OscarTangoEcho wrote:
Interesting, I know I've hit some big tickets and not gotten the love note from the IRS. I need to look into that.
Yes I'm in a group that owns her, KCA Stables, and she is currently our only horse. KCA stands for "Kicking Cancer's Ass" and a portion of winning purses are given to St. Jude's. Just gotta turn those 2nd's and 3rd's into a trip to the winners circle more often.
And sorry about the bad beat, yikes.
Thanks. I had the horse to win for a few bucks, but that exacta was the real bonanza.
One of the changes that was made is that the IRS used to view the 600/1 as odds based upon the increment of the bet rather than based upon the cost of the ticket. For example, my standard superfecta bet is to key one horse with five horses in the other positions. It's a $60 bet based upon a dollar betting increment, i.e. 60 combinations. Prior to the changes, if I won that bet and it came back paying $600, it was a "signer". The government viewed it as paying 600/1 rather than the 10/1 that it did from my perspective and based upon the actual ticket cost. Thankfully, the feds now see it my way.
That's pretty cool about your horse. I'll follow Fate Factor from here on out. I thought she was a sure winner coming off the last corner.