What size win triggers tax reporting by the sportsbook?

Question

I know that any cash payment above $10k will trigger a CTR, and any sports betting net win above $10k will certainly trigger a W2G..But what about smaller amounts? From what i could find, any net win (on a -110 sports bet for example), above $5k will trigger a W2G? (and then obviously you want your total gross payout, including stake, to be less than $10k to avoid a CTR)..Does the sound right? I even went into the IRS regs, and could find nothing on point. Thank you for any thoughts you may have. .Just trying to get a sense of what people might be seeing out there now, with different state tax laws re: gambling income (obviously, IRS reporting should be consistent across states).

bill358 · Answer

I know that any cash payment above $10k will trigger a CTR, and any sports betting net win above $10k will certainly trigger a W2G..But what about smaller amounts? From what i could find, any net win (on a -110 sports bet for example), above $5k will trigger a W2G? (and then obviously you want your total gross payout, including stake, to be less than $10k to avoid a CTR)..Does the sound right? I even went into the IRS regs, and could find nothing on point. Thank you for any thoughts you may have. .Just trying to get a sense of what people might be seeing out there now, with different state tax laws re: gambling income (obviously, IRS reporting should be consistent across states).

666LES · Answer

you do not know a cash PAYMENT above 10k will trigger a CTR (it doesn't) nor does a net win above 10k trigger a W2g (never).

A ctr must be applied in the case of a punter betting an amount of 10k or higher in CASH and only then it merely documents that the punter (ss#) put down this amount in Cash on this date.Banking Act of 1990 to track $ laundering.A ctr would be filled out if you put a down payment on a car if it was 10k cash.

A w2g is filed on a race /sports bet if the payoff was 600-1 or higher, would happen on a trifecta or a ten team parlay but if you bet $5500 on New England +3 you collect $10,500 without a hitch.Any bet played at 11/10 will be of no concern in reporting anything to the IRS by the Book.

bill358 · Answer

Sorry, i dont agree with that. Any &#x2B;$10k transaction (in or out) will trigger a CTR. If i go to my bank, and deposit $10k cash, that&#x27;s a CTR. If i go to my bank, and withdraw $10k, that&#x27;s a CTR. It&#x27;s no different at a sports book. And sorry, but you&#x27;re wrong on the W2G. I have won bets as high as $50k (on a straight -110 bet), and that has always triggered a W2G or a 1099-MISC. Who knows, maybe they were being extra cautious, over and above what the tax reporting laws require, but that is what has happened to me in the past.

BFLO66FAN · Answer

Slots ... $1500 and under

TheBallDontLie · Answer

&#xA; &#xA;It&#x27;s $1200

TheGoldenGoose · Answer

[Quote: Originally Posted by TheBallDontLie]  &#xD;&#xA; &#xD;&#xA;It&#x27;s $1200  [/Quote]I hit a $1,200 slot payout on 1/12/2019 and it triggered a W2G.

EuroPro · Answer

only big ballers worry about this shiit

666LES · Answer

What bank do you transact as the withdrawal of 10k is the very transaction specified in the Banking Act of 1990 that doesn&#x27;t need to be itemed and is counter to the reason a ctr exists.A CTR is a method of tracking Cash so the IRS may tag $ laundering.I closed a saving account of &#x2B;25k last year...no ctr.Lived in Las Vegas 8 years,cashed numerous tickets for 20k,25k,50k,60k, and there was NEVER a W2G or aCTR and since you bring up 1099 misc( which is for payment of non-employees and is nothing to do with Wagering and is used for Independant Contractors) it appears you  know not whence you speak.Correction: A payoff of 300-1 or higher( slots,keno,horse,etc) will trigger a W2G to be filed. I quoted 600-1 because the only place I&#x27;ve ever seen it was at the Track with a $2 bet and I had a Brain glich.

nature1970 · Answer

When someone works for me and i pay them above 800. My business must produce a 1099 not sure if 1099wg is different.

666LES · Answer

You&#x27;re right nature,1099misc is for someone who isn&#x27;t an employee but might do sub-contractor work and has nothing to do with paying a wager. The OP is pulling something out of his asszzz and has never made a serious bet in his Life.There is a W2G(W2 Gambling) that applies to paying a Wager but there is no 1099WG.

nature1970 · Answer

I have not received a form in years. Mostly because I have not been to foxwoods for years... I received a form that went on my 2010 taxes. Last one I got. But the casino payed Conn.  And the feds before releasing anything to me.

What size win triggers tax reporting by the sportsbook?

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