Posted:
#1
if your winnings on a ticket exceed 10g, are you required to pay taxes?
Taxes
...
Views: 2183
Posts: 11
Posted:
#4
that is the 'official' answer if that's what you refer to it as, the form your reffering to is in regards to 'money-laundering' next time you're in LV and are placing a (sportsbook) bet, ask to speak to the manager, he'll be delighted to explain in detail; btw there's a big difference between the Casino cage, and the Sportsbook cage, two entirely different operations, with different guidelines, and policies...
Posted:
#5
Reportable Gambling Winnings
Report gambling winnings on Form W-2G if:
1. The winnings (not reduced by the wager) are $1,200 or
more from a bingo game or slot machine,
2. The winnings (reduced by the wager) are $1,500 or more
from a keno game,
3. The winnings (reduced by the wager or buy-in) are more
than $5,000 from a poker tournament,
4. The winnings (except winnings from bingo, slot machines,
keno, and poker tournaments) reduced, at the option of the
payer, by the wager are:
a. $600 or more, and
b. At least 300 times the amount of the wager, or
5. The winnings are subject to federal income tax
withholding (either regular gambling withholding or backup
withholding).
Tax-Exempt
Posted:
#8
I know ICEOG is correct about machine payouts on Slots, Video Poker or Video Keno because the wife and I have been caught in THAT trap before. the sh!ts IS you can NOT take that against losses on your taxes like with stock market "investment" losses vs gains. I have benn b!tching to my Nevade state US Government Senators and Congressmen about that for YEARS 
Posted:
#10
you only get taxed if you hit a crazy parlay like an 8 teamer and the amount exceeds that threshold. so your ok as long as you put down 10k straight bets in cash. technically they would need to ask for that damn form at the time you placed the bet. but why would anyone sign it? even if they asked for it you can always just put a fake ssn or name cuz they dont have the authority to required ID. they are not the IRS. they are just a sportsbook.
so as long as you use cash your ok. and if they ask for that form fake the funk or use a different book. thats the beauty of vegas there is one around the corner
now if you use the app and your placing 12000 bets all the time now you have a paper trail that correponds to your name and the ssn you used to create the app account. so when you filed out the application for the app you've also given the sportsbook the option of possibly handing over your info to the irs. it really depends on how much you win before the sportsbook ends up having to send that info to the irs for you to be taxed or maybe the irs looks up the records of the dudes that win and selectively tax them. this is how vegas dave got taxed in more ways than one. they audited a sportsbook and found that dave had won alot so they were gonna tax him but it turned out he gave false ssn at the time he signed up.
so long story short. just use cash and your good.
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