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

[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!!