Anyone know how NJ sportsbook taxes work?

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  • eaglesfan44
    SBR High Roller
    • 11-25-18
    • 140

    #1
    Anyone know how NJ sportsbook taxes work?
    Anyone know how the taxes work on the NJ sportsbook. Everyone thinks over $600 in net winnings for the year = taxes but Ive never gotten a 1099 or any tax form.

    I think they only send the form if you win a bet of $600 or more with odds of 300-1 or greater

    I know a lot of people who have won thousands on sites and never got the tax form. Even requested it on live chat with the sites and they said they never isssued it.

    I know everyone has a responsibility to pay taxes but whats the deal with sites not issuing anything??
  • doubledime
    SBR Hall of Famer
    • 04-22-09
    • 9751

    #2
    Originally posted by eaglesfan44
    Anyone know how the taxes work on the NJ sportsbook. Everyone thinks over $600 in net winnings for the year = taxes but Ive never gotten a 1099 or any tax form.

    I think they only send the form if you win a bet of $600 or more with odds of 300-1 or greater

    I know a lot of people who have won thousands on sites and never got the tax form. Even requested it on live chat with the sites and they said they never isssued it.

    I know everyone has a responsibility to pay taxes but whats the deal with sites not issuing anything??
    Not sure about NJ sportsbook taxes, but all my friends who live in NJ say their real-estate taxes are too high.
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