Posted:
#1
For example the guy who just won 500 grand on the Cardinals futures line to win the world series at the MGM. How does Vegas pay him out? Obviously not in cash?
666....Federal law requires that taxes be deducted from any payout in excess of 300-1.....be it slots, races, or sports as long as the payout is in excess of $600.
So, his payout on NL championship would not be subjected to taxes; but his world series payout would be.
666....Federal law requires that taxes be deducted from any payout in excess of 300-1.....be it slots, races, or sports as long as the payout is in excess of $600.
So, his payout on NL championship would not be subjected to taxes; but his world series payout would be.
