Need Some "Tax" Info from the Masses!

[oilertige]

Originally Posted by Scav

You can, there is a specific form that you can fill out that can assign %'s of the ticket to many individuals.

I am guessing you had to 'sign' for it because you played the ticket for $2.

This is a perfect example of why any tickets you play should be of the $1 variety. If you would have played it for $1, and punched the ticket twice, you wouldn't have to sign.

Thanks for the info and the link to the form; thought it could be done. And Scavs, this WAS a $1 bet . . . just wish I did punch it a second time!

[Scav]

Originally Posted by oilertige

Thanks for the info and the link to the form; thought it could be done. And Scavs, this WAS a $1 bet . . . just wish I did punch it a second time!

Then they have some jacked up machines. Because I hit a bet this weekend that paid $450 per $1 and I didn't have to sign anything...

[jwkniska]

Originally Posted by oilertige

Thanks for the info and the link to the form; thought it could be done. And Scavs, this WAS a $1 bet . . . just wish I did punch it a second time!

A $1 tri on the KnS race shouldn't be a signer... equibase lists the payout as $404.80.... which is under $600.

Liked the odds on KnS, as my sister was in town visiting and both cashed tickets on her!!!!

[herkhorse]

Oilertige said he hit a signer- not on KNS race.

[Scav]

Originally Posted by herkhorse

Oilertige said he hit a signer- not on KNS race.

Good reading skills......my bad

[jwkniska]

Originally Posted by Scav

Good reading skills......my bad

me too.

[pick4]

If you are partners in wagering tickets and you hit a signer there is a way to split the tax liabilty. You need to download IRS Form 5754 from the IRS website along with the instructions.

This thread has made me laugh at each answer. no one asked what race he bet, for how much and what the payoff was. it must be Monday.

[cakes44]

I heard the tax form was 5754.