The Guy who got to bet the $100K can buy a new rug now...

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After taxes he will be taking home around half a million..



Super Saver..


wil..:dancefool
 

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hehehe i said same thing...he put jjgold to shame...
 

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Had the four horse also, good for him indeed.
 

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so he won 900k right?
 

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Hard to say - they may take back the stake and let him have the profit and of course Uncle Sam will take a big bite. Gross his payoff is 900K.


wil.
 

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yeah probably 40% total so you were right...1/2 million...
 

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I don't see why a person should pay tax's on gambling winnings.

They don't give you money when you lose!

Fuck that shit
 

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I may be asking a dumb question but here it goes.....

Why would his winnings ($800,000) be taxed at all since the payout was not 300 times the initial investment ($100,000).

Lets say you bang a $2.00 trifecta that pays $400. That is tax free. I know that if you hit a $2 triple that pays $1500 you get a 1099 G. Since it was more than 300 times the in vestment.

I can see the initial prize of $100,000 being taxed as money won in a contest (1099 tax form) but not the winnings from the race itself

Lets say a bridge jumper with a lot of cash bets $500.000 to show on a clear and heavy favorite. He gets his 10% return $50,000 ($2.20 to show) that profit is tax free.

If I am wrong would someone please correct me

Thanks
 
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I may be asking a dumb question but here it goes.....

Why would his winnings ($800,000) be taxed at all since the payout was not 300 times the initial investment ($100,000).

Lets say you bang a $2.00 trifecta that pays $400. That is tax free. I know that if you hit a $2 triple that pays $1500 you get a 1099 G. Since it was more than 300 times the in vestment.

I can see the initial prize of $100,000 being taxed as money won in a contest (1099 tax form) but not the winnings from the race itself

Lets say a bridge jumper with a lot of cash bets $500.000 to show on a clear and heavy favorite. He gets his 10% return $50,000 ($2.20 to show) that profit is tax free.

If I am wrong would someone please correct me

Thanks

I'm no accountant but he still has to declare it as income but can deduct gambling losses against the winnings. Just because they don't take the taxes out at the track doesn't mean winnings aren't taxable. I'm certain that everyone declares all of their gambling winnings (ha ha).
 

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TheMailman

You may have something there with the 300-1 rule. I have never won big money at a race track that required my signature so I can't speak from experience.

I know if this guy is a regular horse player and keeps records he can deduct his losses annually against his winnings.

Taxes aside he better go directly to nearest hairpiece outlet.


wil.:grandmais
 

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Yeah I thought you only pay taxes at like 200 to 1 odds or something like that.

You could run around putting 500 here and 500 there and not pay.

But what do I know?
 

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I may be asking a dumb question but here it goes.....

Why would his winnings ($800,000) be taxed at all since the payout was not 300 times the initial investment ($100,000).

Lets say you bang a $2.00 trifecta that pays $400. That is tax free. I know that if you hit a $2 triple that pays $1500 you get a 1099 G. Since it was more than 300 times the in vestment.

I can see the initial prize of $100,000 being taxed as money won in a contest (1099 tax form) but not the winnings from the race itself

Lets say a bridge jumper with a lot of cash bets $500.000 to show on a clear and heavy favorite. He gets his 10% return $50,000 ($2.20 to show) that profit is tax free.

If I am wrong would someone please correct me

Thanks

The 300-1 isn't the only factor. Any ticket worth $1,200 or more has to be reported and any ticket worth $5,000 or more has to be reported along with a 28% deduction.
 

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Lets go a bit deaper and play the devil here.

If his horse lost he would still be on the hook for the taxes due on the prize of $100.000. After all he "won" the money in a contest and is there for responsible for the tax due on that prize.

Just like the lucky soul who puts in max coins at their favorite joint and wins that super shiny sports car. You bet they are responsible for the tax on that new car
 
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Sorry. Unless I'm missing something.....I will agree with "TheMailman"

It doesn't matter if you Collect $10,000 or a Million, if the Play-out is Not $600 on a $ 2 Ticket, He Gets all of his Money.

Now as far as Him "Claiming" his Winnings later on....That's a Whole other Story.
 

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Lets go a bit deaper and play the devil here.

If his horse lost he would still be on the hook for the taxes due on the prize of $100.000. After all he "won" the money in a contest and is there for responsible for the tax due on that prize.

Just like the lucky soul who puts in max coins at their favorite joint and wins that super shiny sports car. You bet they are responsible for the tax on that new car

I can't see a losing wager paying taxes at all. He didn't have the choice to take $100,000 home with him. The money was never his. He won the right to risk someone else's $100,000 and then collect if he won. I don't think he can be taxed when he never had the possibility of taking $100,000.
 

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I can't see a losing wager paying taxes at all. He didn't have the choice to take $100,000 home with him. The money was never his. He won the right to risk someone else's $100,000 and then collect if he won. I don't think he can be taxed when he never had the possibility of taking $100,000.


Jake

Great point about the money "never" being his. He won only the right to wager the money and was never given the option of taking the money and running.
 

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