Racetrack taxes

Reply #7

ScoobyDue — Mon, 08 May 2023 12:54:00 GMT

LOL Nailed 2-7

Didn't have Mage because I tossed him for not having run as a 2 year old

I think it was only the (2nd?) time in history a horse has bucked this trend

All those late scratches (especially the beast) really changed the complexion of the race

It was fun though

Reply #6

lottobrain — Sun, 07 May 2023 00:34:09 GMT

How did the result work out for you ScoobyDue

Reply #5

eddessaknight — Thu, 04 May 2023 21:31:22 GMT

Did major R.O.I. winning racing better, lottery, casino gambler and NYX $$$ speculator , Jack Gillen,

actually OWE UP

Reply #4

ScoobyDue — Thu, 04 May 2023 18:51:38 GMT

The Kentucky Derby is actually why I'm asking

Several of us have pooled our funds for a shot at the trifecta and that got me to wondering if it was fair for me to shoulder all the tax stuff

I'm not trying to circumvent any laws or anything, I was just wondering if splitting the winnings equally after taxes was fair to everyone (especially me)

Hoping for a nice little payday come race time

Reply #3

KY Floyd — Thu, 04 May 2023 05:50:46 GMT

Do you want things to be easy, to be fair to everybody, or to follow IRS regulations?

The easy way is to let the track withhold the money, split the rest, and have one person claim the winnings and pay the taxes.

To be fair to everybody you'd figure out the actual tax implications for the person who reports the winnings and split the actual amount after the taxes that result from the additional income. It's unlikely that what the track withholds will be exactly what is owed in taxes, so... [ More ]

Reply #2

Stack47 — Thu, 04 May 2023 03:31:41 GMT

Basically you're asking if everyone in the group pays taxes after taxes were already deducted?

In your example because $2000 was deducted off the top, the others already paid their share of taxes. The person cashing the ticket got a W-2G and will report the $10,000 as income on next year's 1040.

Reply #1

eddessaknight — Thu, 04 May 2023 00:38:55 GMT

Private Mail Awaiting

DEATH TAXES.....

kentucky Derby incoming

Good Day Wishes ScoobyDue

Eddessa_Knight w/LUCK Y LIGHT

Racetrack taxes

ScoobyDue — Wed, 03 May 2023 16:23:36 GMT

Sorry, I wasn't sure where to post this

I have a question regarding winnings at the racetrack

I have cashed tickets for multiple thousands of dollars at the track in the past and always had the option for them to take 20% (or maybe it was 25%?) right off the top and I claim it at tax time

But it has always been just me and the winnings

What if I'm in a pool with several people and we have them take the tax right off the top

How are the other players responsible for their fair... [ More ]