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Search took 0.01 seconds. Search: Posts Made By: AndyC
Forum: General Racing Discussion 06-28-2017, 10:52 AM
Replies: 116
Views: 15,827
Posted By AndyC
IRC, aka the Internal Revenue Code.

IRC, aka the Internal Revenue Code.
Forum: General Racing Discussion 06-28-2017, 10:50 AM
Replies: 116
Views: 15,827
Posted By AndyC
How has the money already been taxed? So when I...

How has the money already been taxed? So when I get a paycheck and go spend the money at a store the store shouldn't pay taxes because the money has already been taxed? Hooray for Canada.
Forum: General Racing Discussion 06-28-2017, 10:37 AM
Replies: 116
Views: 15,827
Posted By AndyC
No dispute there.

No dispute there.
Forum: General Racing Discussion 06-28-2017, 10:35 AM
Replies: 116
Views: 15,827
Posted By AndyC
It doesn't and I certainly didn't say so. But...

It doesn't and I certainly didn't say so. But where do people get the idea that just buying and racing a horse means you are running a business?
Forum: General Racing Discussion 05-29-2017, 01:16 AM
Replies: 116
Views: 15,827
Posted By AndyC
Silly me, I forgot that Webster's trumped the IRC...

Silly me, I forgot that Webster's trumped the IRC when it came to tax law.
Forum: General Racing Discussion 05-27-2017, 07:24 PM
Replies: 116
Views: 15,827
Posted By AndyC
What is a legit race? Do you depend on...

What is a legit race?

Do you depend on income from the horse ownership activity for your livelihood?

Check out IRC section 183 and the regulations there under. The issue of business v. hobby...
Forum: General Racing Discussion 05-26-2017, 08:29 PM
Replies: 116
Views: 15,827
Posted By AndyC
My solution for this mess is to allow people who...

My solution for this mess is to allow people who bet through accounts to get a W2-G based on their net results for the year. Money in the accounts would be restricted for withholding when winnings...
Forum: General Racing Discussion 05-26-2017, 08:00 PM
Replies: 116
Views: 15,827
Posted By AndyC
300-1 on a $2 bet is $602 or winnings of $600. ...

300-1 on a $2 bet is $602 or winnings of $600. $600 happens to coincide with the threshold for sending 1099s to independent contractors. You can't hide from a 300-1 payoff but you can make 10 $50...
Forum: General Racing Discussion 05-26-2017, 06:01 PM
Replies: 116
Views: 15,827
Posted By AndyC
Seeing how gambling is primarily a cash business...

Seeing how gambling is primarily a cash business with no inventory, it is probably the easiest type of business to cheat on taxes. If a person is doing account betting leaving an audit trail then the...
Forum: General Racing Discussion 05-26-2017, 05:54 PM
Replies: 116
Views: 15,827
Posted By AndyC
The reasoning would be illogical given the reason...

The reasoning would be illogical given the reason for the implementation of the 1099 rules in general. Do you have the committee reports that would back up your understanding?
Forum: General Racing Discussion 05-26-2017, 05:15 PM
Replies: 116
Views: 15,827
Posted By AndyC
You give the IRS much more credit for trying to...

You give the IRS much more credit for trying to implement a reporting and withholding system for gamblers. The 1099 reporting requirements were instituted long ago for non-corporate recipients of...
Forum: General Racing Discussion 05-26-2017, 02:05 PM
Replies: 116
Views: 15,827
Posted By AndyC
The regs regarding the issuance of W2-Gs and...

The regs regarding the issuance of W2-Gs and 1099s were written to help with tax compliance. The distinction between lottery-style wins and ordinary wins was an effort to identify which type of win...
Forum: General Racing Discussion 05-26-2017, 12:52 PM
Replies: 116
Views: 15,827
Posted By AndyC
I completely agree and unfortunately the NTRA did...

I completely agree and unfortunately the NTRA did not really solve this problem. Any signing for winnings should be based solely on the amount of net winnings and not on the type of bet made. The...
Forum: General Racing Discussion 05-26-2017, 12:00 PM
Replies: 116
Views: 15,827
Posted By AndyC
What Canada does or doesn't do is irrelevant. My...

What Canada does or doesn't do is irrelevant. My beef is not that gambling winnings are taxed, but how it is taxed. How Uncle Sam "skims money" is really not a persuasive argument to leave gambling...
Forum: General Racing Discussion 05-26-2017, 11:22 AM
Replies: 116
Views: 15,827
Posted By AndyC
They are not taxing the money already earned,...

They are not taxing the money already earned, they are taxing the additional money earned, the winnings. Just like interest income on a savings account. Income that is taxed twice is dividends...
Forum: General Racing Discussion 05-26-2017, 11:19 AM
Replies: 116
Views: 15,827
Posted By AndyC
You need a license and insurance to drive a car....

You need a license and insurance to drive a car. Does that mean driving a car is a business? I want the state to tax horse winnings! Much preferred over them taxing income earned from labor.
Forum: General Racing Discussion 05-26-2017, 12:33 AM
Replies: 116
Views: 15,827
Posted By AndyC
Do you think money earned through labor should...

Do you think money earned through labor should have a lower status than money earned by gambling? Why do people think that gambling should get a tax pass?
Forum: General Racing Discussion 05-26-2017, 12:28 AM
Replies: 116
Views: 15,827
Posted By AndyC
Trying to make money to cover your costs is not...

Trying to make money to cover your costs is not the definition of a business.
Forum: General Racing Discussion 05-25-2017, 09:41 PM
Replies: 116
Views: 15,827
Posted By AndyC
And it is a hobby! Should my playing golf be a...

And it is a hobby! Should my playing golf be a write-off? Should owning a boat be a write-off? The timing of write-offs does not determine the success or failure of a business.
Forum: General Racing Discussion 05-25-2017, 11:13 AM
Replies: 116
Views: 15,827
Posted By AndyC
Your implication is that owning horses was once a...

Your implication is that owning horses was once a winning endeavor. Nonsense. While I am sure that there have been many owners drawn to racing thinking that making a racing profit, few attained that...
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