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taxes on winnings in vegas

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Posted: Jun. 4, 2014 - 11:12 AM ET #1

How much taxes would u pay if u won $1000.00 at a vegas sportsbook?

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Posted: Jun. 4, 2014 - 3:05 PM ET #2

This has been answered several times. Unless you were playing a parley or ML bet that was paying 600-1 or higher, if you bet $1100 and won $1000 for eg. you pay -0- tax and the book wouldn't have any way to know who the hell you are or what your ss# is to report your good luck. Is this differnt in Ontario? There is no tax on flat bets.

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Posted: Jun. 8, 2014 - 4:58 PM ET #3

no taxes unless its 300-1 odds.

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Posted: Jun. 9, 2014 - 3:12 PM ET #4

Quote Originally Posted by ALTABLOCK:

no taxes unless its 300-1 odds.

You're correct on 300-1.I was thinking of $600 payoff for $2 horse bet,the only time I've signed for a bet.

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Posted: Jun. 9, 2014 - 3:54 PM ET #5

Quote Originally Posted by 666LES:

You're correct on 300-1.I was thinking of $600 payoff for $2 horse bet,the only time I've signed for a bet.

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Posted: Jun. 22, 2014 - 7:17 AM ET #6

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Posted: Jun. 22, 2014 - 2:02 PM ET #7

Bling tax (i.e. protection money) is 20%. I will PM you my paypal.

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