So how many of you have received your 1099-Misc.? Also, with others that get paid in Bitcoin then traded it for USD. Certain Offshores and Crooked nose Tony DO have there place.
States vary widely on their tax rates and if you get a W2 and are not self employed or draw a paycheck you may find a not so happy April. Make sure you itemized your deductions(gambling loses) Collect any dead tickets at any casino all year!!! Delaware is by far the best state to bet in as long as your ticket isn't over $5000 in WINNINGS. Remember you have to prove to the state and federal government you are right not that they are wrong. If you are using a mobile phone and you registered your account your pretty much screwed. Don't be lazy go to the kiosks. If you go to the counter and they want your Driver's license go in your wallet and say damn I left it in my work car, truck, whatever. The kiosks are your friend in this way. Keep all losing tickets. Go to many casinos. Yes, it is a pain in the ass but just say you won $36,000 this Wildcard Weekend. Do you really want to pay a combined Federal and State tax rate of w-2G. Hey just deduct $5000 in gambling losses which is the max as far as I know. Collect dead tickets at racetracks wherever. You can. If you have old tickets. Don't sign up for bonus or get VIP cards or any of that crap. It will really kick in this year with so many states becoming legal and the Covid fog lifting. Remember all states updated their tax systems that were mostly designed in the 1980s. Anyway, just Collect dead tickets and trikle in your winnings if still playing off shore. Draft Kings and those mobile apps will kill you. They have your location device #, ISP # your banking info. Keep everything separate and if they won't pay you without the drivers license use your passport. It trumps all ID but really is more difficult to track and doesn't pin you to a state always change up your name with each passport. Adding middle name initials, SR, JR, I believe you can even change your sex. Anyways, know your states limits not just the federal limits.
God is Good and the Ball don't Lie.
0
To remove first post, remove entire topic.
States vary widely on their tax rates and if you get a W2 and are not self employed or draw a paycheck you may find a not so happy April. Make sure you itemized your deductions(gambling loses) Collect any dead tickets at any casino all year!!! Delaware is by far the best state to bet in as long as your ticket isn't over $5000 in WINNINGS. Remember you have to prove to the state and federal government you are right not that they are wrong. If you are using a mobile phone and you registered your account your pretty much screwed. Don't be lazy go to the kiosks. If you go to the counter and they want your Driver's license go in your wallet and say damn I left it in my work car, truck, whatever. The kiosks are your friend in this way. Keep all losing tickets. Go to many casinos. Yes, it is a pain in the ass but just say you won $36,000 this Wildcard Weekend. Do you really want to pay a combined Federal and State tax rate of w-2G. Hey just deduct $5000 in gambling losses which is the max as far as I know. Collect dead tickets at racetracks wherever. You can. If you have old tickets. Don't sign up for bonus or get VIP cards or any of that crap. It will really kick in this year with so many states becoming legal and the Covid fog lifting. Remember all states updated their tax systems that were mostly designed in the 1980s. Anyway, just Collect dead tickets and trikle in your winnings if still playing off shore. Draft Kings and those mobile apps will kill you. They have your location device #, ISP # your banking info. Keep everything separate and if they won't pay you without the drivers license use your passport. It trumps all ID but really is more difficult to track and doesn't pin you to a state always change up your name with each passport. Adding middle name initials, SR, JR, I believe you can even change your sex. Anyways, know your states limits not just the federal limits.
Are you trying to get people in trouble? Bro if you really collect dead race tickets on the ground omg are you the biggest degenerate on this site. I will bet my life you are not a winning sports bettor after reading this post. Hahahah like do you have a brain did you really just write that. I was going to be nice and tell you something to make your life easier but it's just to funny the thought of you on your hands and knees picking up spit drenched tickets soaked in beer and piss and dog shit from peoples shoes lmfao. Omg dude you are a trip
4
@FRANKtheBANKss
Are you trying to get people in trouble? Bro if you really collect dead race tickets on the ground omg are you the biggest degenerate on this site. I will bet my life you are not a winning sports bettor after reading this post. Hahahah like do you have a brain did you really just write that. I was going to be nice and tell you something to make your life easier but it's just to funny the thought of you on your hands and knees picking up spit drenched tickets soaked in beer and piss and dog shit from peoples shoes lmfao. Omg dude you are a trip
I don't understand posts like yours pipe. This guy comes on here trying to give a piece of advice about gambling and the tax man. Maybe he's right maybe he's not. Maybe he does pick up tickets off the ground. Either way why do you come into the thread just to trash the guy? If you don't have anything to add to the conversation maybe just leave it alone.
3
@PipeDreaming
I don't understand posts like yours pipe. This guy comes on here trying to give a piece of advice about gambling and the tax man. Maybe he's right maybe he's not. Maybe he does pick up tickets off the ground. Either way why do you come into the thread just to trash the guy? If you don't have anything to add to the conversation maybe just leave it alone.
Crooked nose Tony obvs he means the illegal bookies, no tax there.
One of the reasons I left the US was gambling was illegal. Now it's legal but they tax you if you win, no surprise. I just wouldn't even bother. Hard enough to win without getting taxed too.
In UK/Ireland this is unheard of. You keep all your winnings. The bookies pay their taxes, they can well afford it - check out the stock price of PaddyPower/Betfair.
