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Author: [Las Vegas] Topic: max bet at vegas
firetri999 send a private message View Space | Friends | Playbook |
firetri999
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#1
Posted: 8/20/2012 1:55:50 PM
let's say i wanted to bet on a soccer game that was -200 in vegas. what is the MAXIMUM amount of $ ill be able to bet and win without needing to let the irs know i won a boatload of $/filling out paperwork for irs?
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animals26 send a private message View Space | Blog | Friends | Playbook |
animals26
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#2
Posted: 8/21/2012 12:48:48 AM
Not 100%, but almost positive it's when you win $10,000 or more in a single wager. Good luck my friend!
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VegasSound
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#3
Posted: 8/21/2012 1:43:53 AM
QUOTE Originally Posted by animals26:

Not 100%, but almost positive it's when you win $10,000 or more in a single wager. Good luck my friend!


That's not the case at all.
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shubox88 send a private message View Space | Blog | Friends | Playbook |
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#4
Posted: 8/21/2012 1:04:21 PM

Each casino has it's own set limits for sports bets. They will usaually allow the player to exceed the limit only after they have adjusted their line after each max bet. They will offer their "preferred customers" to exceed the limits on a case by case bases. If they don't know you rest assured you will be capped.

The only time you will receive a W-2G from a casino is when you win, +$600 if your win is 300+ times your bet, +$1200 on a slot/video poker machine, +$1500 on keno or +$5000 from poker tournaments.

Per the IRS all gambling winnings are taxable. Use schedule A, line 21 additional income to report winnings. They will allow the player to deduct gambling losses only up to the amount of reported winnings (the system sucks), schedule A line 28, miscellaneous deductions. When a player uses schedule A they do not need to include proof of line 28 at the time they file. They will however need proof if the IRS conducts an audit. Keep a daily gambling journal with supporting documentation. It's very stressful and complicated, I've got first hand experience with this bullshit.

If your lucky or good enough to win more than $10,000 on a single bet in a sportsbook tell them you only want $9500 cash now and deposit the remaining amount at the casino cage.This will eliminate the need for the casino to fill out a form 8300, reporting a single cash transaction of +$10,000. When you withdraw your remaining money from the casino cage just make sure it's less than $10,000 per transaction and there won't be any 8300 forms filled with the IRS.

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ShadowWarrior
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#5
Posted: 8/22/2012 12:26:19 PM
The Cal was 1200 dollars on slots or more.  Wagers I would not know.  Table games you have chips so you can cash in and no papers to file.
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nc1capper send a private message View Space | Blog | Friends | Playbook |
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#6
Posted: 8/22/2012 7:59:36 PM
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VegasSound
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#7
Posted: 8/24/2012 3:31:18 PM
QUOTE Originally Posted by ShadowWarrior:

The Cal was 1200 dollars on slots or more.  Wagers I would not know.  Table games you have chips so you can cash in and no papers to file.


Not so fast. The only table game I play is roulette. Well, over the last three days, I won $9k, started off with $2k, and I decided to cash out $5k. That was dumb on my part to due at one time, I should have done two chips (1k each) at a time, but oh well. The Bellagio said I was already on file, but they needed my ID to scan, and I passed on providing my SS# to them.

Last night, I still had 6k in chips, I went to the high stakes room, and decided to play it all on one spin. They asked for my MCard, I gave it to them, and the manager asked for my SS#. I told him I'll pass and deal with it later at the window if I win. My plan was to only stay for two spins. I lost on the first one and was finished. I'm still content with winning the $3k. I typically only play the 1st-12, 2-12, and 3-13. I bet two at once. It works for me but probably not your typical roulette players choice.

Point being, depending on the amount,information will be needed. But, like I said, I consider myself a casual roulette player, so I know very little about the payout situation, and that had been the most I was ever up at one time playing it.
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shubox88 send a private message View Space | Blog | Friends | Playbook |
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#8
Posted: 8/25/2012 10:47:56 AM

Vegas Sound...The Bellagio pit boss that asked for your SS# at the table should be fired. There is a law on the books that states there are no W-2G's ever required from table game winnings. The casino does not know if the player started with $500 or $50,000.

The casino is required to file an 8300 form, as I mentioned in an earlier post, for transactions in excess of $10,000. To eliminate that just leave any amount over 10K  in the cage and cash it out later.

I hope you learned a lession VS, you grind out for three days running 2K up to 9K and give back a majority of it on one spin at the table. "Bettor" luck next time.

I'll meet ya at the cage, drinks are on me.

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VegasGourmet send a private message View Space | Friends | Playbook |
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#9
Posted: 8/25/2012 1:28:29 PM

The only time you will receive a W-2G from a casino is when you win, +$600 if your win is 300+ times your bet, +$1200 on a slot/video poker machine, +$1500 on keno or +$5000 from poker tournaments

This is really the only part of Shubox's posting that 99% of those on this site need to know. The 1% that need to know more, already know it.

The difference between sharing your identity with the casino for internal reporting and with the IRS for tax purposes is pretty great.

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VegasSound
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#10
Posted: 8/25/2012 5:30:40 PM
I'm not as familiar with the payout situation with table games, so thank you for any information, and I was surprised they tried to acquire my SS# two times (at cage and pitt boss).

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VegasSound
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#11
Posted: 8/25/2012 5:33:06 PM
shubox: I learned a lesson for sure. They was money that could have easily went towards the football games week one that I already have placed, but I decided to get risky, and so be it.
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