First time cashing out from sportsbook

Forum: Gaming Industry - US Page 1 of 2  1 2  
Author: [Gaming Industry - US] Topic: First time cashing out from sportsbook
ohmyyikes PM ohmyyikes
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Posted: 1/31/2011 10:54:42 AM
This is my first time cashing out from a sportsbook offshore.  I requested a Fedex check on 5dimes for a good amount.  I was wondering, do I need to report this check to my taxes, etc. etc?  What amount raises red flags to the bank?  Any help would be appreciated. 
ohmyyikes PM ohmyyikes
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Posted: 2/1/2011 2:29:49 AM
Can someone help me?
gamble04 PM gamble04
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Posted: 2/1/2011 4:42:04 AM
I had the same problem a few years ago.  They will keep telling you it is coming and never will.  I never received my payment.  I will never ever play at sportsbook again.
ohmyyikes PM ohmyyikes
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Posted: 2/1/2011 11:54:57 PM
QUOTE Originally Posted by gamble04:

I had the same problem a few years ago.  They will keep telling you it is coming and never will.  I never received my payment.  I will never ever play at sportsbook again.



ohmyyikes PM ohmyyikes
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Posted: 2/2/2011 2:24:32 AM
help? 
oiupdfs PM oiupdfs
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Posted: 2/2/2011 4:40:14 AM
QUOTE Originally Posted by gamble04:

I had the same problem a few years ago.  They will keep telling you it is coming and never will.  I never received my payment.  I will never ever play at sportsbook again.


What?

He did say he used sportsbook.com, he said he used 5dimes.  He didn't say he was having any problems with payment.  He asked about taxes.

And to answer you question - yes, report it.  If it's a smaller amount that you can get away with, that's one thing, but you said it's a good amount, so I wouldn't risk the audit.
i4jelway7 PM i4jelway7
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Posted: 2/2/2011 8:21:47 AM
a good amount can't be over 3k if you are getting a fedex check from 5dimes,  not sure I'd worry about a tax audit for that amount but to each their own
canadiantruth PM canadiantruth
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Posted: 2/2/2011 12:21:16 PM
I never claim my sports bet winnings, but I am canadian.

I would not bother.


ohmyyikes PM ohmyyikes
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Posted: 2/2/2011 11:33:07 PM
Its smaller than 5k...

How about a money order or western union or moneygram?  Do we need to report those as well?
jerseykingpin PM jerseykingpin
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Posted: 2/3/2011 11:09:51 AM
QUOTE

Originally Posted by ohmyyikes:

This is my first time cashing out from a sportsbook offshore.  I requested a Fedex check on 5dimes for a good amount.  I was wondering, do I need to report this check to my taxes, etc. etc?  What amount raises red flags to the bank?  Any help would be appreciated. 

do I need to report this check to my taxes, etc. etc? NO NO NO . Would you report you income if you were a drug dealer  Think about it 

jerseykingpin PM jerseykingpin
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Posted: 2/3/2011 11:13:10 AM
As for a cash out you can do money gram but its I think only $850 at a clip but cashing a check I never had a promblem just open another acct and and pull that cash out and put it in another acct
jerseykingpin PM jerseykingpin
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Posted: 2/3/2011 11:14:52 AM
QUOTE

Originally Posted by ohmyyikes:

Its smaller than 5k...

How about a money order or western union or moneygram?  Do we need to report those as well?

PLAIN AND SIMPLE YOU REPORT NOTHING ONLINE GAMBLING IS ILLEGAL

yuice20 PM yuice20
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Posted: 2/3/2011 12:19:30 PM
QUOTE Originally Posted by jerseykingpin:

PLAIN AND SIMPLE YOU REPORT NOTHING ONLINE GAMBLING IS ILLEGAL


 

Please don't listen to this guy. It is up to up on wether or not you should report your winnings. If you don't and you get audited you will have a problem. Just report it and you will have nothing to worry about
atlheatholder PM atlheatholder
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Posted: 2/3/2011 4:39:39 PM
QUOTE Originally Posted by jerseykingpin:

PLAIN AND SIMPLE YOU REPORT NOTHING ONLINE GAMBLING IS ILLEGAL

ohmy -

jersey has said two things, one being right and one wrong.  His wrong statement is listed above - online gambling is legal.

His correct statement was the part about not reporting garbage to the government.  Those person already rape you on your normal paychecks, don't let them steal more money from you.

 

ohmyyikes PM ohmyyikes
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Posted: 2/4/2011 12:12:30 AM
I'm planning not to report my taxes on it.  The check is only for 3.5k...

