Don't wager on horse racing if you live in ILLINOIS !!!

I hit a P6 for 30k, the State took there cut and I was able to use that towards my tax liability....

So your ADW withheld 25% for fed and 3% for the state?

So let's say you lost 15K of the 30K through the rest of the year, you pay ILLINOIS tax on the 30K and your fine with that? Man, you must love those pricks in Springfield.

[dellinger63]

Originally Posted by SundaySilence

So your ADW withheld 25% for fed and 3% for the state?

So let's say you lost 15K of the 30K through the rest of the year, you pay ILLINOIS tax on the 30K and your fine with that? Man, you must love those pricks in Springfield.

be happy w/the 30K and don't sweat the $450 lost to the State because you can't deduct?

Originally Posted by dellinger63

be happy w/the 30K and don't sweat the $450 lost to the State because you can't deduct?

It's not $450, its (3% on 30K) $900 plus penalty, when I didn't actually show a profit. If you don't have any income from wagering why should you have to pay a tax on it...in Illinois you have to, that's why.

[dellinger63]

Originally Posted by SundaySilence

It's not $450, its (3% on 30K) $900 plus penalty, when I didn't actually show a profit. If you don't have any income from wagering why should you have to pay a tax on it...in Illinois you have to, that's why.

In IL you pay a tax on EVERYTHING! Bastardized Land of Lincoln and all.

[brianwspencer]

Same thing happened to me last year.

Originally Posted by brianwspencer

Same thing happened to me last year.

So you got a letter from IL. dept. of revenue?

Originally Posted by 2Hot4TV

Just pay them you cant win......... 30K in signers and you still lost money why are you playing???????????

Very easy to do if you play everyday and play a lot of exotics. Hey if you are a Win bettor you'll never have this issue.

[brianwspencer]

Originally Posted by SundaySilence

So you got a letter from IL. dept. of revenue?

No, I paid my taxes the way they were supposed to be paid in the first place according to the tax code, so they didn't need to send me a letter.

Originally Posted by brianwspencer

No, I paid my taxes the way they were supposed to be paid in the first place according to the tax code, so they didn't need to send me a letter.

I highly doubt you did, because any wager you made is subject to state income tax the way the law reads. Not only W-2G's, but any wager. You might have claimed your W-2G's on your Ill. state form and paid your 3% on those (without taking losses into account), but in reality the state could go after you for ANY wager you profited on...still using that twin spires card?

Excerpt from Article:

* Most taxpayers believe gambling proceeds are immune from tax, unless they receive a Form W-2G.

* Each pull of a lever or push of a button on a slot machine, hand of blackjack or spin of a roulette wheel is an individual wager that may result in gambling winnings.

* To prove gambling losses and taxable income, taxpayers are subject to rules of proof, recordkeeping, estimating and credibility.

Most taxpayers are unaware of the reporting requirements for gambling wins and losses. This article explains how to calculate and prove taxable income, net winnings and basis or losses claimed.

http://www.wgntv.com/news/wgntv-hors...,6407658.story

From the article...
The board voted unanimously to license three California companies to take electronic bets from Illinois residents through computers, phones, interactive televisions and other mobile devices. State officials said the law will enable them to collect taxes on about $100 million in unauthorized online horse wagers each year in Illinois.

Gov. Pat Quinn signed legislation allowing online horse betting in August. Before the legislation, Laino said the board estimated about $100 million in unauthorized online horse wagers were made annually in Illinois. The new law allows for random account audits and broad oversight of online horse betting, Laino said.

So any bets made previously with Youbet, TVG, or TwinSpires were made illegally before this new law went into effect in August?

[brianwspencer]

Originally Posted by SundaySilence

I highly doubt you did, because any wager you made is subject to state income tax the way the law reads. Not only W-2G's, but any wager. You might have claimed your W-2G's on your Ill. state form and paid your 3% on those (without taking losses into account), but in reality the state could go after you for ANY wager you profited on...still using that twin spires card?

Excerpt from Article:

* Most taxpayers believe gambling proceeds are immune from tax, unless they receive a Form W-2G.

* Each pull of a lever or push of a button on a slot machine, hand of blackjack or spin of a roulette wheel is an individual wager that may result in gambling winnings.

