Will it pass?
 

When I first saw the title of the thread I thought it was going to be about Federal Deposit in the 6th at Belmont.. Will this monster pass the wire first?

i thought it was another thread on kidney stones.

if it's presented as a way for the govt to end up with more money, yes-it'll pass.

No, gambling is evil and must be punished.

Anything is better than nothing, but wouldn't a better tax law change be one that looks at amount wagered when calculating whether the bettor received more than 300-1 odds. With such a rule in place, there would be far fewer "signers." The proposed legislation will have no impact on the need to sign for what really are some relatively small payouts.

now that's funny... :)

about 4 years too late for me.

I'm battling the IRS on some withholding tickets from 2006-2008 and it's a real pain in my balls.

I hear Giorni Felice has been out working Fed Deposit in the mornings..

While this bill certainly isn't a bad thing, there are so many more important things that could be addressed. This bill would help a very small percentage of bettors, and the tracks even more. This bill isn't about the bettor, of that I am sure.

Can you be any more cynical? Surely there is more that could be done but try to at least act happy about positive steps.

That sucks Phil.....I know you keep your tickets. Why are they going hard after this?

I'm glad it is being done. I already said as much. If it passes though, I really don't want to hear the old "look what we did for horseplayers" crap...and yes, I can be a lot more cynical.

Honestly it's partially my fault, a bunch of tickets in the $600-$1000 range on my NYRA account that I hadn't even written down to remember because I hardly consider playing a $2 50 combination pick 3 for $100 and hitting for $650 a 'windfall'... so I failed to report them as gains then written off, but basically it added up to about $10k and they are holding my '08 tax return until i refile for '06 and '07. Thankfully they will work with me to locate all the records I need.

If nothing else it will eliminate needless paperwork like this and the truly unfair methodology which increases your gross income then takes the losses as deductions.

The IRS has become MUCH more aggressive in collection efforts generally over the past couple of years.

Unless I'm reading this wrong, this is not going to change the need for the tracks to issue W2-Gs on what are currently "signers." It is only going to eliminate withholding on "signers" over $5,000.

this is a windfall for 'professional signers' if you know what I mean!

It sounds to me that you will still owe the taxes at the end of the year? So how does this really change anything? We shouldn't have to "sign" for anything under 10,000, now that, boys and girls, is reform we can believe in.

i think ,if i read correctly, is this would only keep you from having the taxes withheld immediately. you'd still have to pony up later. it would change that you would have more money in your pocket while still at the track, so then you could bet more back.