Gerard Wrote:
-------------------------------------------------------
> 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.


These are all regulations based on obsolete laws. The new laws make anybody who cashes a relevant taxpayer. Under prior law, there were virtually no relevant taxpayers. Existing regulations are irrelevant under entirely different legal regime. Regulations for new law will be dramatically simplified for W-2G -- they write themselves easily. In new regime, all you need is a very simple W-2G issued by any platform on an annual basis.

In terms of coming to fruition -- the law is the law, it is on the books and exists......what does should it come to fruition mean?