All Forums | MLB Betting Forum

***PAYING TAXES on winnings******

...
Participants:
Search model icon
Views: 2687
Posts: 27
 
Prospect
Participation Meter
Joined: Mar, 2009
Posts: 340
Posted: #1
This is directed to people seriously who make over $50,000 a year from sports betting...do you mark yoruself as professional gambler or casual bettor on taxes ...I see pros and cons to both  I see the 15.5% self employment tax is brutal but understand that eventually if want a house and to help credit need to have a steady income showing up on my taxes  ( given that my "real life job" pays $12,000 a year)  I have been contacted by my bank asking hella questions and just trying to get some insight from people who make money     THANKS in advance!!! 
 
Veteran
Participation Meter
Joined: Jul, 2011
Posts: 1759
Posted: #2
waddup with the picks bro??
 
Prospect
Participation Meter
Joined: Mar, 2009
Posts: 340
Posted: #3
COme on I know SOMEONE here makes good money maybe even 1 person ?          

At Aaustinnova.......   My picks wouldnt help as  dont finalize my picks until a couple min before game time...and my leans often switch depending on ......... well stuff lol

SOMEONE SOMEWHERE?????   Nobody can help  ?   I mean sure i can hire a tax guy but just wanted to ask first hand 
 
Prospect
Participation Meter
Joined: Apr, 2011
Posts: 123
Posted: #4
he likes cin and texas parlay. bet it lol.
 
Captain
Participation Meter
Joined: Dec, 2008
Posts: 5043
Posted: #5
I'm in Canada but really, it's the same with regards to  your question. Put "professional gambler" (that's what I do)and pay your taxes whatever they are.....there is no way around it. If the gov't follows up and finds large amounts of undeclared income, you will be in trouble.
 
Veteran
Participation Meter
Joined: Jul, 2010
Posts: 1725
Posted: #6

I need to find out this information as well.

 
Captain
Participation Meter
Joined: Apr, 2009
Posts: 6703
Posted: #7

There's a form you can file on the federal level but that doesn't exmept you from any state laws. GL

 
Prospect
Participation Meter
Joined: Nov, 2010
Posts: 143
Posted: #8
I wish I had this problem.
 
Hall of Fame
Participation Meter
Joined: Dec, 2007
Posts: 23750
Posted: #9
Well now, lemme get this straight. You get your legal and tax advice on Covers, right? Do you get surgical advice from a butcher? Do you ask your goldfish which way the wind is blowing? Do you ask a nun for advice on jock itch?
Now and then even a BLIND squirrel can find an acorn
 
Prospect
Participation Meter
Joined: Apr, 2012
Posts: 75
Posted: #10
New to this whole gambling thing and I definitely don't consider myself a professional gambler.  Just a small time gambler, but is there a certain amount that you can win and not have to pay taxes on? Just don't want to get screwed when it comes time to file for taxes.
 
Veteran
Participation Meter
Joined: May, 2012
Posts: 2952
Posted: #11
When you lose a ton it won't matter so just forget it.
 
Veteran
Participation Meter
Joined: Jul, 2012
Posts: 1219
Posted: #12
Hahaha
 
Captain
Participation Meter
Joined: Dec, 2008
Posts: 5043
Posted: #13

Halofan..............truer words were never spoken !!!!

you nailed it bro

 
Prospect
Participation Meter
Joined: Mar, 2009
Posts: 340
Posted: #14
Quote Originally Posted by KeyElement:

Well now, lemme get this straight. You get your legal and tax advice on Covers, right? Do you get surgical advice from a butcher? Do you ask your goldfish which way the wind is blowing? Do you ask a nun for advice on jock itch?

IF you read my message it said I can/will get a tax guy  but doesnt hurt hearing other peoples opinion....or are you still that child that thinks the teacher knows best?
 
Prospect
Participation Meter
Joined: Mar, 2009
Posts: 340
Posted: #15
Thanks to those of you that  answered the question  and shame on you who hate and think that every single person loses at this trade...... JUst because YOU cant do it doesnt mean EVERYONE cant do it

REMINDER  ONLY 1% of bettors win money consistently at betting...... Figure out what 1% is of 1,000,000    ( and thats a low ball number for guesstimating how many people bet)...........    1 % seems like a low number but to 1,000,000    its 10,000 people.... 5,000,000 its 50,000  people ...get my drift......   if you were good at numbers maybe you would win consistently too
 
Hall of Fame
Participation Meter
Joined: Jul, 2007
Posts: 26746
Posted: #16
Are you registered as a pro.gambler?
I think they give you some ID # that a gambler has and then you can declare wins and losses,problem I see if you have a bookie is its not legal to bet that way,but I find it interesting that your bank is curious.
Yesterday I got a call from a credit card co.,last Oct.I paid off a 1800 bill with winnings on a card I was making min.payments on,they actually wanted to know where I got the money to pay off the card.Their concern was where did the money come from,which just blew me away,I dont know what is going on,but I would take care not to put money in a bank or to show any kind of paper trail.
 
