[tartagliax09]

Does anyone know how taxing works on money you cash out on a sportsbetting website, do you have to claim everything you win or fill out a w-2 or anything like that? Id appreciate any responses, thank you

[goduke]

No kind of a honor system but if you get audited it won't be hard for them to find the money trail. I would highly suggest if you're ahead by the end of the year you claim it just to be safe.

[unusialsusp5]

odds on getting audited are about 100,000-1. even if they did they couldn't be bothered tracing something like that. major decline in the number of irs auditors (which of course they don't publicize) i would highly suggest you do nothing and report nothing. ridiculous question and above response even more ridiculous.

[lonegambler23]

lmaoo keep your trap shut guy

[TPowell]

Always wondered, would you have to report sportsbook winnings if you donk all of it plus more off in a casino or something dumb?

[sweep]

Just cashed out 1300 from StarsNj.......zero paper work required.

Hit a 3.5k tri a few years ago at Foxwoods, they gave me the tax forms at the window but zero required on site...basically up to you what you wanna claim imo

[newguy]

You got both ends of spectrum in response there so I will give you mine. If it's small - don't bother - if audited show that you lost in previous years and these are essentially carry forward losses etc. I think $10k is the number they are required to have you report at casinos. If your talking $100k you may need to think about it. If your income is $50k and you are pulling out $75k. You may need to think about it. To me, taxes are a silly thing to get thrown in jail over but obviously others have different perspectives.

[Dirty Sanchez]

Just cashed out 1300 from StarsNj.......zero paper work required.

Hit a 3.5k tri a few years ago at Foxwoods, they gave me the tax forms at the window but zero required on site...basically up to you what you wanna claim imo

Sure you did

[sweep]

Sure you did

LOL....CHicken chest Sanchez

Not sure what your prob is with me but have at it

[jjgold]

End of thread

odds on getting audited are about 100,000-1. even if they did they couldn't be bothered tracing something like that. major decline in the number of irs auditors (which of course they don't publicize) i would highly suggest you do nothing and report nothing. ridiculous question and above response even more ridiculous.

[Dirty Sanchez]

LOL....CHicken chest Sanchez

Not sure what your prob is with me but have at it

I wish I looked that good...put a hole in the chest left of center and 16 inch guns is more accurate

[sweep]

[SharpAngles]

Whenever I need tax advice I ask gambling forums. What could go wrong?

[stackz125]

Come to Canada bruh

[Dirty Sanchez]

Come to Canada bruh

Then people will never see the Stanley Cup...no thanks

[Russian Rocket]

Not sure what your prob is with me but have at it

[triplecrown333]

i would not open that can of worms with the irs for sure...

[unusialsusp5]

i would not open that can of worms with the irs for sure...

meaning what. you would report it or not report it. if you get one of those letters from them just throw it away. not enough agents or not enough days in the year to catch up to even 1% of those red flags.

[goduke]

odds on getting audited are about 100,000-1. even if they did they couldn't be bothered tracing something like that. major decline in the number of irs auditors (which of course they don't publicize) i would highly suggest you do nothing and report nothing. ridiculous question and above response even more ridiculous.

How is my response ridiculous? He didn't state how much he's been winning. What if it's 50k? Is my response ridiculous then? 100k to 1 I doubt that if his circumstances make it suspicious. And if you like putting your odds of going to jail in a number feel free. I cashed over 6 figures in sports and poker last year and damn right I claimed it because I'm not dealing with the bs from that. I was giving him the safest answer that apply to all situations. You were giving him the cheap degenerate answer. Also very easy to trace money trails if a person puts it in their bank account which many do

[triplecrown333]

i dont file win or lose unless we are talking about an extravagant amount like 250k and up per year...

[unusialsusp5]

How is my response ridiculous? He didn't state how much he's been winning. What if it's 50k? Is my response ridiculous then? 100k to 1 I doubt that if his circumstances make it suspicious. And if you like putting your odds of going to jail in a number feel free. I cashed over 6 figures in sports and poker last year and damn right I claimed it because I'm not dealing with the bs from that. I was giving him the safest answer that apply to all situations. You were giving him the cheap degenerate answer. Also very easy to trace money trails if a person puts it in their bank account which many do

don't believe he or you won that much gambling. especially you. and no one goes to jail for this. if by some miracle they catch up to you they just put you on payments.

