What's the most you can win from sports betting w/ out being taxed?

Forum: Las Vegas
Author: [Las Vegas] Topic: What's the most you can win from sports betting w/ out being taxed?
MakeThatCasH PM MakeThatCasH
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MakeThatCasH
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Posted: 9/26/2011 6:55:03 PM
Thank you
VegasGourmet PM VegasGourmet
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Posted: 9/27/2011 2:22:28 AM

Let me answer this in reverse....

You are taxed on any gambling wager that pays at least 300-1 and you receive over $600.

You will, 99.9% of the time, find this only at slot machines and on horse races (there is the occassional parlay card that will pay this or more).

If you bet 1 million dollars and win another million or two...THERE IS NO TAX!!!

Requiring identification to redeem your winnings is NOT A TAX ISSUE....conspiracy theories, aside....The same law applies to buying a Rolex for $25,000 and paying cash....

The law is federal...it has NOTHING TO DO WITH THE STATE OF NEVADA......

So, feel free to cash in your 401K and bring your money out here...WE PROMISE NOT TO REPORT YOU TO THE IRS (unless you hit a big superfecta at Belmont)....

AussieCapper PM AussieCapper
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Posted: 9/27/2011 7:09:10 AM
VG  great as always
MakeThatCasH PM MakeThatCasH
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Posted: 9/27/2011 6:49:20 PM
QUOTE Originally Posted by VegasGourmet:

Let me answer this in reverse....

You are taxed on any gambling wager that pays at least 300-1 and you receive over $600.

You will, 99.9% of the time, find this only at slot machines and on horse races (there is the occassional parlay card that will pay this or more).

If you bet 1 million dollars and win another million or two...THERE IS NO TAX!!!

Requiring identification to redeem your winnings is NOT A TAX ISSUE....conspiracy theories, aside....The same law applies to buying a Rolex for $25,000 and paying cash....

The law is federal...it has NOTHING TO DO WITH THE STATE OF NEVADA......

So, feel free to cash in your 401K and bring your money out here...WE PROMISE NOT TO REPORT YOU TO THE IRS (unless you hit a big superfecta at Belmont)....



Thank you for your response...but just to clarify, let's say you bet 3k on a team that pays out 7-1, are you takes on the 21k assuming you hit? Thank you again.
MakeThatCasH PM MakeThatCasH
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Posted: 9/27/2011 6:54:09 PM
QUOTE Originally Posted by MakeThatCasH:



Thank you for your response...but just to clarify, let's say you bet 3k on a team that pays out 7-1, are you takes on the 21k assuming you hit? Thank you again.


CORRECTION: if you hit your 3k bet on a team that pays 7-1, are you taxed on the 21k you made? thank you again
MakeThatCasH PM MakeThatCasH
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Posted: 9/27/2011 6:55:49 PM
...so as long as the odds are LESS than 300-1, you will not be taxed? So if you bet 5k at it's 20-1, no tax?
MakeThatCasH PM MakeThatCasH
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Posted: 9/27/2011 8:44:26 PM
Also do these rules apply to Reno? I assume it would since both are in Nevada.
VegasGourmet PM VegasGourmet
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Posted: 9/28/2011 2:01:43 AM

The "rules" are FEDERAL.....whether you are at a casino in Reno or a race track in West Virginia.........

300-1 PLUS  a payout in excess of $600 is taxable....

As I said earlier, it has nothing to do with the state of Nevada.....which, by the way, has no income tax.

MakeThatCasH PM MakeThatCasH
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Posted: 9/28/2011 6:59:46 PM
QUOTE Originally Posted by VegasGourmet:

The "rules" are FEDERAL.....whether you are at a casino in Reno or a race track in West Virginia.........

300-1 PLUS  a payout in excess of $600 is taxable....

As I said earlier, it has nothing to do with the state of Nevada.....which, by the way, has no income tax.



Got it, so as long as the payout is NOT BOTH a 300-1 payout and over $600, you will not be taxed. Thank you
tommyd10 PM tommyd10
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Posted: 10/31/2011 11:35:24 PM

ok so i heard if you put a bet below $10 grand they put in a suspicious activity report for you   ... would it make sense to just avoid this put in 2 grand at 5 different casinos or would vegas realize what youre doing

 

VegasGourmet PM VegasGourmet
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Posted: 11/1/2011 2:18:09 PM

Tommy.......A Suspicious Activity Report has nothing to do with that kind of betting (or cashing)..........

 

MickeyRivers PM MickeyRivers
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Posted: 11/1/2011 2:33:28 PM
QUOTE Originally Posted by VegasGourmet:

Let me answer this in reverse....

You are taxed on any gambling wager that pays at least 300-1 and you receive over $600.

You will, 99.9% of the time, find this only at slot machines and on horse races (there is the occassional parlay card that will pay this or more).

If you bet 1 million dollars and win another million or two...THERE IS NO TAX!!!

Requiring identification to redeem your winnings is NOT A TAX ISSUE....conspiracy theories, aside....The same law applies to buying a Rolex for $25,000 and paying cash....

The law is federal...it has NOTHING TO DO WITH THE STATE OF NEVADA......

So, feel free to cash in your 401K and bring your money out here...WE PROMISE NOT TO REPORT YOU TO THE IRS (unless you hit a big superfecta at Belmont)....


VG..just to correct you on getting taxed on a $600 win. On slot machines you are allowed to win up to $1199 without being taxed.
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