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

Scav · #1 11-03-2009, 09:40 PM

Quote:

Originally Posted by SundaySilence

You don't get it, it has nothing to do with record keeping, if you have a W-2G you pay tax on it in Illinois, whether or not you have losses to offset it. Federal you can offset losses, Illinois you can't !!!

I do get it, and I am very aware of the situation. It is the price of a horse player man, the only way around it is to get someone to sign for you.....

dellinger63 · #2 11-03-2009, 09:52 PM

Quote:

Originally Posted by Scav

I do get it, and I am very aware of the situation. It is the price of a horse player man, the only way around it is to get someone to sign for you.....

and when and if IL increases its State tax by 50% (Proposed right now) it gets a lot worse. !-888-888-BONES. www.bones.com think I'm on to something...

Scav · #3 11-03-2009, 09:56 PM

Quote:

Originally Posted by dellinger63

and when and if IL increases its State tax by 50% (Proposed right now) it gets a lot worse. !-888-888-BONES. www.bones.com think I'm on to something...

Isn't that some legend that walks around Arlington signing for people?

dellinger63 · #4 11-03-2009, 10:00 PM

Quote:

Originally Posted by Scav

Isn't that some legend that walks around Arlington signing for people?

just a ghost like John in the walker. RIP

#5 11-03-2009, 10:07 PM

move to Arizona like most folks from the midwest do. We can deduct losses here.

#6 11-03-2009, 10:09 PM

Quote:

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 · #7 11-03-2009, 10:14 PM

Quote:

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?

#8 11-03-2009, 10:18 PM

Quote:

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.

brianwspencer · #9 11-04-2009, 08:27 AM

Same thing happened to me last year.

Scav · #10 11-03-2009, 10:16 PM

Quote:

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 · #11 11-03-2009, 10:19 PM

Quote:

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.....

jwkniska · #12 11-03-2009, 10:23 PM

Quote:

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

#13 11-03-2009, 10:24 PM

Quote:

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 !!!

JJP · #14 11-05-2009, 11:00 PM

Quote:

Originally Posted by Scav

Isn't that some legend that walks around Arlington signing for people?

There's more than one guy that does that. Not that I would know.

#15 11-03-2009, 09:54 PM

Quote:

I do get it, and I am very aware of the situation. It is the price of a horse player man, the only way around it is to get someone to sign for you.....

Pay someone to sign for you through a ADW ? Or if you hit for over 5K with the 25% withholding what do you do then? Forget it man, you are asking for trouble if you play in this state.

Scav · #16 11-03-2009, 09:56 PM

Quote:

Originally Posted by SundaySilence

Pay someone to sign for you through a ADW ? Or if you hit for over 5K with the 25% withholding what do you do then? Forget it man, you are asking for trouble if you play in this state.

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