Hogville

General Sports Discussion => Horse Racing => Topic started by: kingoftherapids on September 25, 2017, 09:20:26 pm

Title: Giant day for the horse player!!!!!!!
Post by: kingoftherapids on September 25, 2017, 09:20:26 pm
About damn time!!!!!!!!
Title: Re: Giant day for the horse player!!!!!!!
Post by: ghostzapper on September 25, 2017, 10:01:09 pm
About damn time!!!!!!!!

Can't leave it cryptic like that.  Details, details!
Title: Re: Giant day for the horse player!!!!!!!
Post by: kingoftherapids on September 26, 2017, 09:07:33 am
from drf:
In major victory for horseplayers, tax revisions formally approved

Revisions to the tax treatment of pari-mutuel winnings that will be highly beneficial to horseplayers were approved on Monday by the Internal Revenue Service and U.S. Treasury Department, with the rules to go into effect no later than Nov. 14, according to the National Thoroughbred Racing Association.

The approval Monday of the revisions, which will effectively raise the threshold at which winnings are taxed, is a major victory for horseplayers. Under the revisions, bettors would be allowed for the first time to count all wagers made in a specific pool for the purposes of determining whether federal tax-reporting and withholding requirements are triggered, rather than the base wager.

Tax-reporting is currently triggered when a bet pays off at excess of 300-1, when calculated on the base wager, with automatic withholding kicking in if the payoff is also in excess of $5,000. Under the new rules, those triggers would be calculated based on the total amount bet in the pool, and they would therefore have the most impact in exotic pools. For example, if a player bet 48 different combinations in a trifecta pool at a $1 base, the reporting and withholding requirements would not be triggered unless the payoff was in excess of $14,400
.

The NTRA spearheaded the lobbying drive to get the revisions considered by IRS and the Treasury over the last two years. In a statement, Alex Waldrop, the organization’s president, called the revisions “among the most meaningful regulatory advances made by our industry in decades.” The association estimated that handle might grow by $1 billion in the next year as a result of the revisions.
Title: Re: Giant day for the horse player!!!!!!!
Post by: ghostzapper on September 26, 2017, 09:43:06 pm
Ha-ha.  I thought you were the horseplayer and you hit a big bet!  I do agree this is a big win for bettors.
Title: Re: Giant day for the horse player!!!!!!!
Post by: holeinthewall on September 27, 2017, 07:14:35 am
Looks like sports betting will get opened up nationwide also not just Vegas.