witholding taxes on winnings

[Holland Hacker]

As stated the w/h kicks in at $5.K you should not have any on the exacta. Congrats on the hit!

[chucklestheclown]

Congrats. They won't take any out. If you are worried about future tax liability some people have friends sign for them.

[hockey2315]

Originally Posted by chucklestheclown

Congrats. They won't take any out. If you are worried about future tax liability some people have friends sign for them.

GREAT ADVICE!!!

[sdjcom]

Originally Posted by hockey2315

GREAT ADVICE!!!

Be careful if you bet at a Racino, they are trying to rid the similcast and horse parlors of stoopers,and signers to get them away from the casino patrons, which most racinos care less about racing anyway. Wheeling Downs , Tri-state both in WV had some stings and the regulars who made a living doing this got barred for life. also guys who walk around checking slot machines for vouchers not cashed out. You don't want to get caught using a signer unless you know him. they know who these guys are, also i never use any players club card at any racino not worth the points for anyonr(irs) knowing how much you bet and win(excluding) signers which you can't hide.

[hockey2315]

^ Unable to detect sarcasm

[sdjcom]

Originally Posted by hockey2315

^ Unable to detect sarcasm

my miss, i'm IQ challenged

[chucklestheclown]

Originally Posted by sdjcom

Be careful if you bet at a Racino, they are trying to rid the similcast and horse parlors of stoopers,and signers to get them away from the casino patrons, which most racinos care less about racing anyway. Wheeling Downs , Tri-state both in WV had some stings and the regulars who made a living doing this got barred for life. also guys who walk around checking slot machines for vouchers not cashed out. You don't want to get caught using a signer unless you know him. they know who these guys are, also i never use any players club card at any racino not worth the points for anyonr(irs) knowing how much you bet and win(excluding) signers which you can't hide.

I'm pretty sure everyone who bets much knows about the guys who make a living signing for people. I would never ask someone like that to cash a ticket for me, they might keep walking! The advice about the players card is spot-on, that is watched more than a grocery club card.

[Scav]

Originally Posted by Holland Hacker

As stated the w/h kicks in at $5.K you should not have any on the exacta. Congrats on the hit!

Some states, if you cash them together, will combine them and if they are over 5k, you get nailed. IL is one of those states.

last year I hit a P4 for $7, all $1 tickets, that paid $1200 per $1. I cashed four the first day, and the next day I cashed the next three.

[sdjcom]

they are suppose to ask if you have identical tickets to combine, same amt,bet , race etc.. then they will withhold if over 5k, now if you cash on seperate days you can get out of taxes up front but they will catch it when you send copies of 1099 along with return, they probably won't do anything since you did declare , but bad idea on your part,they might flag you and watch your gambling winnings close, iv' been thru it. and all irs withholdings is handled this way state laws have nothing to do with it.