such proceeds is at least 300 times as large as the amount wagered

The point in all this is to make $1 wager twice so the total wager equals $2. That way is the winning tickets pays $1150 for a two dollar, you dont have to pay taxes. But you cant put a singor into the machine like Oracle has stated.

AGAIN....if you do a $100 straight exacta and it you get back $2,000 = no taxes because it is less than 300 times the amount wagered and less than $5,000.

Yes Point, it was a signer because it was over $600. Would have been over $1300 for $2.

What I was saying is say if you hit a daily double for $800 based on a $2 payout:

Scenario 1) You are holding a $2 ticket in your hand. Yes you have to pay taxes.

Scenario 2) You are holding two $1 tickets in your hand. No you dont have to pay taxes. Why? Because you were smart enough to split up your tickets.

NO...MUST exceed $600...

sorry, bad example...i didn't even get a chance to delete! you are fast dude!

Oh my gosh--anything that pays over $600 on a $1 bet or a $2 bet is a signor. Man, why is this so confusing. If you have a $10 exacta that pays $1000 it is not a signor. The formula would be $1000 divided by 5 so the $2 payout is $200.

Thanks man, that is very clear to understand. Cool, not that I will have a signer anytime soon lol

So,

If I hit a "signer" on my online account I am assuming they just send you the paperwork?

lol... not many here were president of theri high school math club. certainly not me.

my daddy always told me there's 3 kinds of people in the world....those that can count and those that can't.

What is sad is that I was Treasurer of the Math and Chess Club. Man, I was and still am a geek.

The thing to do is to have the OTB take out the taxes right there. I believe you can still do this.