onenickelmiracle
onenickelmiracle
Joined: Jan 26, 2012
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September 27th, 2017 at 8:18:27 PM permalink
Coming soon, your entire bet will be considered for tax reporting paperwork, such as for exotics. Now, tracks have said, exotic takeouts were raised to pay for bureaucratic paperwork requirements, to eliminate cases where paperwork is required when lowering the payout by increasing the take out percentage. Will this change any time soon?

https://www.paulickreport.com/news/the-biz/irs-announces-formal-adoption-landmark-pari-mutuel-regulations/
In the land of the blind, the man with one eye is the care taker. Hold my beer.
ThatDonGuy
ThatDonGuy
Joined: Jun 22, 2011
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September 28th, 2017 at 6:00:49 AM permalink
Read the regulation in full

Here are the important parts:

Quote: Federal Register 31.3402(q)-1(c)(1)(ii)

In the case of a wagering transaction with respect to horse races, dog races, or jai alai, all wagers placed in a single parimutuel pool and represented on a single ticket are aggregated and treated as a single wager for purposes of determining the amount of the wager. A ticket in the case of horse races, dog races, or jai alai is a written or electronic record that the payee must present to collect proceeds from a wager or wagers.

Important: "on a single ticket."

Quote: Federal Register 31.3406(g)-2(d)

(2) A gambling winning (other than a winning from bingo, keno, or slot machines) is a reportable gambling winning only if the amount paid with respect to the wager is $600 or more and if the proceeds are at least 300 times as large as the amount wagered.

(3) Special rules. For special rules for determining the amount of the wager in a wagering transaction with respect to horse racing, dog racing, and jai alai, or amounts paid with respect to identical wagers, see 31.3402(q)-1(c).

The second part says that the new rule applies to determining when a win is reported to the IRS under the 300-1 rule.
sixsisters
sixsisters
Joined: Jul 11, 2017
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September 28th, 2017 at 8:03:32 PM permalink
Gee I know a couple of guys that make a poece of changes cashing for a fee. Bur this is GREAT for horse players REALLY
onenickelmiracle
onenickelmiracle
Joined: Jan 26, 2012
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September 28th, 2017 at 8:03:39 PM permalink
I had heard about this possibility, but didn't think anything would change. I know I hear a lot of stories about people being afraid to make bets because of the tax laws. This will encourage more box bets rather than straight bets. People just want to throw money down not worrying about documenting or even knowing what they've lost during a year. I'm kind of wondering if people throw a win bet on the ticket, seems like the verbiage would allow for that to be counted. I'm not really sure.
In the land of the blind, the man with one eye is the care taker. Hold my beer.
onenickelmiracle
onenickelmiracle
Joined: Jan 26, 2012
  • Threads: 209
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September 28th, 2017 at 8:06:10 PM permalink
Quote: sixsisters

Gee I know a couple of guys that make a poece of changes cashing for a fee. Bur this is GREAT for horse players REALLY

I thought about that, they'll have to find something else. Some of those old guys might not hear about this for weeks, the cashers might still make some money just going to the cashier and putting on a show.
In the land of the blind, the man with one eye is the care taker. Hold my beer.

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