1099s from NYRA

[Lost Cause]

I don\'t usually play with NYRA\'s wagering platform but once in a while I use their NYRA card to place bets if I can\'t get a good cell phone signal at the track.  I just received 15 separate 1099\'s for a superfecta I hit that paid 500 dollars for a dollar.  I hit it for a dime and just repeat the bet 15 times but I just got 15 $50 separate 1099\'s (i\'m rounding).  So I now have to make sure I report that.  Does anyone else have this issue when using the NYRA betting account.  I think I only used it 2 times this year but I never will again if they send you 1099\'s based on the $2 payout regardless of your base bet..I\'ve never seen this before, i\'m confused with this one.  Anyone else?

[BitPlayer]

I don\'t think they\'re looking at the $2 payout.  They\'re just aggregating the wagers you made.  If the bet paid over 300-1 and you collected over $600 in the aggregate on identical wagers, NYRA (like other ADWs) is supposed to report it to the IRS.

[miff]

Lost,

The .10 cent wagers are aggregated, the computer is programmed for on line bets.The computer knows you hit it for $1.50 and since the odds were greater than 300-1,the triggering of 1099s.If you bet at the track, you would not have the problem by cashing separately, obviously.If you file an itemized Fed Tax Return, you are allowed to offset losing wagers to the extent of your 1099\'s.

On a related note, useless Wal-dope and co at NTRA, no juice at all,failed to get Congress to look into repealing the ridiculous Federal with-holding on certain forms of gambling.


Mike

...did not see Bits post

[Edgorman]

I had the same problem on a ten cent super that I bet 3 times for thirty cents.  Nyra took out taxes.  I called and was told that the computer combines \"same\" bets.  Under this scenario it makes no difference to make dollar, or smaller, bets and repeat them.

[vired]

That is so strange. You bet @ the track cash seperately--no nothing . Don\'t they have computers?

[Edgorman]

I bet at the track but on my NYRA acct.  No printed tickets.  Payoff combined was over 5k and they took out taxes.  If I had individual tix printed from teller or machine I could have cashed without withholding.

[Lost Cause]

BitPlayer Wrote:
-------------------------------------------------------
> I don\'t think they\'re looking at the $2 payout.
> They\'re just aggregating the wagers you made.  If
> the bet paid over 300-1 and you collected over
> $600 in the aggregate on identical wagers, NYRA
> (like other ADWs) is supposed to report it to the
> IRS.

THanks
I figured that was what was happening but I don\'t ever recall that happening with twinspires, xpressbet or other ADWs before...then again it\'s been so long since I have hit anything resembling a signer I might have just forgotten.

Happy Holidays everyone you got just about one more week to make this a profitable year and you get free TG products to help make it happen..Thanks TG

[degenerate horseplayer]

Maybe this will help clear up your dilema in which I share your agony as well:

Last Saturday I was at Aqueduct, and when I was low on cash for the last couple of races, I placed my remaining wagers over the phone through my twinspires.com account.

I hit a superfecta in the last race that paid $742 (based on the standard $2 payout) .  I had played 5 - $1 superfecta tickets in which two of the tickets had the winning combination. This morning I just saw there was a W-2G for the total winnings even though the gross winnings on each ticket was under the $600 minimum threshold that\'s usually required for there to be any reporting (and wittholding, if necessary)

Now if I would\'ve had the cash and made these wagers through the tellers, I could\'ve cashed these two tickets at two different times and there would have been no reporting at all.  

However, as another user stated earlier, because these wages are considered similar bets, it\'s like I placed all my superfecta wagers for this race on one ticket and twinspires.com viewed this as me having $2 on the winning combination.  

So the whole traditional concept of making separate $1 wagers on exotics (or nowadays 50 cents and 10 cents) are useless if the dollar payout is over $300 or in your case, the dime payout is over $30 and your total return from all the bets made on the race is $600 or more.

This is the drawback of using ADW\'s when compared to making live bets at the track , which for most of us nowadays, are a thing of the past.

Hope this helps.

[Lost Cause]

Huge help because it happened to you with the twinspires account..

Thanks DH

I have been killing those tellers on the phone along with myself with 50 cent pick 4 plays that i repeat god knows how many times for no reason.

[toppled]

On my biggest winning day I had, among my winnings, 20 $1 tickets on a $1,013 pick 4.  I called OTB before I went to OTB offices to get a check & was informally told that if I brought all 20 tickets in worth $506.50 each (total $10,130), they would have to fill out 1099s because of the aggregate being based on repeat bets on a payoff greater than 300-1.  Before I went to the offices, I went to a branch, put the tickets through a machine & went to the office with vouchers instead of the winning tickets.  Result-no 1099s. So, even when you have tickets, you have to be careful how you cash them.