2) sportsbook / casino like Westgate or Caesars Palace in Las Vegas
- when you register for online sportsbook they want your IRS social security #. When I read online about new government rules it states you have to pay taxes on your winnings and after you win you will receive a w2-102 form to fill out and that you get your tax papers in a few months to claim.
- but if you go up to a sportsbook in Las Vegas you pay cash for your bet and you collect your winnings. Now im sure if you win something like $100k they will kindly as you to negotiate your tax purposes but majority if not all bets settled are between $10 - $20,000
So is this a deterrent now to place online? Anyone have gone through these tax documents recently?
To remove first post, remove entire topic.
So there are 2 ways now to place wagers.
1) online sportsbook
2) sportsbook / casino like Westgate or Caesars Palace in Las Vegas
- when you register for online sportsbook they want your IRS social security #. When I read online about new government rules it states you have to pay taxes on your winnings and after you win you will receive a w2-102 form to fill out and that you get your tax papers in a few months to claim.
- but if you go up to a sportsbook in Las Vegas you pay cash for your bet and you collect your winnings. Now im sure if you win something like $100k they will kindly as you to negotiate your tax purposes but majority if not all bets settled are between $10 - $20,000
So is this a deterrent now to place online? Anyone have gone through these tax documents recently?
You only pay taxes if you win a longshot paying better than 300-1. ie, lottery, superfecta, slots
They collect your SSN for money laundering purposes, not taxes. Most people are lucky to win 25K in a year betting sports and that is not going to make the IRS open an investigation...
You keep posting this....why?
You only pay taxes if you win a longshot paying better than 300-1. ie, lottery, superfecta, slots
They collect your SSN for money laundering purposes, not taxes. Most people are lucky to win 25K in a year betting sports and that is not going to make the IRS open an investigation...
You keep posting this....why? You only pay taxes if you win a longshot paying better than 300-1. ie, lottery, superfecta, slots They collect your SSN for money laundering purposes, not taxes. Most people are lucky to win 25K in a year betting sports and that is not going to make the IRS open an investigation...
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Quote Originally Posted by thorpe:
You keep posting this....why? You only pay taxes if you win a longshot paying better than 300-1. ie, lottery, superfecta, slots They collect your SSN for money laundering purposes, not taxes. Most people are lucky to win 25K in a year betting sports and that is not going to make the IRS open an investigation...
[Quote: Originally Posted by thorpe] You keep posting this....why? You only pay taxes if you win a longshot paying better than 300-1. ie, lottery, superfecta, slots "They collect your SSN for money laundering purposes, not taxes" Most people are lucky to win 25K in a year betting sports and that is not going to make the IRS open an investigation...
You're, 100% correct..
@thorpe
[Quote: Originally Posted by thorpe] You keep posting this....why? You only pay taxes if you win a longshot paying better than 300-1. ie, lottery, superfecta, slots "They collect your SSN for money laundering purposes, not taxes" Most people are lucky to win 25K in a year betting sports and that is not going to make the IRS open an investigation...
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