Betting As A Group -- Legal?

[SOREHOOF]

I'm pretty sure it's legal (at least in N.Y. the undisputed champ of stupid laws). You can get a special tax form if you do this and hit so that one person doesn't get socked with the whole tax hit. Last fall a friend and myself split a super ticket at OTB (my picks), it hit for 3 large and not only didn't the OTB have the form I requested but they never heard of it (IRS form 5754 so everyone gets their own W2-G). After calling the main office (who had heard of it) they just gave us each our own W2-G with my 2000 on mine and his 1000 on his. It wasn't 50-50 because they were MY picks. So long as it adds up to the entire winnings they didn't seem to care. I wish I had them withhold because between that and my big Derby winnings last year I'm getting creamed.

[skippy3481]

Just show losings up to your winnings and youll be fine

[SOREHOOF]

Originally Posted by skippy3481

Just show losings up to your winnings and youll be fine

Most of my play (98%) is on a phone account and I heard if I claim my losers I would have to claim ALL my winners then it wouldn't help much because I showed at least a small profit at every meet except the Inner Dirt where I got hammered for the first time in 3 years. So much for being easy, HAR HAR. . I hope I wasn"t mislead about the claiming process, but that's what I get for waiting til the last minute.

[Grits]

This interest me, tremendously!

I've driven 10 hours, I need some dinner, back later to ask some questions.

[blackthroatedwind]

It is 100% legal to co-sign for tickets. I hit a Pick-6 in my account at NYRA a couple of years ago and everybody ended up signing for their respective shares. It's no problem at all.

[pmacdaddy]

OK then. Who's setting up the Pick6 Carryover Partnership?

Simple $500 buy in....