New On line books NJ

theMadMan · Oct 6, 2018

Question ;

If you win good some of money and withdrawal 10-20 thousand from book will they issue tax forms?

theMadMan · Oct 6, 2018

Hit a couple big ML underdogs ! 15-1 and 20-1

Michelangelo · Oct 6, 2018

Don't know the answer but congrats.

I would guess that it will be taxed at collection.

PatsFan1283 · Oct 6, 2018

Pretty sure you get a 1099 based on net winnings over $600 if it is FD/DK.

michael777 · Oct 6, 2018

stick with offshore son

theMadMan · Oct 6, 2018

PatsFan1283 said:
Pretty sure you get a 1099 based on net winnings over $600 if it is FD/DK.

THIS>>>
Any single wager paying 300 times the amount wagered and at least $600 is taxable income. It is the account holder’s responsibility to come to a manned location and complete the W-2G.

theMadMan · Oct 6, 2018

Michelangelo said:
Don't know the answer but congrats.

I would guess that it will be taxed at collection.

Well Now!

If any winnings minus the amount wagered exceed $5,000, federal taxes are withheld and the balance deposited to the account holder’s account.

So I Bet $5,000 on +210 dog collect $10,500 Clear $5,500.00 and get withholding's????/tax forms

WHY BET LIVE/ONLINE