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Las Vegas Sportsbetting Taxes and TSA

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Prospect
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Joined: Feb, 2014
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Posted: #1
I have a couple questions...

If I won a big wager on a straight bet -110 line of 42K to win 38K, and got payed out 80K, would I have to pay any sort of tax at any given time after the win?

Also, lets say I keep that 80K in my carry on bag when I leave Vegas. When going through airport security, will there be any problems with the TSA because of the amount of cash I have with me? My flight is domestic and not international. If the TSA asks any questions, is the proper response that I gamble with big money... Also, would I have to show proof where that money came from? Because if so, I could just show them a picture of my betting slip on my phone right?

What do you guys have to say about these situations?

Thanks!
 
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Posted: #2
to pay tax, it would have to be 300 to 1 odds.

you do not need to pay tax.

the casino will fill out reports saying how you got the money. 

it is called a CTR paper.
 
All-Star
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Posted: #3
Any amount 10,000 or more cash reguires you to fill-out forms for the government, money laundering thing.

Best to make smaller bets at different places, there could be ways around this such as receiving casino chips and cashing them under 10,000.

I'm pretty sure you would be legally reguired to pay taxes on the amount.
 
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Posted: #4
Quote Originally Posted by theclaw:

Any amount 10,000 or more cash reguires you to fill-out forms for the government, money laundering thing.

Best to make smaller bets at different places, there could be ways around this such as receiving casino chips and cashing them under 10,000.

I'm pretty sure you would be legally reguired to pay taxes on the amount.

only thing in the casino you have to pay taxes, is 300 to 1 odds wins. straight bets cannot be taxed. i live and work in vegas for 20 years.
 
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Posted: #5
Yes, you must declare.
 
Veteran
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Posted: #6
tape the cash to your body
 
Prospect
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Posted: #7
Quote Originally Posted by ALTABLOCK:


only thing in the casino you have to pay taxes, is 300 to 1 odds wins. straight bets cannot be taxed. i live and work in vegas for 20 years.

The IRS would disagree with you. That 300 or more odds thing is only for horse racing, and only if your total winnings for that ticket exceeds $600. It depends on the state regarding filling out tax forms, but I came in 3rd in a poker tournament in Atlantic City for $5600 and I had to fill out a form. But even if they don't require you to fill out a form you are expected (by law) to claim the winnings as taxable income on your next tax filings. You can also claim any gambling losses as tax deductions, but cannot exceed the amount of your winnings. 

https://blog.turbotax.intuit.com/2014/09/09/sports-gambling-and-how-your-winnings-are-taxed-2/
 
Legend
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Posted: #8

Everyone is right in this thread...

You are expected to pay income tax on gambling winnings just like any other income.  You file this on your annual tax return.

The casino would not issue you any paperwork other than a FINCEN report which is simply a report that says you have over 10k in cash.  It is the same report you would get anywhere you have 10k in cash - like a car dealership or whatever.

TSA would not care how much cash you have, as long as you can explain where you got it an it is not bullshit or suspicious.  I have carried your kind of cash through TSA many times.

Support your local animal shelter. I am on twitter.
 
 
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Posted: #9
First,I used to work in the casino cage and finance. 

ALL *** ALL winnings are taxable income. The money laundering forms are how they catch you. But, as far as the IRS is concerned if you win $10 you are required to self report it. 

What people confuse are the times the casino is required to take your information and when you are supposed to self report. The casino will take your info if the win exceeds 10K. ($1,200 on slots)

If you are in a sports book and cashing out less than 10k then they shouldn't need your ID. But, they will still fill out a log of cash payouts that exceed $2500 in a 24 hour period. Again, this is for money laundering but the treasure department shares the forms with the IRS. That log is then used to search for your gaming history. If you are a known customer they will report it along with other gaming info on your players card ( I call players cards - IRS cards).

If it seems like the IRS is out to hassle gamblers in Vegas, they are. The second biggest IRS office in the country in in Vegas. Guess who they are after. Cash payouts.

On the 42k bet. You can lay it off at several casinos. It would take a couple of hours but it can be done. 
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