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

Did you count all the $1 exacta boxes that you won with?

This is there way to actually get revenue off gambling income. It isn't an exact science, but I would rather not have to keep unbelievably detailed records for them and just pay the 3% on the signers.

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 !!!

[gales0678]

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 !!!

with obama coming from Ill will the federal offset for losses be taken away soon as well?

[Scav]

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]

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]

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]

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

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

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]

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?

[Scav]

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.

[JJP]

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.

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]

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....

[2Hot4TV]

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 !!!

Just pay them you cant win......... 30K in signers and you still lost money why are you playing???????????

[2Hot4TV]

On second thought ,,,,,,,,,,,somebody has to pay taxes,



























It may as well be you.