Tax Relief changes on the horizon?

Post Reply
stark
Posts: 5426
Joined: Thu Oct 03, 2013 9:55 am
Location: SoCal

Fri Mar 06, 2015 10:42 am

http://www.drf.com/news/federal-authori ... -tax-rules

Current rules are that if you hit a $2 daily double and it pays $600 you need to sign the IRS paperwork.

Same rule is in effect if you hit a pick6 but your ticket cost $72.

The proposed change would treat the $72 like a single wager, not 36 individual bets, so you'd get to multiply 72x$300 before having to stand in the dreaded IRS line!!!!!!!!!

Of course, like any good citizen you would still declare the winnings at year-end, coughcough.
I've found it easier to tear up tickets at 8/1 instead of 8/5.
Post Reply