Gambling winnings(horses) tax return question

**shari91** · 02-11-12, 09:23 AM

I've mirrored this for you... you'll get better answers in the Horse Racing forum I think

**Br0nxer** · 02-11-12, 09:23 AM

thx

**robmpink** · 02-11-12, 09:29 AM

can't get pm's. Hopefully you have a casino loss statement, horse statement, losing horse or lottery tickets that can equal it out. It doesn't equal out in the end but it is better than not having it.

Everytime I didn't include it in my taxes, the winning tickets, I was audited and had to pay between $700 and 2k. This happened about 3 times when I was younger. I'm prob audited for the rest of my life. If u had the taxes taken out at the time, you won't get that entire amount back, you'll get some.

**Br0nxer** · 02-11-12, 09:33 AM

I'm including the winning slip in my tax return. thats not the question. but i don't want to post it. hopefully someone else knows that can get PMs.

**robmpink** · 02-11-12, 09:38 AM

Originally posted by Br0nxer

I'm including the winning slip in my tax return. thats not the question. but i don't want to post it. hopefully someone else knows that can get PMs.

Understandable

**BGS 9.5** · 02-11-12, 09:48 AM

Originally posted by Br0nxer

I'm including the winning slip in my tax return. thats not the question. but i don't want to post it. hopefully someone else knows that can get PMs.

PM me, I am a CPA

**str** · 02-11-12, 10:38 AM

I have dealt with this several times.

Happy to try and help.

**Louisvillekid1** · 02-11-12, 10:54 AM

Hit something Big Bronx?

**Br0nxer** · 02-11-12, 10:55 AM

got my answer

bgs helped me out

nothing crazy Lkid

little hit but i gotta file

**Louisvillekid1** · 02-11-12, 10:59 AM

congrats man,

I know alot of guys just pick up old losing tickets on floor from turf club to turn in as their own to balance out a big winning ticket...

I wouldn't claim shit personally...

When I hit something @ the OTB/Track and have to fill out a tax form I just toss an old dude a 100 and let him cash it or a brokedikkfukk to fill out his info...

Lose enough in gambling to have to pay when you hit...

Nice to see you talkin horses lately...

**Br0nxer** · 02-11-12, 11:02 AM

Originally posted by Louisvillekid1

congrats man,

I know alot of guys just pick up old losing tickets on floor from turf club to turn in as their own to balance out a big winning ticket...

I wouldn't claim shit personally...

When I hit something @ the OTB/Track and have to fill out a tax form I just toss an old dude a 100 and let him cash it or a brokedikkfukk to fill out his info...

Lose enough in gambling to have to pay when you hit...

Nice to see you talkin horses lately...

you gotta claim bro

they caught me two years ago on a winner that i didn't claim

got a fukkin underreporting letter in the mail and who knows. might get audited forever now

**jjgold** · 02-11-12, 11:09 AM

10000% you get caught, its all automated as far as IRS and it pops up I guess with some sort of red flag if not reported

Best thing to do is let an old guy cash ticket and pay him a fee

**Br0nxer** · 02-11-12, 11:12 AM

Originally posted by jjgold

10000% you get caught, its all automated as far as IRS and it pops up I guess with some sort of red flag if not reported

Best thing to do is let an old guy cash ticket and pay him a fee

you definitely get caught now. the system probably never misses anything

not so 10-12 years ago

hit one back then and didn't claim and was never caught

**Louisvillekid1** · 02-11-12, 11:17 AM

Originally posted by jjgold

10000% you get caught, its all automated as far as IRS and it pops up I guess with some sort of red flag if not reported

Best thing to do is let an old guy cash ticket and pay him a fee

Do you even read post or just post after seeing thread title...

they can't catch you if they don't have your info... (if its offshore that's a hole other issue)

**Br0nxer** · 02-11-12, 11:23 AM

Originally posted by Louisvillekid1

Do you even read post or just post after seeing thread title...

they can't catch you if they don't have your info... (if its offshore that's a hole other issue)

not offshore and they do have my info

proper paperwork is always filled out at the track

**tblues2005** · 02-11-12, 11:36 AM

If you have a log book it would not be a problem. I have a friend that has hit one several times and as long as you don't go above $10,000 of them all together they don't seem to bother you. You have to document your losses and winning now. That is what my friend does and he goes to the track and staples the losers and makes believe on winners too but always comes out behind at the end of the day like a normal player would do and you are fine with that. I hope this helps you but just keep that in mind that you need to form from every time you claim a loss on each day. You have to be exactly right on or it will not work. I hope this helps you because I know it is a headache.

