Just wondering when they have to make you fill out the IRS crap.
Also do they give you any trouble if you split a bet into several smaller bets..such as instead of betting $500...you bet five $100 bets on the same game? Or do you just go to seperate windows?
Thanks for any info
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To remove first post, remove entire topic.
Just wondering when they have to make you fill out the IRS crap.
Also do they give you any trouble if you split a bet into several smaller bets..such as instead of betting $500...you bet five $100 bets on the same game? Or do you just go to seperate windows?
Any cash out over 10k they make you fill a CTR form. Which is not a big deal and can be avoided by getting paid in chips and then cashing the chips at different windows. Any bet which pays out at more then 350 to 1 requires them to withhold 35% unless you have a tax I.D. # from filing as a pro.
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Any cash out over 10k they make you fill a CTR form. Which is not a big deal and can be avoided by getting paid in chips and then cashing the chips at different windows. Any bet which pays out at more then 350 to 1 requires them to withhold 35% unless you have a tax I.D. # from filing as a pro.
IRS is only used for withholding...and that is almost always a race bet and not sports.
They need your ss# for over 10K for federal reasons (money laundering) and not for tax reasons. If you bought some bling for $10K or more in cash, they would have you give them the same info....SSN/Driver's license...
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IRS is only used for withholding...and that is almost always a race bet and not sports.
They need your ss# for over 10K for federal reasons (money laundering) and not for tax reasons. If you bought some bling for $10K or more in cash, they would have you give them the same info....SSN/Driver's license...
IRS is only used for withholding...and that is almost always a race bet and not sports.
The rule for horses is more than $600 and 300-1 or better requires you to fill out a form. (Unfortunately, the 300-1 rule applies to only the denomination of the winning bet.) So, if you play a 48 combination $1 pick four ticket, for instance, and it hits and pays $1,470, the rule thinks that you hit at 1469-1 odds instead of 30-1 odds. This is an oppressive rule, and I've filled out the form for P4s plenty. (It is a great feeling though, I must say.) The form is just a reporting form - a W-2G - no money will be withheld, you will be paid the full amount (after you tip the person who sold you the ticket and cashed it for you, of course!)
Now, if you hit a ticket that pays $5,000 or more, then the book withholds... I believe at the rate of 28%.
Gambling losses can be deducted up to the value of your winnings though.
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Quote Originally Posted by VegasGourmet:
IRS is only used for withholding...and that is almost always a race bet and not sports.
The rule for horses is more than $600 and 300-1 or better requires you to fill out a form. (Unfortunately, the 300-1 rule applies to only the denomination of the winning bet.) So, if you play a 48 combination $1 pick four ticket, for instance, and it hits and pays $1,470, the rule thinks that you hit at 1469-1 odds instead of 30-1 odds. This is an oppressive rule, and I've filled out the form for P4s plenty. (It is a great feeling though, I must say.) The form is just a reporting form - a W-2G - no money will be withheld, you will be paid the full amount (after you tip the person who sold you the ticket and cashed it for you, of course!)
Now, if you hit a ticket that pays $5,000 or more, then the book withholds... I believe at the rate of 28%.
Gambling losses can be deducted up to the value of your winnings though.
Hang on, In Australia all our winnings go to us, no one takes a tax on them! So say me been an Aussie went to Vegas and put on a $5000 2 team parlay and won say $15,000 they would make me pay tax on it? And make me show them my ID and Bank details?
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Hang on, In Australia all our winnings go to us, no one takes a tax on them! So say me been an Aussie went to Vegas and put on a $5000 2 team parlay and won say $15,000 they would make me pay tax on it? And make me show them my ID and Bank details?
There is NO tax on sports winnings (unless you play a parlay card that pays 300-1 and you win in excess of $600...which you won't anyway).
ANY CASH TRANSACTION IN THE UNITED STATES OF $10,000 OR MORE REQUIRES IDENTIFICATION....Not for tax purposes; but for purposes of potential money laundering. YOU ARE NEVER TAXED ON SPORTSBET WINNINGS...
Any bet of $5000 or more and you are asked for identification....it is an internal casino issue...and you may refuse to give identification. However, remember, if you try to collect $10,000 in cash; you have to produce identification or you will not be paid. The "chip method" is always an option.
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chkchk....
You're not reading the postings correctly....
There is NO tax on sports winnings (unless you play a parlay card that pays 300-1 and you win in excess of $600...which you won't anyway).
ANY CASH TRANSACTION IN THE UNITED STATES OF $10,000 OR MORE REQUIRES IDENTIFICATION....Not for tax purposes; but for purposes of potential money laundering. YOU ARE NEVER TAXED ON SPORTSBET WINNINGS...
