Need help - ASAP

[TheSpyder]

When you have a signer, how much do they take out? Say I win $2K, how much should I put aside or would they take?

Thanks,

Spyder

[Scav]

Originally Posted by TheSpyder

When you have a signer, how much do they take out? Say I win $2K, how much should I put aside or would they take?

Thanks,

Spyder

Depends on the state your in in regards to state taxes but federal wise, unless its over 5k per $2 (also 5k per $1 per or 5k per 50cent), they will not take anything unless you ask them to.

And if it is over 5k, they take 25%

[robfla]

Originally Posted by Scav

Depends on the state your in in regards to state taxes but federal wise, unless its over 5k per $2 (also 5k per $1 per or 5k per 50cent), they will not take anything unless you ask them to.

And if it is over 5k, they take 25%

I believe this varies slightly by each state as well

[robfla]

Originally Posted by TheSpyder

When you have a signer, how much do they take out? Say I win $2K, how much should I put aside or would they take?

Thanks,

Spyder

They wont take anything on 2k. You should be able to write off losing tickets versus the winner ( depends by State ).

Or you can find a beard to sign for 5-10%

[TheSpyder]

So let's say I use someone elses account and hit $2k off a 10 cent super, how much would he be in for? Just trying to figure out what to give him that is fair.

[Rudeboyelvis]

Redboard Creativity = A+





Congrats Scotty! What Scav & Rob has said - on 2k they won't take anything, but they will report it to the feds you'll be on the hook for taxes (at least federal tax, plus whatever your state tax rules are) unless you have an equal amount of verifiable losses to off set the gains.

[Rudeboyelvis]

Originally Posted by TheSpyder

So let's say I use someone elses account and hit $2k off a 10 cent super, how much would he be in for? Just trying to figure out what to give him that is fair.

If he has over 2k in losses at the end of the year he can use it to offset the gain - the answer really won't be known until the end of the year when he finds out if he's going to be burdened with paying taxes on the gain or not. the standard withholding on 5K or more is 25%.

[TheSpyder]

Thanks to all.

[robfla]

Originally Posted by TheSpyder

Thanks to all.

If it was another person's account, I'd give him $200 as a courtesy.

[tanner12oz]

Originally Posted by TheSpyder

So let's say I use someone elses account and hit $2k off a 10 cent super, how much would he be in for? Just trying to figure out what to give him that is fair.

for this "hypothetical" situation $200 (10%) is standard and will cover any headache involved with end of year taxes....throw him a bone with a garbage bag of losing tickets to claim losses vs. winnings on his taxes...hypothetical congrats and i wish we had a redboarding thread to simply gloat without fear of retaliation =)

[Scav]

Originally Posted by robfla

If it was another person's account, I'd give him $200 as a courtesy.

You should also make sure said account holder understands that he has to file that on their taxes in April, and that they should have a zero liability cause they should just claim the the amount of the winnings as a lost.

[TheSpyder]

So no claim of greatness here but well into my second bourbon last night I decided to plays 10 cent supers at Penn and hit night cap for $1950 off a dime.

Starred at the screen without blinking for what seemed like hours.

I ended up giving my friend way ample tax implication money, and yes, he can use bad tickets, etc, to most likely reduce any burden down to nothing, and very large extra bonus for his time and trouble. He lets me enjoy the sport where otherwise I couldn't, and I'm more fortunate than him so all is well

Second biggest hit in my illustrious 44 years of playing.

Cheers and thanks for the input. I wanted to be more than fair.

Spyder

[randallscott35]

Nothing like drunk wagering coming up roses. God Bless you sir. and remember all the bad beats in the future....this was the makeup. Congrats

[Danzig]

Originally Posted by TheSpyder

So no claim of greatness here but well into my second bourbon last night I decided to plays 10 cent supers at Penn and hit night cap for $1950 off a dime.

Starred at the screen without blinking for what seemed like hours.

I ended up giving my friend way ample tax implication money, and yes, he can use bad tickets, etc, to most likely reduce any burden down to nothing, and very large extra bonus for his time and trouble. He lets me enjoy the sport where otherwise I couldn't, and I'm more fortunate than him so all is well

Second biggest hit in my illustrious 44 years of playing.

Cheers and thanks for the input. I wanted to be more than fair.

Spyder

i'm sure it was the bourbon that brought you luck...