Michigan is Live! Lots of books to choose from

[d2bets]

I will admit I'm no expert on this whatsoever, but this is a good topic for all of us to learn about. I don't think this is taxed in Vegas? If they DO 1099 you, then staying offshore is a no-brainer. However, to my knowledge; the State revenue comes strictly from the casinos and this isn't a person-to-person taxable situation? Possibly if you bet and win more than 10k on a single wager it is then taxable. Which is why you would spread it out (if you had a big wager) to multiple different books. Or, walk out of the casino (if brick betting), and come back the next day with a $9,999 bet to stay under the 10k.

So I think/thought that the State is strictly getting revenue from the casino and not 1099 everyone. Let's get some answers to this because I will take the freebies and then go right back offshore.

Where did you pull the 10k number from?

[jjgold]

worried about taxes lol

Hey guys worry about losing your fukkin cars and houses 1st

[Wilfred]

I will admit I'm no expert on this whatsoever, but this is a good topic for all of us to learn about. I don't think this is taxed in Vegas? If they DO 1099 you, then staying offshore is a no-brainer. However, to my knowledge; the State revenue comes strictly from the casinos and this isn't a person-to-person taxable situation? Possibly if you bet and win more than 10k on a single wager it is then taxable. Which is why you would spread it out (if you had a big wager) to multiple different books. Or, walk out of the casino (if brick betting), and come back the next day with a $9,999 bet to stay under the 10k.

So I think/thought that the State is strictly getting revenue from the casino and not 1099 everyone. Let's get some answers to this because I will take the freebies and then go right back offshore.

Technically every bet you make or slot win is taxable and “should” be reported. In slots you get a tax form on every win over $1,200. I’m sure the same must be for sports on some type of bet. It will all now be tracked on the app if you bet online so I’m not sure if they track your plays for the year or if it’s like slots and it’s a per bet thing that would trigger a form. Maybe it will be winning $1,200 on a bet like slots? But in that case people would most likely just bet to win under that amount multiple times.

[d2bets]

Technically every bet you make or slot win is taxable and “should” be reported. In slots you get a tax form on every win over $1,200. I’m sure the same must be for sports on some type of bet. It will all now be tracked on the app if you bet online so I’m not sure if they track your plays for the year or if it’s like slots and it’s a per bet thing that would trigger a form. Maybe it will be winning $1,200 on a bet like slots? But in that case people would most likely just bet to win under that amount multiple times.

Obviously you are not getting a separate 1099 for every $1,200 win. Can you imagine? Someone who regularly plays 2k bets, could end up with thousands of 1099's? Insane.

[hehfest]

Where did you pull the 10k number from?

I was in A.C. putting in futures and I think they just got sports betting there at that time. He told me keep it under 10k so I don't have to pay taxes. So, I bet several separate tickets to get to 30k. Like 9900 each in winnings. Supposedly, I would've been taxed on any single ticket over 10k of winnings. Again, I don't know much about all this...

[d2bets]

I was in A.C. putting in futures and I think they just got sports betting there at that time. He told me keep it under 10k so I don't have to pay taxes. So, I bet several separate tickets to get to 30k. Like 9900 each in winnings. Supposedly, I would've been taxed on any single ticket over 10k of winnings. Again, I don't know much about all this...

AC tickets in person on a future is going to be different than just standard online wagering. The rules vary. Wise move though.

[Wilfred]

Obviously you are not getting a separate 1099 for every $1,200 win. Can you imagine? Someone who regularly plays 2k bets, could end up with thousands of 1099's? Insane.

Agreed it must be more than $1,200. But there has to be a threshold somewhere. Someone will need to ask the employees at the actual casino when they have to give them out/take personal info on redemptions.

[d2bets]

Agreed it must be more than $1,200. But there has to be a threshold somewhere. Someone will need to ask the employees at the actual casino when they have to give them out/take personal info on redemptions.

I read something online about winning at 300-1 odds being reported. I truly don't know if they are reporting with an annual W-2G. I suspect so, but not sure. I guess I'll find out soon.

[texhooper]

FanDuel will send you a 1099 if you’re up over $600 with them over the course of a year, per their site. I think I read another one or two will too but I know FD says this. https://support.fanduel.com/hc/en-us...Duel-winnings-

I played a little with them and got out. Just awful lines. Not worth it

[hehfest]

FanDuel will send you a 1099 if you’re up over $600 with them over the course of a year, per their site. I think I read another one or two will too but I know FD says this. https://support.fanduel.com/hc/en-us...Duel-winnings-

I played a little with them and got out. Just awful lines. Not worth it

Yeah. Take the free play maximum and then bolt. Anything over 6 hunge for the year? So much for that. LOL. One and done! Basically, use all the free offers and max them out from each app, then go back offshore. Thanks for that info.