Any bet of $5000 or more and you are asked for identification....it is an internal casino issue...and you may refuse to give identification. However, remember, if you try to collect $10,000 in cash; you have to produce identification or you will not be paid. The "chip method" is always an option.
i heard that you can win a lot and fill it out and it doesnt matter. just tell irs that you lost it all back. they cannot prove it . it is cash my brother hit the slot machines twice for 4500 each. made him fill it out. then he told irs i lost it all. they cannnot prove it
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i heard that you can win a lot and fill it out and it doesnt matter. just tell irs that you lost it all back. they cannot prove it . it is cash my brother hit the slot machines twice for 4500 each. made him fill it out. then he told irs i lost it all. they cannnot prove it
i heard that you can win a lot and fill it out and it doesnt matter. just tell irs that you lost it all back. they cannot prove it . it is cash my brother hit the slot machines twice for 4500 each. made him fill it out. then he told irs i lost it all. they cannnot prove it
Just make sure they do not audit you!!! Playing with the IRS is like playing with a double edge sword. I BELIEVE the statue of limitations for the IRS to audit you is 5 years, if not please someone chim in, CPA's IRS agents...
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Quote Originally Posted by jlt9889:
i heard that you can win a lot and fill it out and it doesnt matter. just tell irs that you lost it all back. they cannot prove it . it is cash my brother hit the slot machines twice for 4500 each. made him fill it out. then he told irs i lost it all. they cannnot prove it
Just make sure they do not audit you!!! Playing with the IRS is like playing with a double edge sword. I BELIEVE the statue of limitations for the IRS to audit you is 5 years, if not please someone chim in, CPA's IRS agents...
i heard that you can win a lot and fill it out and it doesnt matter. just tell irs that you lost it all back. they cannot prove it . it is cash my brother hit the slot machines twice for 4500 each. made him fill it out. then he told irs i lost it all. they cannnot prove it
The IRS can't prove it but they DON'T HAVE to prove anything. Unless you gamble professionally you are going to have to pay taxes on your winnings if it is over $600 (from casino winnings, I don't know about sportbook winnings).
A certain percent of your annual weages have to come from gambling activities and you must meet hour requirements and other criteria to deduct your losses and/or expenses related to gambling activities. You can't just say to the IRS that you lost the money back, oh well. There IS proof of $9k in gaming income (winnings) and that is what matters. Look it up online... CYA.
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Quote Originally Posted by jlt9889:
i heard that you can win a lot and fill it out and it doesnt matter. just tell irs that you lost it all back. they cannot prove it . it is cash my brother hit the slot machines twice for 4500 each. made him fill it out. then he told irs i lost it all. they cannnot prove it
The IRS can't prove it but they DON'T HAVE to prove anything. Unless you gamble professionally you are going to have to pay taxes on your winnings if it is over $600 (from casino winnings, I don't know about sportbook winnings).
A certain percent of your annual weages have to come from gambling activities and you must meet hour requirements and other criteria to deduct your losses and/or expenses related to gambling activities. You can't just say to the IRS that you lost the money back, oh well. There IS proof of $9k in gaming income (winnings) and that is what matters. Look it up online... CYA.
The IRS can't prove it but they DON'T HAVE to prove anything. Unless you gamble professionally you are going to have to pay taxes on your winnings if it is over $600 (from casino winnings, I don't know about sportbook winnings).
A certain percent of your annual weages have to come from gambling activities and you must meet hour requirements and other criteria to deduct your losses and/or expenses related to gambling activities. You can't just say to the IRS that you lost the money back, oh well. There IS proof of $9k in gaming income (winnings) and that is what matters. Look it up online... CYA.
This is somewhat correct but leaves some holes.
Dr. Y is correct in stating that you need to meet certain tests to qualify as a "pro" who can deduct things. However, even a non-pro can deduct losses up to the amount of his winnings. In other words, if you hit a superfecta for $3,000 and get an W-2G issued to you for that amount, yet you lost $5,000 on an NFL game, you can deduct $3,000 of that $5,000 from the $3,000 you won on the horses, effectively "netting" those amounts and paying $0 tax on the win. (I have hit a few of these "signers" on the horses in my day and have learned the rules that way.)
JLT's statement that you "just tell them you lost it all back" won't work, but if you have evidence (such as the ticket from your NFL bet), you will be okay. If you are audited, you will need more than your say so.
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Quote Originally Posted by Dr_Y:
The IRS can't prove it but they DON'T HAVE to prove anything. Unless you gamble professionally you are going to have to pay taxes on your winnings if it is over $600 (from casino winnings, I don't know about sportbook winnings).
A certain percent of your annual weages have to come from gambling activities and you must meet hour requirements and other criteria to deduct your losses and/or expenses related to gambling activities. You can't just say to the IRS that you lost the money back, oh well. There IS proof of $9k in gaming income (winnings) and that is what matters. Look it up online... CYA.
This is somewhat correct but leaves some holes.
Dr. Y is correct in stating that you need to meet certain tests to qualify as a "pro" who can deduct things. However, even a non-pro can deduct losses up to the amount of his winnings. In other words, if you hit a superfecta for $3,000 and get an W-2G issued to you for that amount, yet you lost $5,000 on an NFL game, you can deduct $3,000 of that $5,000 from the $3,000 you won on the horses, effectively "netting" those amounts and paying $0 tax on the win. (I have hit a few of these "signers" on the horses in my day and have learned the rules that way.)
JLT's statement that you "just tell them you lost it all back" won't work, but if you have evidence (such as the ticket from your NFL bet), you will be okay. If you are audited, you will need more than your say so.
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