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need input on wager limit/taxes

Participants:

Posts: 7

Bostoncj

Prospect

Joined: Jun, 2013

Posts: 239

Posted: Jan. 25, 2014 - 10:56 AM ET #1

how much can you wager at sportsbooks withought having to pay taxes on winning? and is it different for tables and slots? any info would be great thanks

666LES

Veteran

Joined: Dec, 2006

Posts: 4321

Posted: Jan. 25, 2014 - 11:39 AM ET #2

If payoff is 300-1 or greater there is a file.If you show/cash for 10k or more the book must file a money-tracking slip for IRS but this is not a tax! Bet the limit and there is no tax on any payout <300-1.gl

Bostoncj

Prospect

Joined: Jun, 2013

Posts: 239

Posted: Jan. 25, 2014 - 3:37 PM ET #3

thanks

ALTABLOCK

Banned

Joined: Feb, 2013

Posts: 2165

Posted: Feb. 6, 2014 - 12:31 AM ET #4

over 10 grand they file paper on you. also over 3 grand. no taxes.

ALTABLOCK

Banned

Joined: Feb, 2013

Posts: 2165

Posted: Feb. 6, 2014 - 12:32 AM ET #5

les knows what hes talking about.

Bostoncj

Prospect

Joined: Jun, 2013

Posts: 239

Posted: Feb. 8, 2014 - 9:50 AM ET #6

thanks guys got back yest and all worked out

666LES

Veteran

Joined: Dec, 2006

Posts: 4321

Posted: Feb. 8, 2014 - 10:51 AM ET #7

I'm positive it was warmer on LasVegasBlvd while you were there then what it was in Boston. The 10k ID thing is just banking and money laundering and I hope you had to show/shine on the strip.

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need input on wager limit/taxes

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