Is this possible, will it work?

2MinsToPost · #1 07-13-2006, 03:48 PM

What do you mean?

Quote:

Originally Posted by GPK

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

GPK · #2 07-13-2006, 03:49 PM

Quote:

Originally Posted by 2MinsToPost

What do you mean?

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.

2MinsToPost · #3 07-13-2006, 03:51 PM

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

Quote:

Originally Posted by GPK

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.

GPK · #4 07-13-2006, 03:52 PM

Quote:

Originally Posted by 2MinsToPost

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

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

2MinsToPost · #5 07-13-2006, 03:53 PM

got ya, thats how it works

Quote:

Originally Posted by GPK

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

2MinsToPost · #6 07-13-2006, 03:54 PM

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

ninetoone · #7 07-13-2006, 03:58 PM

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

Seattleallstar · #8 07-13-2006, 03:51 PM

KEV i miss you and love you

GPK · #9 07-13-2006, 03:53 PM

Quote:

Originally Posted by Seattleallstar

KEV i miss you and love you

miss ya and love you too bro.

ninetoone · #10 07-13-2006, 03:54 PM

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?

2MinsToPost · #11 07-13-2006, 03:57 PM

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

Quote:

Originally Posted by ninetoone

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?

GPK · #12 07-13-2006, 03:59 PM

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

GPK · #13 07-13-2006, 04:00 PM

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

ninetoone · #14 07-13-2006, 04:02 PM

Quote:

Originally Posted by GPK

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?

Scav · #15 07-13-2006, 05:02 PM

Quote:

Originally Posted by GPK

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

This is semi true...it is 300/1 when you play the ticket for $2....if you play a $1 pick three and it pays $450 per $1, it isn't a tax ticket

So, for example

Scav plays three total tickets

$2 pick three 1/2/3
$1 pick three 1/2/3
$1 pick three 1/2/3

the pick three hits and pays $450 per $1...You would have 1 tax ticket (the $2 pick three ticket) and two tickets that you could just cash becase they are under $600....

Gander · #16 07-13-2006, 04:03 PM

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.

GPK · #17 07-13-2006, 04:04 PM

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

#18 07-13-2006, 04:10 PM

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.

Gander · #19 07-13-2006, 03:58 PM

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.

Gander · #20 07-13-2006, 04:00 PM

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.