Posted:
#1
I brought this up in another part of the forum and did not get any answers. What is the highest amount of winnings you can get paid out at a sportsbook and not get taxed? thanks in advance
Vegas tax question
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Views: 685
Posts: 9
Posted:
#6
you can get paid out any amount as long as your payout didn't exceed odds of 300-1. When you have >10k cash going one way (wagering or collecting) they ask for your ID but it isnt a tax form.(W2G) It's for money laundering purposes. You dont have to declare anything on your taxes. Or you can just ask for chips.
Posted:
#7
Quote Originally Posted by thing:
you can get paid out any amount as long as your payout didn't exceed odds of 300-1. When you have >10k cash going one way (wagering or collecting) they ask for your ID but it isnt a tax form.(W2G) It's for money laundering purposes. You dont have to declare anything on your taxes. Or you can just ask for chips.
So, I won't receive any tax information by mail even if I have filled out two W2's? It's not like they just took my ID and put me on file.
Posted:
#8
I believe the form you filled out is actually a w-9. When you fill this form out it, you are basically saying "this is who i am, this is where i live and this is my ssn" and then you date and sign it. it has nothing to do with taxes. It's usually filled out when you have your ID but not proof of your ssn.
Posted:
#9
Quote Originally Posted by thing:
I believe the form you filled out is actually a w-9. When you fill this form out it, you are basically saying "this is who i am, this is where i live and this is my ssn" and then you date and sign it. it has nothing to do with taxes. It's usually filled out when you have your ID but not proof of your ssn.
I believe the form you filled out is actually a w-9. When you fill this form out it, you are basically saying "this is who i am, this is where i live and this is my ssn" and then you date and sign it. it has nothing to do with taxes. It's usually filled out when you have your ID but not proof of your ssn.
Both Casinos emphasized taxes. Not sure what's going to happen, but I am prepared just in case I have to pay, so it's not a big issue. On the other hand since filling out two forms I have just spread my money around to other casinos so I won't have to fill out anymore paper work.
I hope you're right!
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