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Prospect
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Posted: #76
Has anyone here heard of Merino? I heard some stuff on another site about him. Any imput?
 
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Joined: Aug, 2005
Posts: 857
Posted: #77
TalkingHead whoever he is DON"T DO IT.  Save your money.  You're going to end up giving hime money, losing more money yourself, and wishing you hadn't done that.

DON"T DO IT!!!!
 
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Posted: #78
 
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Posted: #79
go to the casino ask somebody in the sports book....
 
Prospect
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Posts: 462
Posted: #80
Dude, believe me I have.  I have friends who are bookies!!!!  We have had conversations about splitting up bets to not pay taxes.  A guy I went to high school with is working right now at a Cal-Neva book in Carson City, NV.
 
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Posted: #81
"All gambling winnings are considered taxable income. The casinos in Las Vegas are required to have you fill out a W-2G only for your winnings over $1,200 that you won in a single wager."
 
 
Prospect
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Posted: #82
Ok enough is enough though.  We have completly hijacked this poor guys thread and taken it totally off topic!  Should I start a "Atl Fader and Nevadanightmare argue about various things" thread?
 
Prospect
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Posted: #83
"Amanda" said it "should" be the same. It's not. "Amanda" is wrong.  I also found a yahoo answers thing that said some casinos don't require it till $10,000.  Well all of the books I've ever placed a large bet at are like that.  Most are Cal-Neva affiliate books. 
 
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Posted: #84
Below are one of the rules from the IRS website regarding paying taxes on gambling winnings. There are other rules and regulations that may also apply.
Topic 419 - Gambling Income and Expenses
source: https://www.irs.gov/taxtopics/tc419.html

Gambling winnings are fully taxable and must be reported on your tax return. You must file Form 1040 (PDF) and include all of your winnings on line 21. Gambling income includes, but is not limited to, winnings from lotteries, raffles, horse races, and casinos. It includes cash winnings and also the fair market value of prizes such as cars and trips. For additional information, refer to Publication 525, Taxable and Nontaxable Income.

A payer is required to issue you a Form W-2G (PDF) if you receive $600 or more in gambling winnings or if you have any gambling winnings subject to Federal income tax withholding. The $600 amount is increased to $ 1,200 for winnings from bingo or slot machines and to $ 1,500 for winning from Keno.

https://www.lasvegasdirect.com/taxes.html

 
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Posted: #85
If you have won more than $5,000, the payer generally is required to withhold 25% of the proceeds for Federal Income Tax. If you did not provide your social security number the payer may have to withhold 28%. For more information on withholding, refer to Publication 505, Tax Withholding and Estimated Tax.
 
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Posted: #86
you'all have a great evening... been a pleasure
 
Prospect
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Posted: #87
Well I guess thats another reason I like to bet at Cal-Neva books!  I have won more than $600 many times, no form ever.  A tax form has never even been mentioned when cashing any of my tickets.  Casinos are liscened by the state of Nevada, not the Federal government.  I don't see what authority the Feds would have in regulating Nevada's casinos.  Thats the gaming control boards job.  The IRS take away a Nevada casinos gaming liscence.
 
 
Prospect
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Posted: #88
Look guys I wasn't trying to start an arguement or anything. If anybody has any good information for me I'd appreciate it.
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