I love the US, love the people, and yes it's the land of opportunity but those opportunities are mostly for those who are already rich. And it's a friggin police state with a justice system all designed for one purpose to extract cash from everyone, just like the college system and student loan system, just like the healthcare system. I remember trying to afford college there and every time my bank balance got low I got charged whatever else was left in it practically in fees. I had to use check cashing places because even though they charged you i at least had the cash in my hand and couldn't have my last 20 hoovered up by a fee - a fee for being down to my last 20!
Since I've returned to where I was born I've availed of a free college degree (the gov actually paid me 100 bucks a week while I was doing it, some people in my class got 200+), free public healthcare (admittedly it's a slow system but you can pay to go private if you want) and I get to keep all my winnings. I can use cash at the cashier or kiosk or either deposit/withdraw to my bank account or mix and match. My town has 5 different ones of 4 different companies all in a 15 mins walk from my house and each other.
The only catch is you need to be careful with using your bank account because if you apply for a mortgage they will ask to see statements and they won't approve you if they say even a single gambling transaction. Because obviously we're all degens with no control I guess and never win anything.
So that is something to be aware of for all the new US customers enjoying legal gambling now- I remember being over there your credit rating was your whole life, a bad credit rating screws you as bad as a felony, and I dunno how gambling transactions will be looked at.
I would try to bet cash as much as possible or use prepaid debit cards that can't be traced. I use Revolut which is awesome but I dunno if they are in the US yet.
1
Crooked nose Tony obvs he means the illegal bookies, no tax there.
One of the reasons I left the US was gambling was illegal. Now it's legal but they tax you if you win, no surprise. I just wouldn't even bother. Hard enough to win without getting taxed too.
In UK/Ireland this is unheard of. You keep all your winnings. The bookies pay their taxes, they can well afford it - check out the stock price of PaddyPower/Betfair.
I love the US, love the people, and yes it's the land of opportunity but those opportunities are mostly for those who are already rich. And it's a friggin police state with a justice system all designed for one purpose to extract cash from everyone, just like the college system and student loan system, just like the healthcare system. I remember trying to afford college there and every time my bank balance got low I got charged whatever else was left in it practically in fees. I had to use check cashing places because even though they charged you i at least had the cash in my hand and couldn't have my last 20 hoovered up by a fee - a fee for being down to my last 20!
Since I've returned to where I was born I've availed of a free college degree (the gov actually paid me 100 bucks a week while I was doing it, some people in my class got 200+), free public healthcare (admittedly it's a slow system but you can pay to go private if you want) and I get to keep all my winnings. I can use cash at the cashier or kiosk or either deposit/withdraw to my bank account or mix and match. My town has 5 different ones of 4 different companies all in a 15 mins walk from my house and each other.
The only catch is you need to be careful with using your bank account because if you apply for a mortgage they will ask to see statements and they won't approve you if they say even a single gambling transaction. Because obviously we're all degens with no control I guess and never win anything.
So that is something to be aware of for all the new US customers enjoying legal gambling now- I remember being over there your credit rating was your whole life, a bad credit rating screws you as bad as a felony, and I dunno how gambling transactions will be looked at.
I would try to bet cash as much as possible or use prepaid debit cards that can't be traced. I use Revolut which is awesome but I dunno if they are in the US yet.
Thanks for the info. I'm in the USA and I live in a state where gambling hasn't been legalized, so everything I do is offshore. Even when they do legalize it in my state, I think I'll probably still continue to use the offshore books, for many of the same reasons you outlined. I'm also hearing stories of FD, DK and MGM banning users who win too much. I've never heard of that happening with the reputable offshore books that I use. It's becoming harder and harder to fly under the radar, especially with all the KYC regs, which is where crypto comes into play. I would imagine that I couldn't withdraw from DK and have them send BTC to an anonymous wallet. I do that all the time with offshore books.
God is great, beer is good, and people are crazy.
0
@NutinButtLove
Thanks for the info. I'm in the USA and I live in a state where gambling hasn't been legalized, so everything I do is offshore. Even when they do legalize it in my state, I think I'll probably still continue to use the offshore books, for many of the same reasons you outlined. I'm also hearing stories of FD, DK and MGM banning users who win too much. I've never heard of that happening with the reputable offshore books that I use. It's becoming harder and harder to fly under the radar, especially with all the KYC regs, which is where crypto comes into play. I would imagine that I couldn't withdraw from DK and have them send BTC to an anonymous wallet. I do that all the time with offshore books.
@FRANKtheBANKss Are you trying to get people in trouble? Bro if you really collect dead race tickets on the ground omg are you the biggest degenerate on this site. I will bet my life you are not a winning sports bettor after reading this post. Hahahah like do you have a brain did you really just write that. I was going to be nice and tell you something to make your life easier but it's just to funny the thought of you on your hands and knees picking up spit drenched tickets soaked in beer and piss and dog shit from peoples shoes lmfao. Omg dude you are a trip
Only on Covers.com will you find people who are degenerate gamblers AND love paying taxes....
0
Quote Originally Posted by PipeDreaming:
@FRANKtheBANKss Are you trying to get people in trouble? Bro if you really collect dead race tickets on the ground omg are you the biggest degenerate on this site. I will bet my life you are not a winning sports bettor after reading this post. Hahahah like do you have a brain did you really just write that. I was going to be nice and tell you something to make your life easier but it's just to funny the thought of you on your hands and knees picking up spit drenched tickets soaked in beer and piss and dog shit from peoples shoes lmfao. Omg dude you are a trip
Only on Covers.com will you find people who are degenerate gamblers AND love paying taxes....
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