i am going to go out on a limb here and say, you never been to vegas. once you see how it works there in vegas you will see the amusement in your question.
if you were real good at picking winners in sports you could if you wanted, make a couple of million just betting in vegas and still stay under the radar.
if you were real good at picking winners in sports you could if you wanted, make a couple of million just betting in vegas and still stay under the radar.
Ok--Let me try to ask this so you don't think I'm totally ready to be committed....
Here's what I'm wondering.. Say you're a regular baseball bettor a Vegas book-- Maybe most bets daily are $200 to $500. Same book day in and day out.... If you are a regular winner, does the government require them to keep ANY type of records for the smaller player.
Say he had a good week and won $10K (Not a word to the IRS--Is that what you're telling me as long as the bets are under 10k?)
Forgive me---I've had a bad day taxwise and kinda upset.
Here's what I'm wondering.. Say you're a regular baseball bettor a Vegas book-- Maybe most bets daily are $200 to $500. Same book day in and day out.... If you are a regular winner, does the government require them to keep ANY type of records for the smaller player.
Say he had a good week and won $10K (Not a word to the IRS--Is that what you're telling me as long as the bets are under 10k?)
Forgive me---I've had a bad day taxwise and kinda upset.
Whoson1st said:
From my experience (I've also asked book managers). It works like this:
Each form of gambling has a threshold number (for slots the # is $1200) where you have to fill out a tax form (if you aren't willing to provide your ss# - they withhold 31% or something). For this reason, you'll see rows of slot machines that have a prize of $1199
For sports, I was told the magic # is $1000 on a single bet. I've gambled for 7 years in the books and have had runs where I cashed in 400-800 every day for weeks at a time. Never had to fill out a form. The numbers may have changed, but I think $1000 is still one that requires them to have you fill out the forum.
If you do find yourself having to fill out forms, don't forget you can deduct losing wagers from the winners when calculating your taxes.
I'm not advocating anyone cheat the IRS, but the racebook adjoined to the sportsbook tends to have hundreds of losing tickets that can offset some wins quite nicely when it comes to tax time
ktvvegas said:From my experience (I've also asked book managers). It works like this:
Each form of gambling has a threshold number (for slots the # is $1200) where you have to fill out a tax form (if you aren't willing to provide your ss# - they withhold 31% or something). For this reason, you'll see rows of slot machines that have a prize of $1199
For sports, I was told the magic # is $1000 on a single bet. I've gambled for 7 years in the books and have had runs where I cashed in 400-800 every day for weeks at a time. Never had to fill out a form. The numbers may have changed, but I think $1000 is still one that requires them to have you fill out the forum.
If you do find yourself having to fill out forms, don't forget you can deduct losing wagers from the winners when calculating your taxes.
I'm not advocating anyone cheat the IRS, but the racebook adjoined to the sportsbook tends to have hundreds of losing tickets that can offset some wins quite nicely when it comes to tax time
There is ABSOLUTELY no forms to fill out for cashing a mere $1,000 sportswager.
Hitting a slot win over $1199 does require ID and signing.
TTinCO said:
the "form" your refering to on a slot is a W2g. same as race book or racetrack, hitting a pick 3 or trifecta that is over 600 to 1. (or any exotic bet). also called a "signer" at the track. the W2g is a irs regulation.
there are no W2g forms for sports bets. CTR's and other cash reporting forms the sportsbook must record or file is done in the sportsbooks when required by federal law, and or nevada gaming regulations.
TTinCO said:
Yes, they get away with that becuase the patrons are paid in "chips".
The CTR that valuim pointed out is short for 'CASH TRANSACTION REPORT" and a sportsbook employee must feel this out anytime a patron wagers(not JUST wins) $10,000 or more in CASH at the window in ONE day. Again patrons can avoid this, at least as of four years ago, by simply wagering CHIPS at the window instead of CASH.