* To prove gambling losses and taxable income, taxpayers are subject to rules of proof, recordkeeping, estimating and credibility.

Most taxpayers are unaware of the reporting requirements for gambling wins and losses. This article explains how to calculate and prove taxable income, net winnings and basis or losses claimed.

Well I'm not going to fax you a copy of my tax returns, but there are winnings that I paid taxes on that were not on signers with forms from the track.

But thanks for the refresher.

[Scav]

Originally Posted by SundaySilence

So your ADW withheld 25% for fed and 3% for the state?

So let's say you lost 15K of the 30K through the rest of the year, you pay ILLINOIS tax on the 30K and your fine with that? Man, you must love those pricks in Springfield.

It was on-track but yes, they both deducted I think. I can't remember it was so long ago.

Dude, I know it sucks, but it is life. I personally feel ok with it because I would rather not have to write down every bet I cash as revenue which is TECHNICALLY what you are suppose to do.

[dellinger63]

Originally Posted by Scav

It was on-track but yes, they both deducted I think. I can't remember it was so long ago.

Dude, I know it sucks, but it is life. I personally feel ok with it because I would rather not have to write down every bet I cash as revenue which is TECHNICALLY what you are suppose to do.

Tom they can pull your Twin Spires account to the minute, year-to-date. That has to be some proof. Good or Bad.....

[Scav]

Originally Posted by dellinger63

Tom they can pull your Twin Spires account to the minute, year-to-date. That has to be some proof. Good or Bad.....

I know, the only safe way is to not use a card or anything then they would have no clue.

[dellinger63]

Originally Posted by Scav

I know, the only safe way is to not use a card or anything then they would have no clue.

preaching to the choir I know

[10 pnt move up]

The situation sucks but did anyone catch this line about the idea of deducting gambling losses, total government they know whats best for you mentality:

"many people might consider more worthy of allowing"

So what he saying is you are a total loser betting on horses and you have some nerve to think you can deduct those loses when we dont even allow people to deduct other things they deem morally correct. That is a joke.

Its coming, the government is going to tell you what kind of soda pop to drink if you want to see a doctor.

Originally Posted by 10 pnt move up

The situation sucks but did anyone catch this line about the idea of deducting gambling losses, total government they know whats best for you mentality:

"many people might consider more worthy of allowing"

So what he saying is you are a total loser betting on horses and you have some nerve to think you can deduct those loses when we dont even allow people to deduct other things they deem morally correct. That is a joke.

Its coming, the government is going to tell you what kind of soda pop to drink if you want to see a doctor.

It is a joke, hey I don't mind paying my 3% state tax on anything that I actually won, but when they start telling me that I have to pay 3% on any W-2G, it is time to quit. What if I played a Pick 6 for $1500 and it chalked out and paid $600 with conso's, I end up losing $900 and get hit with a W-2G that I owe state tax on. It is absurb !!!

[jwkniska]

Originally Posted by Scav

It was on-track but yes, they both deducted I think. I can't remember it was so long ago.

Dude, I know it sucks, but it is life. I personally feel ok with it because I would rather not have to write down every bet I cash as revenue which is TECHNICALLY what you are suppose to do.

they take out 28%... 25 to feds, 3 to state

Originally Posted by Scav

It was on-track but yes, they both deducted I think. I can't remember it was so long ago.

Dude, I know it sucks, but it is life. I personally feel ok with it because I would rather not have to write down every bet I cash as revenue which is TECHNICALLY what you are suppose to do.

I keep track of every bet made, profit/loss of every wager, doesn't matter. YOU CANNOT DEDUCT LOSSES AGAINST YOUR W-2G's in ILLINOIS. You hit a Tri for 1K and lose the grand the rest of the day, you'll owe the state $30 and the feds $0 !!!

[dellinger63]

Originally Posted by SundaySilence

I keep track of every bet made, profit/loss of every wager, doesn't matter. YOU CANNOT DEDUCT LOSSES AGAINST YOUR W-2G's in ILLINOIS. You hit a Tri for 1K and lose the grand the rest of the day, you'll owe the state $30 and the feds $0 !!!

if you hit it on track you'd have to buy a round that probably would be more than $30! You won! Relax!!