Need Some "Tax" Info from the Masses!

[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.

[pick4]

Originally Posted by arizonadave

This post 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.

He was asking about splitting the tax liability. I told him that he needs to fill out IRS Form 5754. How much he bet or won is none of my business.
It's almost Tuesday and the SPA opens on Wednesday and that is something to laugh and smile about.

[oilertige]

Originally Posted by arizonadave

This post 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.

AD; was the 9th race @ Belmont; the G1 CC American Oaks race which was won by Funny Moon . . . $2 Trifecta (8-3-2) Paid $1,663.00

Our bet was a 4 horse $1 tri box costing $24 . . . thus our share was $830.15; thus the need to sign and our desire to "share" the tax.

Originally Posted by oilertige

AD; was the 9th race @ Belmont; the G1 CC American Oaks race which was won by Funny Moon . . . $2 Trifecta (8-3-2) Paid $1,663.00

Our bet was a 4 horse $1 tri box costing $24 . . . thus our share was $830.15; thus the need to sign and our desire to "share" the tax.

very nice hit and now with the info, they can answer the question. good job.

[Scav]

Originally Posted by oilertige

AD; was the 9th race @ Belmont; the G1 CC American Oaks race which was won by Funny Moon . . . $2 Trifecta (8-3-2) Paid $1,663.00

Our bet was a 4 horse $1 tri box costing $24 . . . thus our share was $830.15; thus the need to sign and our desire to "share" the tax.

Seriously, if you do not get many signers, you might not need to split it up, a $800 gambling winner and 800 write off won't be looked at too heavily, in my opinion

[cakes44]

I heard the tax form was 5754.