There seems to be a misconception when it comes to Tax talk on the new Gambling laws

Betallsports · Jun 6, 2018

There seems to be a misconception when it comes to Tax talk on the new Gambling laws

When they're talking about 8.25% Tax, or in PA, 34% or whatever it is, they are talking about the State, not the Player.

Like the Computer Group posted, it's basically the same as if you were making a wager in Las Vegas... There's no Tax within the wager, No tax in the Juice of the spread
and if you Cash a Normal straight wager for let's say $550 to Win $500 or $1100 to win $1000, etc.. They are Not going to stand there while you are cashing your ticket and say, Oh by the way, we are taking Tax out of your Winnings

Now if you take a $100 wager and turn it into a $20,000 Win, that's a different story.
the only question will be , will you have the Option to pay the Tax on cashing or can you Claim it with your taxes.
Because you need to remember, You Can Claim Losses. Losses can be deducted from your Winnings at Tax time.

Betallsports · Jun 6, 2018

Another thing. I'm sure you will need to hold a Players card, and along with a government photo ID, they will keep track on your Wagering, Winnings & Losses

so at the end of the year You will be able to get a print out Record to use when you do your taxes.

So Now will be the time to hold onto those Losing lottery tickets, scratchers, Horse wagering tickets , Gambling Losses at the Casino ( which you can ask for ) by using your Players card from the Casino.

WhiteyBulger · Jun 6, 2018

Great info. All the more reason to stay offshore.

Knightrofins · Jun 6, 2018

Do high stakes sports gamblers have players cards? Do they get a won/loss statement at the end of the year?

Betallsports · Jun 6, 2018

Knightrofins said:
Do high stakes sports gamblers have players cards? Do they get a won/loss statement at the end of the year?

Yes

but the main reason for them to use their Players card is for Comps.

IN a lot of cases , at the least the ones I know that are High Stakes Casino Gamblers, they don't like to use their players card. They try to sneak a Sports Wager
in there because if they Win the wager, they don't really want it on record.

But for the Avg. gambler I would think you want to, even though Sports wagers mean very little when it comes to Comps.

Knightrofins · Jun 6, 2018

I only meant for sports players.....I know slots players receive statements....Just wondering if table players and sports players do as well

Betallsports · Jun 6, 2018

Knightrofins said:
I only meant for sports players.....I know slots players receive statements....Just wondering if table players and sports players do as well

Yes Table game Players do. I'm a Table player and have been doing it for years.

I would think that straight out Sports gamblers do as well

Knightrofins · Jun 6, 2018

Betall,

Do you receive a year end statement on wins and losses? And with that, do you receive a W2G every year?

Betallsports · Jun 6, 2018

Knightrofins said:
Betall,

Do you receive a year end statement on wins and losses? And with that, do you receive a W2G every year?

Yes Any Gambling I do in Las Vegas, AC and CT I receive a Statement. as far as a W2G, only if I Won for that year.

Remember you Can't Claim Losses, it can only be used against your Winnings

meaning if you Lose for the year, there's nothing to claim. This is per Year. You can't carry over your losses from Last year if you Won This year.

Betallsports · Jun 6, 2018

another thing my accountant has told me over the years, If you have Won overall for let's say 3 years in a row, Don't try to Fully Offset the Winnings with Losses

Meaning show some Winnings one or two of those years. Like if you won $10,000, come up with $9,000 of losses so you pay something
in this case you would pay taxes on $1,000 instead of the $10,000 ( this of course is when you really didn't lose $9,000 )
Save losing Tickets, and if you plan on picking them off the floor, make sure they don't have foot prints on them. lol

In most cases the IRS won't ask to see your losing tickets, but if you get audited that's when you will need to produce them.

I'm not "Admitting" this is what I do. But if I had 3-4 winning years in a row, I will only fully Offset my winnings 1-2 years, and pay a reduced Win tax

Knightrofins · Jun 6, 2018

Betallsports said:
Yes Any Gambling I do in Las Vegas, AC and CT I receive a Statement. as far as a W2G, only if I Won for that year.

