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Author: [Las Vegas] Topic: Internal Revenue Service from vegas!
4experts4 send a private message View Space | Friends | Playbook |
4experts4
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#1
Posted: 6/25/2011 7:22:40 PM
i just need to know what are limits in vegas for irs ?
if you won 1000$ (sportbooks only not cards or slots)  they will take your information for irs?
what are the numbers? how you deal with tax ?
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VegasGourmet send a private message View Space | Friends | Playbook |
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#2
Posted: 6/26/2011 3:10:45 AM

You are taxed on winnings of 300-1 that pay you over $600 cash...and that's in Vegas, California, Iowa...whereever....

The responsibility to report your winnings is up to you.

 

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kidvegas03 send a private message View Space | Friends | Playbook |
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#3
Posted: 6/26/2011 4:00:21 AM

@VG Im sending you a friend request. I have to PM you, have a question about this topic. Thanks!

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4experts4 send a private message View Space | Friends | Playbook |
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#4
Posted: 6/26/2011 10:23:08 AM
i never played on sportsbook in vegas , so every time if i make bet over 600$ they will take my personal information?
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#5
Posted: 6/26/2011 6:46:45 PM

The odds on your bet, AS I HAVE SAID IN MY EARLIER RESPONSE,  have to be over 300-1.....if you do not understand that, please....and no bashing intended here...do not bet.

Those odds will only happen on certain horserace bets and on some slot machines......THEY DO NOT HAPPEN IN SPORTSBETTING (unless you bet on some 1000-1 team to win the Super Bowl....AND THEY DO!!)...AND THEY DO NOT HAPPEN IN THE CASINO.....

 

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dbartoletbet send a private message View Space | Friends | Playbook | My Sportsbook: M Resort |
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#6
Posted: 7/3/2011 1:03:25 PM
This is only half true
the 300-1 payout is mostly for horses but its for any type bet
parlay, trifecta, super, pick 4,5,6 or futures.
 also if you cash a ticket over $10000 not win but cash
bet $5500 to win $5000 writer
bet $3000 and cash out total over $10000 writer
bet $500 and cash $10000 writer.
so that 10cent super you won $30 on will be a writer
that $4400 you bet to win $4000 will not be
also some sport books will id you when you make or cash that
bet but not too irs-report you just so they know who you are.

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#7
Posted: 7/3/2011 10:10:38 PM

dbart.....

I cannot overstate how improper your answer is...and, yet, it is the typical answer given by most writers in most sportsbooks or those who pretend to know what they are talking about....

If you HAVE ANY CASH TRANSACTION IN EXCESS OF $10,000..buy a car or a watch with cash, not a credit card....you will be required to provide the SAME IDENTIFICATION as if you were cashing a bet or making a bet with cash...or cashing out chips in a casino. The process in question has to do with MONEY LAUNDERING.

The question by the poster had to do with taxation....and, once again, the only laws on the books deal with a 300-1 payout in excess of $600.....

You can question whether or not the federal government, from a taxation standpoint, cares about the "over $10,000 bet/cashing"...but the paperwork deals with...for reporting purposes....money laundering and NOT taxation.

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chef702 send a private message View Space | Friends | Playbook | My Sportsbook: Pinnacle Sports |
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#8
Posted: 7/8/2011 3:33:50 PM

VG is correct on this one.  It is all about the odds.  Any bet paying over 300 to 1.

Check your parlay tickets as there is no sense in making those 12 teamers

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