**BGS 9.5** · 02-11-12, 11:53 AM

**ThaWoj** · 02-11-12, 11:54 AM

Originally posted by Br0nxer

not offshore and they do have my info

proper paperwork is always filled out at the track

no man. what hes telling you is next time pay some bum around 10% (this is the standard average) to cash the ticket and give all his tax info. so if u hit for 800 and give dude 80 bucks, yeah it sucks but better for you at tax time.

on a side note, the only way reporting/collecting/keeping losing tickets to 'wash out' winnings is if you itemize deductions on your tax return. if you take the standard deduction, you cant use gambling losses to offset winnings

**Louisvillekid1** · 02-11-12, 11:58 AM

/\ this or get a grandparent/parent who is senior citizen to cash it tax free...

bronxer doesn't give a fukk, He's going to that teller taking his cash and moving on to the next wager...

**BGS 9.5** · 02-11-12, 12:01 PM

Originally posted by ThaWoj

no man. what hes telling you is next time pay some bum around 10% (this is the standard average) to cash the ticket and give all his tax info. so if u hit for 800 and give dude 80 bucks, yeah it sucks but better for you at tax time.

on a side note, the only way reporting/collecting/keeping losing tickets to 'wash out' winnings is if you itemize deductions on your tax return. if you take the standard deduction, you cant use gambling losses to offset winnings

Already been addressed

**frizzelli** · 02-11-12, 12:12 PM

Bronxer I havent gotten a text from you pal with plays in awhile, My pm's are disabled and I need some fukkin winners pal.

**Br0nxer** · 02-11-12, 12:35 PM

Originally posted by frizzelli

Bronxer I havent gotten a text from you pal with plays in awhile, My pm's are disabled and I need some fukkin winners pal.

I am in the lab as i type this crunching numbers

You will be my first text when done

**Ninersnut** · 02-11-12, 12:55 PM

Its automated and runs thru a system that links serval databases. Best thing to do is to offset it with losses.

**cecil127** · 02-11-12, 01:05 PM

can i use junk scratch offs as a loss (state lottery) against winnings at a horse track? (played a dover, delaware track from a PA otb)
my buddy got a few signers this year and this post has got me thinking......
sure loses enough on those phuckin scratch offs.....to me they are a tax on the uneducated.
until he hits the big one that is.....

**Louisvillekid1** · 02-11-12, 01:06 PM

Just go to the OTB and pick up all the tickets on the floor...

**cecil127** · 02-11-12, 01:11 PM

Originally posted by Louisvillekid1

Just go to the OTB and pick up all the tickets on the floor...

nuff outta you dude....i think the IRS is at your door.
*btw: picked up a pile already

just wondering if they would allow scratch off (instant lottery) loses....

**ByeShea** · 02-11-12, 04:24 PM

Originally posted by jjgold

Best thing to do is let an old guy cash ticket and pay him a fee

Absolutely.

It might be a little late now for Bronxer on this ticket, but it's best to consistently play the horses at the same places.

Get to know who's who and let them get to know you - if not personally, at least they recognize you.

All the tellers know the deal and guys who "cash IRS" will always honor someone who's known to them and won't try and take off.

Know the tickets value, if it's not too much above $600 (pretty sure exotics paying 600-1 require IRS to cash) you're going to pay 10%. If it's $3-5k or something, you can negotiate it down.

I have no big superfecta/pick 6 monster experience, so I don't know the ins and outs of cashing a huge ticket outside IRS.

But bottom line: avoid headaches. Just find someone you can trust who will cash it. They're everywhere the horses are.

**robmpink** · 02-11-12, 04:53 PM

Originally posted by cecil127

can i use junk scratch offs as a loss (state lottery) against winnings at a horse track? (played a dover, delaware track from a PA otb)
my buddy got a few signers this year and this post has got me thinking......
sure loses enough on those phuckin scratch offs.....to me they are a tax on the uneducated.
until he hits the big one that is.....

Yes you could.

**jon101** · 02-12-12, 10:50 AM

Main thing is to save statements of winnings and loss to work it out.

**opie1988** · 02-12-12, 11:14 AM

Bronxer is the most well-rounded gambling sharp on the board.

**Louisvillekid1** · 02-12-12, 11:33 AM

Originally posted by opie1988

Bronxer is the most well-rounded gambling sharp on the board.

What he said...

**cecil127** · 02-12-12, 04:06 PM

Originally posted by Louisvillekid1

Just go to the OTB and pick up all the tickets on the floor...

thought about this a lil more:

would (losing)tickets now (marked in 2012) be aceptable as write offs or would they all have to be from 2011?

**str** · 02-12-12, 04:40 PM

Originally posted by cecil127

thought about this a lil more:

would (losing)tickets now (marked in 2012) be aceptable as write offs or would they all have to be from 2011?

My experience was calender year that it was reported (cashed).

**playersonly69** · 02-12-12, 04:46 PM

Of course losing tickets from 2012 wont count.

One day I will post a story about a guy (maybe me, or maybe not me) who had to claim around $276,000 worth of winnings one year and did pick up tickets off the ground. Well that guy got audited and that is where the shit hit the fan