Remember you Can't Claim Losses, it can only be used against your Winnings

meaning if you Lose for the year, there's nothing to claim. This is per Year. You can't carry over your losses from Last year if you Won This year.

I understand that you can only claim losses up to winnings. My questions was i was wondering if table bettors or sports bettors recieve W2G's or won/loss statements

You said that you received a W2G in the past for table games? Did they tax your gross or net winnings?

Betallsports · Jun 6, 2018

Knightrofins said:
I understand that you can only claim losses up to winnings. My questions was i was wondering if table bettors or sports bettors recieve W2G's or won/loss statements

You said that you received a W2G in the past for table games? Did they tax your gross or net winnings?

I'm a table Player Only. I don't do Slots
I Ask for my Win/ loss statement every year. Doesn't matter if I won or loss. The Casino does NOT Tax you. It's up to You to file
You need to Ask them for it, otherwise they don't send it to you.

I'm going to say Most Casinos don't care to report a person gambling. Unless you are a HUGE Whale of some type.

I play at a good clip, but nothing near "Huge"
I have a bunch of friends that are Big to semi Huge gamblers. I'm talking Winning or Losing up to $100,000 at any given time, half of them don't bother reporting anything they do on the Tables, and they are fine. The others list themselves as professional gamblers, and do the Tax thing.

MotorCityMadman · Jun 6, 2018

I am also a table player only(BJ). Those wins and lost statements from table games are only estimates at the best. If you keep records like I do you will see rarely do they match. I have had plus years and their records show me losing. Paying taxes is up to you. If you are a small player its throwing good money down the drain. I can honestly say over the last 15 years I have pulled over a $100,000 from the casinos without a W2, CTR, or SAR. The only time I generated 1099 was when I was invited to a VIP party and won a raffle drawing for $1,000.

Betallsports · Jun 6, 2018

Motor City Madman said:
I am also a table player only(BJ). Those wins and lost statements from table games are only estimates at the best. If you keep records like I do you will see rarely do they match. I have had plus years and their records show me losing. Paying taxes is up to you. If you are a small player its throwing good money down the drain. I can honestly say over the last 15 years I have pulled over a $100,000 from the casinos without a W2, CTR, or SAR. The only time I generated 1099 was when I was invited to a VIP party and won a raffle drawing for $1,000.

totally agree, it will never match up because the Pit guys never pay full attention on what you are doing, how much you are playing for and if you buy in
in the middle of your stay at the table.
those guys just don't give a shit.

I once had to go to my host and complain because they were way off on my rating

TheComputerGroup · Jun 6, 2018

Yeah, I don't know why bettors think the east coast will be any different than Vegas.

skins85 · Jun 6, 2018

so i may be asking a dumb question here but if i go up to delaware and win say 5k or whatever i will have to file taxes in delaware for my winnings? then i fly to vegas and do that also i gotta pay Nevada taxes as well? sorta like a 1099 person in each state......seems like a local is still the best option... ive used a local for over a decade and havnt gone offshore or anything. i have a buddy who wants to go to delaware for a bachelor party and im all for it but never really thought much about the tax implications before. i assume its no different than when in vegas and im probably a small time player when it comes down to it but just curious. who wants to file taxes in multiple states for gambling winnings?

MotorCityMadman · Jun 6, 2018

People should never bet so much that 1 ticket will win you $5,000 or more. You should be betting multiple tickets so that the aggerate amount is small.

RenoChazz · Jun 6, 2018

IRS doesn't really accept w/l statements from casinos. If you don't hit 250/1 you are on the honor system to keep you own records and pay the taxes. Keeping a diary with dates hold more weight than a losing ticket. From what I understand even when you are flagged for winning more than 10k on a single wager it is to make sure you aren't laundering cash.

kidman232 · Jun 6, 2018

Betallsports said:
totally agree, it will never match up because the Pit guys never pay full attention on what you are doing, how much you are playing for and if you buy in
in the middle of your stay at the table.
those guys just don't give a shit.

I once had to go to my host and complain because they were way off on my rating

its never going to be close at all, I can promise you that, atleast for the long haul. Its just impossible to do. way to many variables and factors