Tax Questions

Question

Good morning Guys,I would like to ask you several questions so you can help me do what is best for me. First being fully straight up I have made over 75K of work wages being reported honestly for taxes purposes. I have made recently over 5K on wagers and I wish to retrieve back those funds without raising red flags, therefore here I go with the mentioned questions:1. Is getting for a ck from sportsbook for around 2.5K (From Canada) and depositing it thru bank cashier raise any flags?2. What is the best option you guys would consider to retrieve the funds if WU is not an option given the amount the book is able to provide?3. What is you best suggestion to all above given the fact I have already received over 1K thru WU and about a month I got a ck for about 1.5K?The less you ever need is to be forced to talk about wagering with wife and family.Your insight will be highly appreciated.Thank you all,Maverick23

maverick23 · Answer

Good morning Guys,I would like to ask you several questions so you can help me do what is best for me. First being fully straight up I have made over 75K of work wages being reported honestly for taxes purposes. I have made recently over 5K on wagers and I wish to retrieve back those funds without raising red flags, therefore here I go with the mentioned questions:1. Is getting for a ck from sportsbook for around 2.5K (From Canada) and depositing it thru bank cashier raise any flags?2. What is the best option you guys would consider to retrieve the funds if WU is not an option given the amount the book is able to provide?3. What is you best suggestion to all above given the fact I have already received over 1K thru WU and about a month I got a ck for about 1.5K?The less you ever need is to be forced to talk about wagering with wife and family.Your insight will be highly appreciated.Thank you all,Maverick23

Slobbasaurus · Answer

Any check &lt; $10k is usually NOT questioned.  Assuming that you received a check in the past from this book and it appears legit, you should be fine.  Anything over $10k requires paperwork for tax purposes.  This is not really a Tax question b/c the book isn&#x27;t going to provide you with any kind of W-2G so you don&#x27;t report it on your 1040.  I don&#x27;t wager with online books so no help from me with withdrawal questions.

thorpe · Answer

5K is not a lot of money.  Do whatever is easiest for you  and don&#x27;t worry about it.

TheFootball77 · Answer

No way brother. The cost of an audit is too expensive for a measly 5k gambling wins.

They most likely figure you're a gambler and will report you lost something at local casinos or scratch off tickets you tossed out as losers. Thereby you would cancel your gambling winnings for the year and not pay any taxes.

they would lose thousands of dollars of tax payers money auditing a guy who even if they won, might lose money rather than bring money in.

TheFootball77 · Answer

You should still pay taxes however.

That means, if you make $1,000 gambling, you will pay around $300 to taxes. If you're trying to do things "right" and believe in a code of righteousness, that good things come to those who do right, then you should definitely consider paying these taxes.

The last thing you want is $300 in unpaid taxes result in a Karmic Komet that destroys all your gambling luck.

Slobbasaurus · Answer

The likelihood of you being audited are slim to nil. I haven't reported any capital gains in 8 years. Statute of limitations expired since I started. It was <$1k tops in each year I've been doing this, but I'm not paying 25% of the money that I risked.

I'm hoping Trump and his Administration makes it 15% across the board and I'll reconsider.

I'm kind of phucked this year. I have no choice but to report it b/c it's a decent aamount of money. Pisses me off.

TheGoldenGoose · Answer

Slob:  spot on

dcp1985 · Answer

Who says that paying taxes is "right"?  Do these politicians spend it "right"?  I don&#x27;t think karma would ever side with the big government so the OP is probably safe!

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