[goduke]

don't believe he or you won that much gambling. especially you. and no one goes to jail for this. if by some miracle they catch up to you they just put you on payments.

Payments? Lol ok bud. I don't need you to believe me it means nothing to me for your validation, I was giving my own experiences and helping someone out on the safest way to do it. Just because you can't succeed at something doesn't mean others can't.

[unusialsusp5]

Payments? Lol ok bud. I don't need you to believe me it means nothing to me for your validation, I was giving my own experiences and helping someone out on the safest way to do it. Just because you can't succeed at something doesn't mean others can't.

bet you can't post a check to the irs for the taxes you paid on your gambling "winnings" since you're so honest and believe the government is entitled to 28% of it. your "experiences" aren't real so you shouldn't be giving out advice. and yes, payments. if you try to cheat them and get caught they put you on payments. not jail, payments.

[goduke]

bet you can't post a check to the irs for the taxes you paid on your gambling "winnings" since you're so honest and believe the government is entitled to 28% of it. your "experiences" aren't real so you shouldn't be giving out advice. and yes, payments. if you try to cheat them and get caught they put you on payments. not jail, payments.

And if you can't make those payments you would then go to jail pal. Again since he didn't say how much I was giving him a generic safe answer. If he had said it was a couple thousand obviously the answer is different. And you have to be insane to think I'm going to post a personal check of mine on sbr to satisfy a troll. Maybe you shouldn't be giving out advice. its obvious you are going to not believe me and I don't need you to but you can look at my post history and see I've put a lot of big bets in and have had success so I guess I'm just the most elaborate liar there is to keep up an extended rouse for no reason being that I never start threads and don't go around here ever seeking attention. This conversation is over, go back to your other threads spouting off ridiculous comments about Michelle Obama because that would just about sum up your credibility

[Foxx]

A lot of misinformation in this thread.

If it is a serious amount of money, consult a tax professional.

If you are talking a few thousand or less, I would seek advice somewhere other than here, such as a tax forum or google it.

Don't wait til next year to figure it out as you may need to gather proof of any offsetting losses from this year and it would likely be easier to do that now.

[unusialsusp5]

And if you can't make those payments you would then go to jail pal. Again since he didn't say how much I was giving him a generic safe answer. If he had said it was a couple thousand obviously the answer is different. And you have to be insane to think I'm going to post a personal check of mine on sbr to satisfy a troll. Maybe you shouldn't be giving out advice. its obvious you are going to not believe me and I don't need you to but you can look at my post history and see I've put a lot of big bets in and have had success so I guess I'm just the most elaborate liar there is to keep up an extended rouse for no reason being that I never start threads and don't go around here ever seeking attention. This conversation is over, go back to your other threads spouting off ridiculous comments about Michelle Obama because that would just about sum up your credibility

if you couldn't make the payments they would more than agreeable to re-negotiate your payment plan with them. they don't haul someone off to jail if they miss a payment or two. and obviously you can't post a check because there is no check because you couldn't have possibly won 100k betting different sports and playing poker. why you want to proclaim as much is beyond me. no one cares. i've seen your picks and they are probably successful 48%-52% over a given season like most everyone else. it's obvious you revel in the likes of the obama's and hillary's liberal swine camp. too bad it didn't go your way. and that's ruse by the way.

[lakerboy]

Then people will never see the Stanley Cup...no thanks

Hof is in Toronto.

[goduke]

if you couldn't make the payments they would more than agreeable to re-negotiate your payment plan with them. they don't haul someone off to jail if they miss a payment or two. and obviously you can't post a check because there is no check because you couldn't have possibly won 100k betting different sports and playing poker. why you want to proclaim as much is beyond me. no one cares. i've seen your picks and they are probably successful 48%-52% over a given season like most everyone else. it's obvious you revel in the likes of the obama's and hillary's liberal swine camp. too bad it didn't go your way. and that's ruse by the way.

Alright bud you have all the answers. Everything you have said is flawed but this conversation will never get anywhere because apparently fact checking is not your strong suit and it's clear you're a very close minded individual so see ya. Keyboard warrior at his best

[unusialsusp5]

Alright bud you have all the answers. Everything you have said is flawed but this conversation will never get anywhere because apparently fact checking is not your strong suit and it's clear you're a very close minded individual so see ya. Keyboard warrior at his best

i can't help myself. just have to expose frauds like you who make outlandish claims. post your year by year gambling money winning totals for all of us to see. i'll start it for you: 2015-100,000.00, 2014-?, 2013-?, 2012-?, 2011-?, 2010-? fill in the blanks. i have not made any flawed statements. you do not go to jail for failure to report gambling winnings is not a flawed statement. that you didn't win 100k gambling on games and poker is not a flawed statement. that you are a liberal is your right but not a flawed statement. that michelle obama is possibly a transgender is not that flawed a statement. maybe she isn't, maybe she is. google it.

