ANYbody know the answer to this one?
- Thread starter Jimboski
- Start date
Only the man at the window NOSE
Only the man at the window NOSE
Yes they do even more than that; they start filling out the Federal tax form for ya too. It would be nice to know at what point (payoff) they do that BEFORE I get to the window with a 10 cent Super wiener.
I did a search to try to find out - "WHAT PAYOFF ON A WINNING 10 STINKIN CENT SUPERFECTA INITIATES THE TAX FORM?". I must have hit about 30 different sites and they all skirt around the answer.. like, NOBODY really knows. They just quote the old,"if it's odds are greater than 300-1 and the payoff is greater than $600". That rule always applied BEFORE the "pocket change" (10 cent) bets were allowed.
This question started a LONG, long, discussion on a different forum when I asked it, BTW.).
Not feeling as stupid as I did when I asked this question now. Looks like 3637 (and rising quickly) zombies are in my camp. Like you implied, maybe only the man behind the cashier window knows the answer and he ain't gonna tell us.
Thanks for stopping in, Airportis.
Only the man at the window NOSE
Yes they do even more than that; they start filling out the Federal tax form for ya too. It would be nice to know at what point (payoff) they do that BEFORE I get to the window with a 10 cent Super wiener.
I did a search to try to find out - "WHAT PAYOFF ON A WINNING 10 STINKIN CENT SUPERFECTA INITIATES THE TAX FORM?". I must have hit about 30 different sites and they all skirt around the answer.. like, NOBODY really knows. They just quote the old,"if it's odds are greater than 300-1 and the payoff is greater than $600". That rule always applied BEFORE the "pocket change" (10 cent) bets were allowed.
This question started a LONG, long, discussion on a different forum when I asked it, BTW.).
Not feeling as stupid as I did when I asked this question now. Looks like 3637 (and rising quickly) zombies are in my camp. Like you implied, maybe only the man behind the cashier window knows the answer and he ain't gonna tell us.
Thanks for stopping in, Airportis.
Last edited:
As long as your payoff is under $600 you will not have to give your info to the teller for tax purposes. The only time that the track will withhold a percentage from your winnings right at the track is when your winnings are over $5000. The smaller increment wagers are considered loopholes on the exotic and multi race bets. For example, if you were to play a $1 Super Box with 4 horses costing you $24 and you hit it for say $900 you will have to give your info for tax purposes on that winning wager. BUT if you played ten 10cent tickets and cashed each one for $90 you would be clear as long as you were at the track. If you play online they will make you pay taxes when you add your 10tickets together though. Pick 4 bets are the same--So if you play $1 pk4 and it pays $800 you would end up having add that to your income while giving your SSN# and other tax info to the teller. BUT if you would have played two 50cent pk4s if they are available at the track and you would have hit each one for $400 given the example from above, you would be in the clear as for as having to report that $800 to your annual income.
Good for most us we won't be in that situation :mj07: :mj07:
Honestly though, great info!:0074
HM, it can happen ESP. if you play around with them 10 cent Supers and ESP. at good ole Philly. When I was PRACTICING doing the Super thing.. I woulda hit one that paid over $600 on a 10 cent ticket and the tax woulda happened. All you really need is a LONG price to win it and the top one or two favorites to run 5th or worse. Field size should be over 8 horses. Those conditions don't guarantee you'll hit a tax jobbie but the chances are good that you will. Your chances are greatly enhanced by playing multiple tickets though and it can get a bit expensive after a long enough losing streak.
Striker13, GREAT comprehensive answer. I musta hit at least 30 pages on the net to get answers for this question and only one tipped me off about the difference between hitting them online and at the track. No doubt very few people are aware of that part.
Appreciate the help with this.
Striker13, GREAT comprehensive answer. I musta hit at least 30 pages on the net to get answers for this question and only one tipped me off about the difference between hitting them online and at the track. No doubt very few people are aware of that part.
Appreciate the help with this.
yeah i know all about taxes at track.
NO matter how much you win you can write off all your losses for the year then tell uncle sam go fuck yourself. Years ago one guy i knew got paid by showing all the programs and losing tickets he had for the year had the agent come to his home and do the filing for him !
Even if He won he always found losers tickets on the floor that were larger bets than his !
He may have won $15,000 for year but showed losses of $30,000 or greater and got a check from IRS for costs of entrance to track travel and expenses plus the % of losses.
YOU can still do this today it's legal no matter how much you win at Track save all your loser tickets and programs for the day then get paid !
hmmmmmmm i wonder if i can go get programs and loser tickets without betting and just get paid for them travel to Parx casino where the race track is located Phila Park
NO matter how much you win you can write off all your losses for the year then tell uncle sam go fuck yourself. Years ago one guy i knew got paid by showing all the programs and losing tickets he had for the year had the agent come to his home and do the filing for him !
Even if He won he always found losers tickets on the floor that were larger bets than his !
He may have won $15,000 for year but showed losses of $30,000 or greater and got a check from IRS for costs of entrance to track travel and expenses plus the % of losses.
