Author Topic: Has anyone made a decent harness gambling score last 5 years?  (Read 5121 times)

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moelarrythecheese

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Re: Has anyone made a decent harness gambling score last 5 years?
« Reply #15 on: October 17, 2018, 05:45:40 PM »
I won just under $500 on a $12 pick four ticket at Cal Expo last season.

lesstired

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Re: Has anyone made a decent harness gambling score last 5 years?
« Reply #16 on: October 17, 2018, 05:48:07 PM »
so...if I wagered $80  on a pik 4   ticket and it paid  5500.


would I owe any $$$   ????


approx  a  75-1 return

HornbyDuke

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Re: Has anyone made a decent harness gambling score last 5 years?
« Reply #17 on: October 17, 2018, 06:14:31 PM »
so...if I wagered $80  on a pik 4   ticket and it paid  5500.

would I owe any $$$   ????
approx  a  75-1 return


As I understand it you wouldn't get a w-2. For many gamblers that is the impt issue.

Gambling winnings may still be taxable, but some (read most) don't evaluate  paying taxes unless a w-2 is issued. The w-2 reports the winnings to the fed gvt.

Technically, my limited appreciation of Byzantine tax rules is that even a $100 win ticket needs to be reported. The variables are complicated, professional gambler status, whether you itemize etc. The bottom line is if a typical gambler doesn't get a w-2 none of the winnings are ever evaluated for tax status since the gvt doesn't know.

I don't professional to be an expert on this so others can correct me if I'm errantly understanding this.

lesstired

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Re: Has anyone made a decent harness gambling score last 5 years?
« Reply #18 on: October 17, 2018, 08:09:50 PM »
ok thx

 

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