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Texas 'ten percenter' accused of cashing 1,445 tickets for other gamblers
A Dallas man has been charged with cashing approximately 1,445 Internal Revenue Service tickets on behalf of others during a three-year period at Lone Star Park. The winnings from tax forms Willie L. Loveless filled out from February 2008 to November 2010 totaled more than $1.69 million, according to a federal indictment. Loveless, who was taken into custody, had his first court appearance on Dec. 4. He pleaded not guilty and was released on bond, according to court officials.
The indictment alleges that Loveless was involved in “ten percenting,” a practice by which a winning gambler “arranges for another individual to cash the gambler’s IRS ticket so the gambler can avoid taxes on the winnings,” according to the indictment. A winning ticket over a certain level of payoff at a racetrack requires tax forms to be filled out before cashing.
Loveless allegedly signed off on tax forms that stated “no other person is entitled to any part of these payments.” Loveless has been charged with 20 counts of fraud and false statements on Form W-2G, and each count carries a maximum penalty of three years in prison. Loveless was also charged with “corruptly obstructing and impeding the due administration of internal revenue laws,” according to the indictment.
In 2008, Loveless allegedly signed approximately 547 forms for winning tickets worth a cumulative $692,681 in winnings. In 2009, he allegedly signed approximately 513 forms worth winnings of $635,681, and in 2010, approximately 385 forms worth winnings of $432,728.
Lone Star officials could not be immediately reached for comment.
Mary, can you print the chart for the horse named Oak Tree that won at Keystone/Philadelphia Park about 15 years ago. Second time maiden starter who flashed speed and quit his first time out, if I remember correctly.
the tax is 300 to one not six hundred to one.this is taken out on exacta bets six pick bets,etc.
this guy is going to do some time for his ten percent actions.plus he will be fined aconsiderable amount of money.when you run a scam on the irs you are a target.
i hit a super at arlington park 10 times for a dime each bet , the super came back 552 dollars, x 10. you think i beat the taxes, nope. they called it bundling because all 10 bets were identical and i still had to pay taxes on it. so in the future if your ever going to do something this add another different horse somewhere in the wager
Maybe instead of wasting taxpayer dollars going after guys like this the IRS can pass a rule that if you DO NOT WANT TO SIGN up for you winning ticket that you can bypass the paperwork and hand over the 10% immediately to the IRS. No questions asked. Or you can do the W2G and proper paperwork and tax filings and save yourself the 10%. This way it takes the degenerate 10%er's out of the equation and the IRS can go after real criminals that evade taxes..
For your information. All winning wagers,regardless of amount are considered income. That $2 show bet that pays $2.10. According to the IRS that 10 cents is income.
Is it illegal to buy a bunch of minimum-bet tickets on exotics and win big? I know a lot of bettors who do this. Including me.
As I have stated in my book "WINNING LONG SHOT ANGLES" as horse players it must be our primary goal every time we open the Daily Racing Form, that the end result must be to make a trip to the IRS WINDOW. Without these scores that require taxation, we will be regulated to remain regular every day players that are sure to lose in the long run. In doing so we must abide by the rules as they are today. After all, where else can one place a wager in a fifty cent increment and walk away with over 10K.
What all you whiners here neglect to see is that if I am cashing these tix and paying someone 10%, as I do, 1) Why would I want to play win/place to avoid winning a taxable tix and win LESS money? 2) I am makin money, so why would I complain about paying taxes on it 3) Just do what i do and in your minds the money you "save" by playing the supers in 10 cent denominations and the P3's and P4's in $0.50 amounts and such should make your mind at ease by avoiding taxes on "cheaper" wins. 4) The bottom line is this. Where else can you (besides a poker table) sit down and have the knowledge to take advantage of odds that are completely wrong in every race and use that knowledge to make a profit that is litterally tax free? If every once in a while you have to pay a little tax - who cares? If you are moronic to "gamble" on horses and make that hit every once in a while then you basically are donating on a yearly basis anyway and shouldn't be complaining for doing domething you do not have the knowledge to win at anyway.
If he sat next to me all last year, they would put him to death for the amount he owed!
- 1.Posted 12/08/2013 09:52AM
- 2.Posted 12/07/2013 07:42PM
- 3.Posted 12/08/2013 06:24PM
- 4.Posted 12/05/2013 04:54PM
- 5.Posted 12/07/2013 03:42PM