[Alan Aktion]

I'm from Michigan and deposited in 3 books on Friday... MGM, DKs, & FD. There was an article in the Detroit Free Press that made an overall statement that applied to all books in Michigan, that you will receive a W-2G from the sportsbook if winnings for the year are at least $600 and the payout is 300 times the amount of your wager. Furthermore, if you win more than $5000 and the payout is at least 300 times what you wagered, the IRS requires the sportsbook to withhold 24% of the winnings. With all that said, this is all new to me as much as some of you. I've played offshore for over 2 decades. I still have multiple offshore accounts that I intend on still using. At this point, I'm not really sure what I'm going to do in the near future.

[Wilfred]

I'm from Michigan and deposited in 3 books on Friday... MGM, DKs, & FD. There was an article in the Detroit Free Press that made an overall statement that applied to all books in Michigan, that you will receive a W-2G from the sportsbook if winnings for the year are at least $600 and the payout is 300 times the amount of your wager. Furthermore, if you win more than $5000 and the payout is at least 300 times what you wagered, the IRS requires the sportsbook to withhold 24% of the winnings. With all that said, this is all new to me as much as some of you. I've played offshore for over 2 decades. I still have multiple offshore accounts that I intend on still using. At this point, I'm not really sure what I'm going to do in the near future.

If it’s $600 AND 300x then it wouldn’t be a problem. You can make a bet on the kiosk to win $600 and cash it out with no worries on getting a from. Hopefully the APP isn’t much different, I don’t think I will be using them further than the free play for now.

[d2bets]

FanDuel will send you a 1099 if you’re up over $600 with them over the course of a year, per their site. I think I read another one or two will too but I know FD says this. https://support.fanduel.com/hc/en-us...Duel-winnings-

I played a little with them and got out. Just awful lines. Not worth it

That article is for fantasy. I know that because it says they send a 1099. Gambling winnings would, I believe, be reported on a W-2G. I think the rules for 1099's and W-2G's are different. I've read about what Alan quoted below.

But it's still a mystery. I'll find out soon enough.

[TheMoneyShot]

If it’s $600 AND 300x then it wouldn’t be a problem. You can make a bet on the kiosk to win $600 and cash it out with no worries on getting a from. Hopefully the APP isn’t much different, I don’t think I will be using them further than the free play for now.

It could be $600 and/or 300x? Could be a typo... we really don't know? All I heard was.... they will tax your winnings at a certain bracket... regardless of your net losses. I think that's total BS. Again, it's not confirmed 100% but very close to a high percentage.

I think people are at the mercy of the govt sending your ssn and signing up on these apps. I wouldn't want them knowing my lifestyle based upon an app that I use... that's linked to me. They don't need to know my high wagers.... wins losses... whatever. It's BS. Major invasion of privacy.

[d2bets]

It could be $600 and/or 300x? Could be a typo... we really don't know? All I heard was.... they will tax your winnings at a certain bracket... regardless of your net losses. I think that's total BS. Again, it's not confirmed 100% but very close to a high percentage.

I think people are at the mercy of the govt sending your ssn and signing up on these apps. I wouldn't want them knowing my lifestyle based upon an app that I use... that's linked to me. They don't need to know my high wagers.... wins losses... whatever. It's BS. Major invasion of privacy.

That's not true. Gambling winnings are just ordinary income, so it depends entirely on your own tax bracket. It's not a separate bracket.

[d2bets]

FanDuel will send you a 1099 if you’re up over $600 with them over the course of a year, per their site. I think I read another one or two will too but I know FD says this. https://support.fanduel.com/hc/en-us...Duel-winnings-

I played a little with them and got out. Just awful lines. Not worth it

Will my winnings be reported to the IRS and/or State Tax Authorities?

• 6 months ago
• Updated

Winnings are reported to the IRS in certain situations:

1. When a wager pays out $600.00 or more of net winnings at odds of 300 to 1 or greater:

• FanDuel Sportsbook will report these winnings to the subscriber on an IRS Form W-2G on or before the applicable statutory due date, with a separate W-2G form completed for each wager that meets the above thresholds.
• For certain states, FanDuel Sportsbook is required to withhold a specified percentage of the net winnings and remit it to the applicable state taxing authority in the subscriber’s name.