YOU can still do this today it's legal no matter how much you win at Track save all your loser tickets and programs for the day then get paid !
hmmmmmmm i wonder if i can go get programs and loser tickets without betting and just get paid for them travel to Parx casino where the race track is located Phila Park
Saving tickets
Saving tickets
Scrapman, I posted this question in my other forum and somebody also replied like you did as well.
There is one caveat (how's the 25 cent word?, LOL) to the part about saving your losing tickets though that may be of interest.
I cut n pasted my reply to that here that you might find ineresting... . .
>
tomkd, My father in law got called in by the IRS to see why he didn't pay up on a big winner he had. Like you, he had PLENTY of tickets in rubber bands ready for the bastages. About 30 - 50 bundles, each containing ONE DAYS play. That is - they were in some kind of order and all. Godda admit, they were in a shoe box.
They laughed at him. They told him that you need tickets neatly attached to each page with the applicable tickets and the page had to CLEARLY indicate the track, date, race, each bet and it's result in an orderly fashion. AND if all the day's show losses that WILL raise eyebrows. They should be in a some type of binder as well.
>
Saving tickets
Scrapman, I posted this question in my other forum and somebody also replied like you did as well.
There is one caveat (how's the 25 cent word?, LOL) to the part about saving your losing tickets though that may be of interest.
I cut n pasted my reply to that here that you might find ineresting... . .
>
tomkd, My father in law got called in by the IRS to see why he didn't pay up on a big winner he had. Like you, he had PLENTY of tickets in rubber bands ready for the bastages. About 30 - 50 bundles, each containing ONE DAYS play. That is - they were in some kind of order and all. Godda admit, they were in a shoe box.
They laughed at him. They told him that you need tickets neatly attached to each page with the applicable tickets and the page had to CLEARLY indicate the track, date, race, each bet and it's result in an orderly fashion. AND if all the day's show losses that WILL raise eyebrows. They should be in a some type of binder as well.
>
forgot something
forgot something
Dang it forgot to mention this. I just got down playing a few races at Philly today and was wondering if anybody caught that last race exacta? IF you gave the no. 2 a shot in that race (I DID) .. well, you know....
I'd give it go to play the song foryas, but it's much harder to do these days .. so I'll just sing along. ...
"Do you believe in MAGIC.. in a young girl's heart"... ♫ ♫ ♪ ♫] :0053
{him's supposed to be dancing; couldn't use the Michael Jackson thingy cause his dance just doesn't go with this song)
forgot something
Dang it forgot to mention this. I just got down playing a few races at Philly today and was wondering if anybody caught that last race exacta? IF you gave the no. 2 a shot in that race (I DID) .. well, you know....
I'd give it go to play the song foryas, but it's much harder to do these days .. so I'll just sing along. ...
"Do you believe in MAGIC.. in a young girl's heart"... ♫ ♫ ♪ ♫] :0053
{him's supposed to be dancing; couldn't use the Michael Jackson thingy cause his dance just doesn't go with this song)
FWIW...the threshold in a casino for slot machine wins is $1200. They bring the cash and the paperwork.
That is a single win not if you build up to an amount over that amount...for instance hit $1,000 multiple times in the same session.
That is a single win not if you build up to an amount over that amount...for instance hit $1,000 multiple times in the same session.
Thanks for the info.
Thanks for the info.
That is really interesting, Azbob. Didn't know that. I always just figured it' would be the same as for paramutual betting.
Here's a good one...
When I first came down here I made sure I visited Pompano Park a bunch of times. They had this thing going on every Sat night - fill out a slip you got when you paid the admission and put it in the baskets that were around the track. After 3 of the late races, they would have a drawing from the barrel with all the tickets mixing around in it. I didn't bother with it, but almost every time a WINNAH was called out that winner was standing close by to me. THEN, I went trackside to see how many tickets were in that there barrel. SHEET... not many at all.
I called my girlfriend (in N.J.) when I got home and told her that we gotta go to Pompano during her visit down here and git all them tickets (you know, like off the floor too)
and gitem in that there barrel.
We did just that and during the second drawing, they called her no. We/she won $1000. Sure enough, we got the ole W2 form at tax time on that one.
Thanks for the info.
That is really interesting, Azbob. Didn't know that. I always just figured it' would be the same as for paramutual betting.
Here's a good one...
When I first came down here I made sure I visited Pompano Park a bunch of times. They had this thing going on every Sat night - fill out a slip you got when you paid the admission and put it in the baskets that were around the track. After 3 of the late races, they would have a drawing from the barrel with all the tickets mixing around in it. I didn't bother with it, but almost every time a WINNAH was called out that winner was standing close by to me. THEN, I went trackside to see how many tickets were in that there barrel. SHEET... not many at all.
I called my girlfriend (in N.J.) when I got home and told her that we gotta go to Pompano during her visit down here and git all them tickets (you know, like off the floor too)
and gitem in that there barrel.
We did just that and during the second drawing, they called her no. We/she won $1000. Sure enough, we got the ole W2 form at tax time on that one.
