Welcome home from NYRA

[Rudeboyelvis]

Originally Posted by Bigsmc

Wait'll they start banging the .10 Supers. Every time you hit for $30.20, wham, W2G. There'll be a run on the forms. I'd like to have stock in the printing company.

I'm sure I'm missing something glaringly obvious, but how? The intent I interpreted from the letter is that derivative of the bet is insignifigant unless played multiple times, resulting in a win of 600.00, minus the cost of the initial play, right?

In this case, the end result is 30.20, they can't assume that it was a fractionalized 2.00 bet, unless it was bet for a dime 20 times on twenty separate tickets..... Can they???!!!

I seriously didn't read it that way.

[Bigsmc]

Originally Posted by Rudeboyelvis

I'm sure I'm missing something glaringly obvious, but how? The intent I interpreted from the letter is that derivative of the bet is insignifigant unless played multiple times, resulting in a win of 600.00, minus the cost of the initial play, right?

In this case, the end result is 30.20, they can't assume that it was a fractionalized 2.00 bet, unless it was bet for a dime 20 times on twenty separate tickets..... Can they???!!!

I seriously didn't read it that way.

It was a bad attempt at humor RBE. I should've stopped the post before that.

[Rudeboyelvis]

Originally Posted by Bigsmc

It was a bad attempt at humor RBE. I should've stopped the post before that.

I figured that after I posted ... Should have learned not to post replies before the morning coffee kicks in

Didn't know you were in New Port Raunchy - We may be neighbors....

[skippy3481]

Phil, where are you gambling at a casino where they take take out taxes on any hit over $1199. The way to get around paying the federal taxes is to just show losses up to your winnings. Recycled money is a wonderful thing.

[southerndutch]

Shouldn't this "batching" go both ways. If you laid out $2400 in pick-6 combinations and you hit it for $3000 shouldn't you only be taxed on your winnings,$600. Could this possibly be interpreted this way?

[SniperSB23]

Originally Posted by southerndutch

Shouldn't this "batching" go both ways. If you laid out $2400 in pick-6 combinations and you hit it for $3000 shouldn't you only be taxed on your winnings,$600. Could this possibly be interpreted this way?

No, it is clearly definied that you can't interpret it that way.

[blackthroatedwind]

Originally Posted by SniperSB23

No, it is clearly definied that you can't interpret it that way.

But, he's partially right........it should be.

[philcski]

Originally Posted by skippy3481

Phil, where are you gambling at a casino where they take take out taxes on any hit over $1199. The way to get around paying the federal taxes is to just show losses up to your winnings. Recycled money is a wonderful thing.

Casinos don't take taxes out. They present you with a W2G if you win more than $2,000, and a IRS Form 8300 if you move more than $10,000 at one time.

It isn't as simple as you state if you have a significant number of IRS transactions- the income/writeoff raises an audit red flag, and on top of that the writeoff isn't a straight one for one as your AGI goes up with each additional reporting; therefore you move into a new tax bracket even if you write off the entire amount. It's all a crock of f*cking bullshit which they implemented back in the '50's or so to defense against money laundering at the track.