1. In addition, when a wager pays out more than $5,000.00 of net winnings with odds of 300 to 1 or greater:

• FanDuel Sportsbook is required to withhold 24% of the net winnings and remit it to the IRS in the subscriber’s name.
• For certain other states, FanDuel Sportsbook is required to withhold a specified percentage of the net winnings and remit it to the applicable state taxing authority in the subscriber’s name.

If you need additional copies of any W2-Gs or year-end reports you can find them on the desktop site by clicking the link below:

https://myaccount.fanduel.com/tax-statements.shtml

We strongly recommend that you consult with a professional when preparing your taxes. You may need to report your winnings even if you do not receive a W2-G and if nothing is withheld.

https://fanduelsportsbook.zendesk.com/hc/en-us/articles/360001908508-Will-my-winnings-be-reported-to-the-IRS-and-or-State-Tax-Authorities-

[TheMoneyShot]

That's not true. Gambling winnings are just ordinary income, so it depends entirely on your own tax bracket. It's not a separate bracket.

Dude... you read things too technical. All of my posts have said... YOU WILL GET TAXED. Settle down guy.

There's no way in hell... they would let any professional walk away free. Regardless of posted rules.

[d2bets]

Dude... you read things too technical. All of my posts have said... YOU WILL GET TAXED. Settle down guy.

There's no way in hell... they would let any professional walk away free. Regardless of posted rules.

Yes you have to report winnings. Just like you have to report your offshore gambling winnings.

[CanuckG]

I'm from Michigan and deposited in 3 books on Friday... MGM, DKs, & FD. There was an article in the Detroit Free Press that made an overall statement that applied to all books in Michigan, that you will receive a W-2G from the sportsbook if winnings for the year are at least $600 and the payout is 300 times the amount of your wager. Furthermore, if you win more than $5000 and the payout is at least 300 times what you wagered, the IRS requires the sportsbook to withhold 24% of the winnings. With all that said, this is all new to me as much as some of you. I've played offshore for over 2 decades. I still have multiple offshore accounts that I intend on still using. At this point, I'm not really sure what I'm going to do in the near future.

Check out twinspires - tell them canuck sent you

[jjgold]

lol play offshore dopes if you bet serious money

Twinspires is outstanding if you like USA Books

[Wilfred]

Will my winnings be reported to the IRS and/or State Tax Authorities?

• 6 months ago
• Updated

Winnings are reported to the IRS in certain situations:

1. When a wager pays out $600.00 or more of net winnings at odds of 300 to 1 or greater:

• FanDuel Sportsbook will report these winnings to the subscriber on an IRS Form W-2G on or before the applicable statutory due date, with a separate W-2G form completed for each wager that meets the above thresholds.
• For certain states, FanDuel Sportsbook is required to withhold a specified percentage of the net winnings and remit it to the applicable state taxing authority in the subscriber’s name.

1. In addition, when a wager pays out more than $5,000.00 of net winnings with odds of 300 to 1 or greater:

• FanDuel Sportsbook is required to withhold 24% of the net winnings and remit it to the IRS in the subscriber’s name.
• For certain other states, FanDuel Sportsbook is required to withhold a specified percentage of the net winnings and remit it to the applicable state taxing authority in the subscriber’s name.

If you need additional copies of any W2-Gs or year-end reports you can find them on the desktop site by clicking the link below:

https://myaccount.fanduel.com/tax-statements.shtml

We strongly recommend that you consult with a professional when preparing your taxes. You may need to report your winnings even if you do not receive a W2-G and if nothing is withheld.


https://fanduelsportsbook.zendesk.co...x-Authorities-

No way they only are reporting when odds are only 300-1. Uncle Sam would barely be getting any money.

[d2bets]

No way they only are reporting when odds are only 300-1. Uncle Sam would barely be getting any money.

Just sharing the page I found. I have no idea. But like I said, even if the book doesn't report, you still have to report yourself.

If this is the case, they'll probably "fix" the loophole in the near future.

[jjgold]

[Wilfred]

Just sharing the page I found. I have no idea. But like I said, even if the book doesn't report, you still have to report yourself.

If this is the case, they'll probably "fix" the loophole in the near future.

Just like you have to report right now, just like you have the report every single slot machine win that you have. In reality they know people aren’t going to report every bet. The difference is on the app they can track everything, but if you bet in person they cannot.

[jjgold]

play offshore dopes

no taxes