A W-2g or 5754 would not be triggered in this string\'s scenario as both the $600.00 winning wager and a 300x profit on the amount wagered needed to trigger the filing are not met. The player would then be left on his honor to report net (proceeds minus cost basis) winnings on Schedule 1 of their return. Professional players are either smart enough on their own or have someone in the employ to navigate Schedule C.
So we are still left with the ten percent hangover on net winnings should it come to fruition. There are crypto options and other navigable paths, but the racing industry, especially the struggling or closed venues could potentially exploit this egregious issue, and move to a prediction based pari mutuel environment creating a longer term tax benefit to the more than everyday player, and possibly bring in some new players to a game that desperately needs new fans and a new base.
Don\'t post/ don\'t play much anymore, but there is no evidence (SO FAR), the filing requirements that trigger a W-2g or 5754 for the syndicates will change. Hoping a reader out there with any pull can see this as a potential advantage to the racing industry. Good luck to all.
So we are still left with the ten percent hangover on net winnings should it come to fruition. There are crypto options and other navigable paths, but the racing industry, especially the struggling or closed venues could potentially exploit this egregious issue, and move to a prediction based pari mutuel environment creating a longer term tax benefit to the more than everyday player, and possibly bring in some new players to a game that desperately needs new fans and a new base.
Don\'t post/ don\'t play much anymore, but there is no evidence (SO FAR), the filing requirements that trigger a W-2g or 5754 for the syndicates will change. Hoping a reader out there with any pull can see this as a potential advantage to the racing industry. Good luck to all.
