Need Some "Tax" Info from the Masses!

[cakes44]

I heard the tax form was 5754.

[pick4]

Originally Posted by arizonadave

This post has made me laugh at each answer. no one asked what race he bet, for how much and what the payoff was. it must be Monday.

He was asking about splitting the tax liability. I told him that he needs to fill out IRS Form 5754. How much he bet or won is none of my business.
It's almost Tuesday and the SPA opens on Wednesday and that is something to laugh and smile about.

[oilertige]

Originally Posted by arizonadave

This post has made me laugh at each answer. no one asked what race he bet, for how much and what the payoff was. it must be Monday.

AD; was the 9th race @ Belmont; the G1 CC American Oaks race which was won by Funny Moon . . . $2 Trifecta (8-3-2) Paid $1,663.00

Our bet was a 4 horse $1 tri box costing $24 . . . thus our share was $830.15; thus the need to sign and our desire to "share" the tax.

Originally Posted by oilertige

AD; was the 9th race @ Belmont; the G1 CC American Oaks race which was won by Funny Moon . . . $2 Trifecta (8-3-2) Paid $1,663.00

Our bet was a 4 horse $1 tri box costing $24 . . . thus our share was $830.15; thus the need to sign and our desire to "share" the tax.

very nice hit and now with the info, they can answer the question. good job.

[chucklestheclown]

The form is the same whether it is Belmont or River Downs. $800 or $8,000,000.

[Scav]

Originally Posted by oilertige

AD; was the 9th race @ Belmont; the G1 CC American Oaks race which was won by Funny Moon . . . $2 Trifecta (8-3-2) Paid $1,663.00

Our bet was a 4 horse $1 tri box costing $24 . . . thus our share was $830.15; thus the need to sign and our desire to "share" the tax.

Seriously, if you do not get many signers, you might not need to split it up, a $800 gambling winner and 800 write off won't be looked at too heavily, in my opinion

[chucklestheclown]

Splitting it would probably lead to more scrutiny than forking over the cash to the signer.

[Scav]

Originally Posted by chucklestheclown

Splitting it would probably lead to more scrutiny than forking over the cash to the signer.

You can write off winnings up to the amount of the winnings, so he really wouldn't have to pay anything.

[Dunbar]

Originally Posted by Scav

You can write off winnings up to the amount of the winnings, so he really wouldn't have to pay anything.

Only if you itemize, Scav. If you take the standard deduction, you're screwed.

--Dunbar

[Scav]

Originally Posted by Dunbar

Only if you itemize, Scav. If you take the standard deduction, you're screwed.

--Dunbar

I know, but you can figure out both and see which one benefits you. For a single $800 ticket, you aren't getting hit that hard anyways. And alot of people over the age of 25 itemize as it is.

[2MinsToPost]

You missed out on the opportunity of a lifetime.........................................

To meet one of the many "characters" at Scioto Downs who would have been glad to help you with your ticket cashing