Is this possible, will it work?

[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?

[2MinsToPost]

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

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]

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

[GPK]

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

[ninetoone]

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]

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....

[GPK]

Originally Posted by Scav

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....

It's 300-1 if its OVER $600...

[Scav]

Originally Posted by GPK

It's 300-1 if its OVER $600...

It depends on the nomination of the ticket

Any $2 nomination ticket that pays over $602 and you are paying tax

Any $1 nomination ticket that pays over $602 and you are paying tax

What to learn from this: PLAY ALL POSSIBLE TICKETS FOR THE LESS Denomination accepted.

Arlington takes 50 cent Tri's now, haven't played a $1 tri ticket in 2 years because of that, sucks having to go through process to get to the 50 cent part but worth it to stay away from the friendly IRS

[Gander]

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]

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

[GPK]

By federal law, any wager which results in proceeds of $600.00 or more must be reported to the Internal Revenue Service (IRS), IF the amount of such proceeds is at least 300 times as large as the amount wagered. Any wager which results in proceeds of more than $5000.00 is subject to withholding, if the amount of such proceeds is at least 300 times as large as the amount wagered

[GPK]

Originally Posted by GPK

By federal law, any wager which results in proceeds of $600.00 or more must be reported to the Internal Revenue Service (IRS), IF the amount of such proceeds is at least 300 times as large as the amount wagered. Any wager which results in proceeds of more than $5000.00 is subject to withholding, if the amount of such proceeds is at least 300 times as large as the amount wagered

AGAIN....if you do a $100 straight exacta and it you get back $2,000 = no taxes because it is less than 300 times the amount wagered and less than $5,000.

[Gander]

Yes Point, it was a signer because it was over $600. Would have been over $1300 for $2.

What I was saying is say if you hit a daily double for $800 based on a $2 payout:

Scenario 1) You are holding a $2 ticket in your hand. Yes you have to pay taxes.

Scenario 2) You are holding two $1 tickets in your hand. No you dont have to pay taxes. Why? Because you were smart enough to split up your tickets.

Oh my gosh--anything that pays over $600 on a $1 bet or a $2 bet is a signor. Man, why is this so confusing. If you have a $10 exacta that pays $1000 it is not a signor. The formula would be $1000 divided by 5 so the $2 payout is $200.

[GPK]

Originally Posted by ninetoone

if you make a $2 bet that pays $600, you are signing....and if you break it down into 2 bets @ $1 each that pay $300, you are signing as well...

NO...MUST exceed $600...

[2MinsToPost]

Thanks man, that is very clear to understand. Cool, not that I will have a signer anytime soon lol

Originally Posted by GPK

By federal law, any wager which results in proceeds of $600.00 or more must be reported to the Internal Revenue Service (IRS), IF the amount of such proceeds is at least 300 times as large as the amount wagered. Any wager which results in proceeds of more than $5000.00 is subject to withholding, if the amount of such proceeds is at least 300 times as large as the amount wagered

[2MinsToPost]

So,

If I hit a "signer" on my online account I am assuming they just send you the paperwork?

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.