Kentucky Derby "brilliant plan".....
- Thread starter yyz
- Start date
Was the guy in the original post that out there? I'm not sure I think it was too bad of an idea. Obviously you have to be in a position to drop 13k and not sweat it, but look at it this way. I'm going to assume he bets on other various sporting venues and has won at least 13k for the year, allowing him to write off the entire 13k loss (irs
only lets you write off up to what you have won to offset).
Figuring in tax write off for the losses:
2006 ? $11,418.40. - 1822, after write off a loss of around 1275
2005 ? $133,134.80- Obviously, big winner.
2004 ? $987.60 -12,253 after the bet, but net loss of 7960 after write off
2003 ? $664.00 -12576 after the bet, net loss of
-8175
2002 ? $18,378.20- winner
2001 ? $12,238.40, loss of 1k, net loss of around 650 after tax
So in these 6 years, he has a 16% chance of winning big (133k), around a 33% chance of losing around 8k, 16% chance of winning 18k, and a 33% of about breaking even or losing 1k.
So max loss was around 8-9k after writeoff for a good chance to win big or possibly break even. Not that crazy if someone has the cash to drop.
Is that not correct?? Obviously the 16% etc chances are only based on 6 years of data, so chances of hitting big aren't that high I'm sure.
only lets you write off up to what you have won to offset).
Figuring in tax write off for the losses:
2006 ? $11,418.40. - 1822, after write off a loss of around 1275
2005 ? $133,134.80- Obviously, big winner.
2004 ? $987.60 -12,253 after the bet, but net loss of 7960 after write off
2003 ? $664.00 -12576 after the bet, net loss of
-8175
2002 ? $18,378.20- winner
2001 ? $12,238.40, loss of 1k, net loss of around 650 after tax
So in these 6 years, he has a 16% chance of winning big (133k), around a 33% chance of losing around 8k, 16% chance of winning 18k, and a 33% of about breaking even or losing 1k.
So max loss was around 8-9k after writeoff for a good chance to win big or possibly break even. Not that crazy if someone has the cash to drop.
Is that not correct?? Obviously the 16% etc chances are only based on 6 years of data, so chances of hitting big aren't that high I'm sure.
From ESPN.com
- Bad news for Cowboy Cal and Gayego. They drew posts 17 and 19 - two posts from which nobody has won the Kentucky Derby. And no post has a longer drought than post 20 - home of the ML favorite Big Brown - but there have only been 11 starters from post 20 since Clyde Van Dusen won in 1929.
- Bad news for Cowboy Cal and Gayego. They drew posts 17 and 19 - two posts from which nobody has won the Kentucky Derby. And no post has a longer drought than post 20 - home of the ML favorite Big Brown - but there have only been 11 starters from post 20 since Clyde Van Dusen won in 1929.
$2 Trifecta (20-5-16) Paid $3,445.60
$2 Superfecta (20-5-16-2) Paid $58,737.80
No money maker this year, boys.
$2 Superfecta (20-5-16-2) Paid $58,737.80
No money maker this year, boys.
I'd explain that to you for the fifteenth time, but you're 0-14, so what's the use?
:shrug:
05/02/09
$2 Superfecta (8-16-2-7) Paid $557,006.40
$1 Superfecta (8-16-2-7) Paid $278,503.20
$2 Trifecta (8-16-2) Paid $41,500.60
$1 Trifecta (8-16-2) Paid $21,250.30
$2 Exacta (8-16) Paid $2,074.80
$1 Exacta (8-16) Paid $1,037.40
:SIB
$2 Superfecta (8-16-2-7) Paid $557,006.40
$1 Superfecta (8-16-2-7) Paid $278,503.20
$2 Trifecta (8-16-2) Paid $41,500.60
$1 Trifecta (8-16-2) Paid $21,250.30
$2 Exacta (8-16) Paid $2,074.80
$1 Exacta (8-16) Paid $1,037.40
:SIB
Last edited:
there is no tax write off for gambling losses. ONLY up to the amount you have won.
so you can offset winnings but that's all you can do.
These schemes look promising in retrospect. In practice, its awfully hard to pull-the-trigger on such a bet if it's lost the prior two years in a row, as this one has in the past. That's the emotional roller coaster that pervades such high stakes plunging!
I piss $450 away in a day in a casino and do it on a regular basis!
:mj07:
I certainly would think about grouping with "the gang" for a weekend of golf, and this!!!!
Probably :sadwave:
But maybe
:mj06: :toast:
I never could find what the exacta and trifecta payouts were. I'm quite sure this strategy paid off in a huge way this year though, right??
