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Frank Brault | all galleries >> Smile > Avoiding the IRS window
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Avoiding the IRS window
Frank Brault

Avoiding the IRS window

Saratoga Springs, NY USA

The Internal Revenue Service (IRS) has IRS Windows at the track. If you win a certain amount you are required to fill out an IRS Forum and taxes may be withheld. Note the camera. When you fill out the form your photo is taken. The IRS also takes bets and pays off on wins. For whatever reasons, people shy away from using the IRS Windows to place or cash bets. I use them all the time, as the lines are so short. :)

Here is a summary from the New York Racing Association site.of the tax requirements.

"For winnings that exceed 300-1 odds - more than $600 - the Internal Revenue Service requires that a W2-G Tax Form is completed. This form requires two proofs of identity: 1, Copy of Drivers License or State issued photo ID; and 2, Copy of Social Security Card or a card that establishes your identity and includes your social security number. All winnings subject to reporting and/or withholding as described in IRS form W2G will be administered in accordance with applicable IRS code."

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Norman Richard16-Apr-2012 01:08
I really can't beleive that the american government would stoop so low as to tax wins. can you deduct expenses, car gas to get there car purchase, food, drinks?
Jean D06-Aug-2011 02:45
Excellent candid capture. Thanks for the info, Frank.
Walter O. Koenig05-Aug-2011 19:04
Damn government, they're everywhere. Must have been a lucky day, judging by all the winners standing in line. "V"