[goduke]

i can't help myself. just have to expose frauds like you who make outlandish claims. post your year by year gambling money winning totals for all of us to see. i'll start it for you: 2015-100,000.00, 2014-?, 2013-?, 2012-?, 2011-?, 2010-? fill in the blanks. i have not made any flawed statements. you do not go to jail for failure to report gambling winnings is not a flawed statement. that you didn't win 100k gambling on games and poker is not a flawed statement. that you are a liberal is your right but not a flawed statement. that michelle obama is possibly a transgender is not that flawed a statement. maybe she isn't, maybe she is. google it.

Okay I'll entertain....will posting my numbers change your mind? No it won't it'll just further this stupid thread which was meant to help someone else. I didn't say you go to jail for not reporting but let's say you win a significant amount of money and you don't claim and can't pay it period you could go to jail. Why run any risk?
You haven't exposed anything. As for you saying I'm a liberal. I've never said I was that but I do believe in common sense and I don't believe in religion because it's not a provable concept. Does that make me liberal? I don't like trump because I think he's an absolute wild card which again doesn't make me a liberal.
And finally you calling a person transgender with zero proof shows you lack credibility period. Just like you saying you expose things here with zero proof. I wasn't on here to brag I was here to help someone based on my experiences. If I was bragging I would start threads, look for views, post a lot more. Ive said my peace you can believe what you want and do what you want because you're not going to change your mind. I won't be commenting further

[MinnesotaFats]

If you report online gambling winnings aren't you confessing to a crime? After all, each credit card comes with a warning, each bank account a warning, and we all know the various wire acts, etc that government uses to bust bookies, now aren't you essentially admitting you defrauded your bank and ****/********** by knowingly violating the terms of use to engage in prohibited activities?

Don't say a word.

[unusialsusp5]

Okay I'll entertain....will posting my numbers change your mind? No it won't it'll just further this stupid thread which was meant to help someone else. I didn't say you go to jail for not reporting but let's say you win a significant amount of money and you don't claim and can't pay it period you could go to jail. Why run any risk?
You haven't exposed anything. As for you saying I'm a liberal. I've never said I was that but I do believe in common sense and I don't believe in religion because it's not a provable concept. Does that make me liberal? I don't like trump because I think he's an absolute wild card which again doesn't make me a liberal.
And finally you calling a person transgender with zero proof shows you lack credibility period. Just like you saying you expose things here with zero proof. I wasn't on here to brag I was here to help someone based on my experiences. If I was bragging I would start threads, look for views, post a lot more. Ive said my peace you can believe what you want and do what you want because you're not going to change your mind. I won't be commenting further

i had already helped the guy by telling him not to report his gambling winnings to the irs. sure, if they are considerable, which i didn't consider, you might have to do something along those lines. once again, based on your experience of pretending you won 100k gambling last year is not a help to him. if it were true, maybe. so you don't start threads. but you manage to slip in this outlandish winning 100k proclamation. you can do it, it's ok, just not factual.

[Mac4Lyfe]

If you are talking about an offshore book then don't even think about reporting the money. The book will never report it to the IRS so you are safe there. You do have to be careful of having a lot of cash hitting your bank account without good proof on how you acquired it though.

Now, if you win at the Casino, they seem to have different rules on what they report. I've won $17k at Mandalay in one sitting and they didn't report it but I just won $7k at O'sheas 2 months ago and they asked for my DL and social security number. The guys said something incoherent as if they would take my information down but maybe not report it but most likely they will report this to the IRS. When I file next year, I will just report it as income but also report losses more than that to even it out. So if any casino takes your information, you should report it as income but then write off losses that are more than the income.

[Mac4Lyfe]

Also note that in order to write off losses, you should keep a diary of your winnings and losses and try to keep receipts and statements. I think one year my accountant just used bank statements where it showed I withdrew money out of ATM's, plane tickets, hotel, food, etc. as proof. See the following for more info.

https://www.irs.gov/taxtopics/tc419.html