Prospect
Participation Meter
Joined: Mar, 2009
Posts: 340
Posted: #17
Quote Originally Posted by JEG53:

Are you registered as a pro.gambler?
I think they give you some ID # that a gambler has and then you can declare wins and losses,problem I see if you have a bookie is its not legal to bet that way,but I find it interesting that your bank is curious.
Yesterday I got a call from a credit card co.,last Oct.I paid off a 1800 bill with winnings on a card I was making min.payments on,they actually wanted to know where I got the money to pay off the card.Their concern was where did the money come from,which just blew me away,I dont know what is going on,but I would take care not to put money in a bank or to show any kind of paper trail.


YEauh its weak...bank and govt blow each other..and have each others backs..one in the same..... pro to labeling professional is you have deductibles ( living expenses, 50% of food, travel, etc)  but problem I have is I'm sure it puts a red flag up and chances of being audited are likely...but i guess as likely as not paying them...stupid life....oh well   thanks for your response  btw... fuck banks
 
Veteran
Participation Meter
Joined: May, 2012
Posts: 2952
Posted: #18
Quote Originally Posted by Marmix22:

Thanks to those of you that  answered the question  and shame on you who hate and think that every single person loses at this trade...... JUst because YOU cant do it doesnt mean EVERYONE cant do it

REMINDER  ONLY 1% of bettors win money consistently at betting...... Figure out what 1% is of 1,000,000    ( and thats a low ball number for guesstimating how many people bet)...........    1 % seems like a low number but to 1,000,000    its 10,000 people.... 5,000,000 its 50,000  people ...get my drift......   if you were good at numbers maybe you would win consistently too
 
Prospect
Participation Meter
Joined: Mar, 2009
Posts: 340
Posted: #19
given that the IRS  doesnt consider  " professional gambler" as a real occupation.....   " CURSE ME KILTS"!!   ( scrooge McDUCK  voice)
 
Veteran
Participation Meter
Joined: May, 2012
Posts: 2952
Posted: #20


Are you 15? You sound immature.

And for the record, you know fukk all about anyone you refer too or whether they win, lose or draw, so take your stupid fukkin attitude somewhere else more your level.

Try spongebob.com
 
Prospect
Participation Meter
Joined: Mar, 2009
Posts: 340
Posted: #21
Quote Originally Posted by halofan:

When you lose a ton it won't matter so just forget it.


THATS a  " stupid fukkin attitude"   get out of my thread if you dont like what I wrote.....Your the asshole that comes to san francisco claiming that being Gay is wrong....IF YOU DONT LIKE WHATS BEING SAID OR HAPPENING.....go somewhere else....simple...MY THREAD...MY thoughts...shooo fly  
 
Hall of Fame
Participation Meter
Joined: Apr, 2004
Posts: 22937
Posted: #22

Marmix, you are aware that wagering on sporting events (such as MLB) is illeagal except in the state of Nevada (in the US) so declare your "winnings" could be construed as conducting illeagal activities and open you up to jail time.

 

Why would you ever declare anything at all ever, unless you live and Nevada and can gamble legally?

 

You simply withdraw money via western Union and MoneyGram in moderate amounts spread out over weeks and months and don't worry about it

 
Prospect
Participation Meter
Joined: Jun, 2011
Posts: 462
Posted: #23
Thats why I have zero dollars in the bank and for atm/debit i use the handy dandy wal mart visa card! yay!
 
Veteran
Participation Meter
Joined: May, 2012
Posts: 2952
Posted: #24
Quote Originally Posted by Marmix22:



THATS a  " stupid fukkin attitude"   get out of my thread if you dont like what I wrote.....Your the asshole that comes to san francisco claiming that being Gay is wrong....IF YOU DONT LIKE WHATS BEING SAID OR HAPPENING.....go somewhere else....simple...MY THREAD...MY thoughts...shooo fly  


You ok?

You sound like you're going to cry.
 
 
Veteran
Participation Meter
Joined: May, 2012
Posts: 2952
Posted: #25
And I'm not sure how a thread you made on a public forum is 'your' thread, maybe that's the problem.

Why bring person's into it?

It's ok, your parents will forgive you eventually.

I'll leave you to it,
All Forums | MLB Betting Forum
About Us
Contact Us
Careers
Our Team
Brand
Testimonials
Betting Guides
Sportsbook Reviews
Betting News
Podcasts
Responsible Gambling
Betting Sites
US Betting Sites
Canada Betting Sites
Canada Casinos
Best Betting Apps
Contests
Streak Survivor
King of Covers
Ultimate Race
Office Pools
The Covers community has
810,221
lifetime members worldwide
Covers 30 Years Logo Established in 1995,
Covers is the world
leader in sports
betting information.
21+
Gambling problem? Call 1-800-GAMBLER
Help Privacy Terms of Service Cookies Sitemap Forum
Covers is verified safe by:
Evalon Logo Logo GPWA Logo GDPR logo Logo GeoTrust logo Logo PCI DSS logo Logo
Copyright © 1995 - 2026 CS Media Ltd. All Rights Reserved.
If you choose to make use of any information on this website including online sports betting services from any websites that may be featured on this website, we strongly recommend that you carefully check your local laws before doing so.It is your sole responsibility to understand your local laws and observe them strictly.Covers does not provide any advice or guidance as to the legality of online sports betting or other online gambling activities within your jurisdiction and you are responsible for complying with laws that are applicable to you in your relevant locality.Covers disclaims all liability associated with your use of this website and use of any information contained on it.As a condition of using this website, you agree to hold the owner of this website harmless from any claims arising from your use of any services on any third party website that may be featured by Covers.