May 4, 201313 yr Author I have found boxing 3 horses for the exacta does well. $1 box is $6 per race. Especially good if there is a strong favorite that will not pay much even if you hit it on the nose. Churchill has a 50 cent tri, box 3 horses and it's only 3 dollars. :thumb:
May 5, 201313 yr Author Yes sir!!! Congratulations, well done. :thumb: Uncle Sam is smiling as well. :irked:
May 5, 201313 yr Congratulations, well done. :thumb: Uncle Sam is smiling as well. :irked: Nope it was just under for a $1 bet so no taxes.
May 5, 201313 yr Churchill has a 50 cent tri, box 3 horses and it's only 3 dollars. :thumb: I have found boxing 3 horses for the exacta does well. $1 box is $6 per race. Especially good if there is a strong favorite that will not pay much even if you hit it on the nose. This is why I don't place a bet, it's Greek to me. $2 exacta paid $981.60 $981.60 x 2.5 =$2,454.00 :thumb: This is why I wish I placed bets.
May 5, 201313 yr This is why I don't place a bet, it's Greek to me. This is why I wish I placed bets. Ill let you in next year. PP too , Drinks on me if River Downs is done with construction.
May 5, 201313 yr I was about as close as a guy can get to hitting the Trifecta and Exacta. Oh well, no repeat, but I'll be back. Congrats HT!
May 6, 201313 yr Nope it was just under for a $1 bet so no taxes. Everything I've read says that if you either win $5000 or 300 times the amount of your wager will result in 28% being witheld.
May 6, 201313 yr Everything I've read says that if you either win $5000 or 300 times the amount of your wager will result in 28% being witheld. I hit the Trifecta last year ($1,532) and had to pay roughly $550 on it when it came time to pay my taxes.
May 6, 201313 yr Author I hit the Trifecta last year ($1,532) and had to pay roughly $550 on it when it came time to pay my taxes. From what I've heard, your right. They usually hold out 33 percent and you usually have to fill out the IRS forms at the window before you receive your cash. I was at River Downs a few years ago, a friend who had season seats in the clubhouse by us hit the pick six at Churchill and won $33,000 dollars. His bet cost him $18. The last race of the pick six was exciting to say the least. His horse came from way back to beat the leading horse in a photo. High fives and drinks for everyone nearby. He's a member of BGP. I never asked him about the taxes and he didn't volunteer the info, so I'll guess we'll never know. We sit with a group of regulars and everybody roots for each other. I've never won enough to pay taxes , but I've come close several times.
May 6, 201313 yr Everything I've read says that if you either win $5000 or 300 times the amount of your wager will result in 28% being witheld. I was wrong, they did make us fill out the tax stuff.
May 6, 201313 yr From what I've heard, your right. They usually hold out 33 percent and you usually have to fill out the IRS forms at the window before you receive your cash. If I remember correctly, it was if you won over $600. I didn't actually fill out a form, but I did have to provide them with my Driver's Liscence and Social Security card, which I guess gives them enough of what they need. Uncle Sam probably like the Kentucky Derby more than anyway. He's always a winner.
May 6, 201313 yr There was a horse running stride for stride with Orb at the head of the stretch that got pinched as Orb drifted in and another horse drifted out. It looked like that horse finished around 6th. Does anyone know what horse that was?
May 6, 201313 yr Will Take Charge was making a move when Verranzo (sp?) drifted out on him and he had to check. Not sure where he finished but that might be who you're thinking of.
Archived
This topic is now archived and is closed to further replies.