But do most people report it or run that risk? 

I know online gaming is legal.
gamble04 PM gamble04
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Posted: 2/4/2011 4:48:14 AM
Do not report it unless you bet sports for a living.
jerseykingpin PM jerseykingpin
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Posted: 2/4/2011 5:30:21 AM
QUOTE Originally Posted by atlheatholder:

ohmy -

jersey has said two things, one being right and one wrong.  His wrong statement is listed above - online gambling is legal.

His correct statement was the part about not reporting garbage to the government.  Those person already rape you on your normal paychecks, don't let them steal more money from you.

 

Your right sorry some states its still legal and some not like in Jersey it is ILLEGAL to gamble online so check your state

ohmyyikes PM ohmyyikes
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Posted: 2/5/2011 12:15:43 AM
I'm in California. 
ohmyyikes PM ohmyyikes
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Posted: 2/8/2011 2:02:36 AM
bump... any others please?  need opinions...don't want to break the law here and bypass it.  if I need to claim my winnings I will, the last 2 weeks I received a fedex check for 2500 and WU for $950.  Will any of those be a problem?  need to be claimed?  how do they track these things if unclaimed? 
acbulluck PM acbulluck
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Posted: 2/8/2011 11:22:37 AM
QUOTE Originally Posted by ohmyyikes:

bump... any others please?  need opinions...don't want to break the law here and bypass it.  if I need to claim my winnings I will, the last 2 weeks I received a fedex check for 2500 and WU for $950.  Will any of those be a problem?  need to be claimed?  how do they track these things if unclaimed? 


The answer is 'NO'. 
bobjenkins12 PM bobjenkins12
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Posted: 2/19/2011 1:47:22 PM
i got got a check from sportsbook.com for $1,100 and deposited it on 1/26/2011 and the check  bounced on 2/15/2011 because the account the check was wrote on was closed. just wanted to give u a heads up
sg488 PM sg488
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Posted: 2/19/2011 11:34:50 PM
Ive been with Sportsbook.com for 10 years,usually took 3 days for cashouts,Now,they have a new processor,and its takes 4-6 weeks.So ,im looking for a new Offshore,any recomendations?
sunset PM sunset
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Posted: 2/21/2011 12:23:44 AM
If you treat it as a business yes you have to report it. If its just a couple of bets now and then no needed to report!!
baconbits1 PM baconbits1
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Posted: 2/21/2011 12:57:51 AM
I am not saying yes or no, just providing information from the IRS website.  Don't forget, if you itemize, losses are deductible...read below, Item 4:

Gambling Winnings Are Always Taxable Income

 
IRS Tax Tip 2010-34

Gambling winnings are fully taxable and must be reported on your tax return. Here are the top seven facts the Internal Revenue Service wants you to know about gambling winnings.

  1. Gambling income includes – but is not limited to – winnings from lotteries, raffles, horse and dog races and casinos, as well as the fair market value of prizes such as cars, houses, trips or other noncash prizes.

  2. Depending on the type and amount of your winnings, the payer might provide you with a Form W-2G and may have withheld federal income taxes from the payment.

  3. The full amount of your gambling winnings for the year must be reported on line 21 of IRS Form 1040. You may not use Form 1040A or 1040EZ. This rule applies regardless of the amount and regardless of whether you receive a Form W-2G or any other reporting form.

  4. If you itemize deductions, you can deduct your gambling losses for the year on line 28 of Schedule A, Form 1040.

  5. You cannot deduct gambling losses that are more than your winnings.

  6. It is important to keep an accurate diary or similar record of your gambling winnings and losses.

  7. To deduct your losses, you must be able to provide receipts, tickets, statements or other records that show the amount of both your winnings and losses.

For more information see IRS Publication 529, Miscellaneous Deductions, or Publication 525, Taxable and Nontaxable Income, both available at IRS.gov or by calling 800-TAX-FORM (800-829-3676).

Links:

  • Form W-2G, Certain Gambling Winnings (PDF 134K)
  • Publication 529, Miscellaneous Deductions (PDF 169K)
  • Publication 525, Taxable and Nontaxable Income (PDF 266K)
  • Tax Topic 419, Gambling Income and Expenses

ohmyyikes PM ohmyyikes
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Posted: 2/21/2011 1:00:55 AM
QUOTE Originally Posted by sunset:

If you treat it as a business yes you have to report it. If its just a couple of bets now and then no needed to report!!


Not so much a business, more of a hobby.  No forms were sent to me when I received my check and my WU withdrawal.  So what now?  I'm still confused and wondering how I am able to keep track of all the winnings and losses. 
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