Offshore vs legal sportsbook

[HedgeHog]

thats correct JJ....they share the same skin . Whats the other Heritage subsidiary?

Bet105

[Optional]

Does one get a 1099 from an onshore book?

Yes, if you win over $600 profit for the tax year.

[jjgold]

Does one get a 1099 from an onshore book?

Roy your an underground guy you have no business betting in USA

I see a guy like you dealing with back alley bookmakers

[wombat]

US books are for recreational peanut bettors. Limits are minuscule versus an offshore book like Bookmaker.

[RoyBacon]

I don't mind paying the tax but not a fan of the record keeping. But if the sportsbook just sends a consolidated 1099 every year like a stock broker then that's ok.

Gave up trading and arbing BTC for that reason. An IRS audit on my BTC activity being the final straw.

[mrpapageorgio]

I made more than $600 last year and they didn't send anything. I think it's like horse racing, payout over 300-1.

Maybe that changes this year, we'll see.

[Optional]

I made more than $600 last year and they didn't send anything. I think it's like horse racing, payout over 300-1.

Maybe that changes this year, we'll see.

Which book/s?

You should search for those book names +tax form and you might find they have an online page you can log in and check if they reported one for your account.

[mrpapageorgio]

Which book/s?

You should search for those book names +tax form and you might find they have an online page you can log in and check if they reported one for your account.

PB and FD

Quick Google, Pointsbet follows the rules I stated (only issues a W2-G if a wager has a payout greater than 300-1 and over $600): General Tax Information – PointsBet Sportsbook

FanDuel only issues a 1099 if you won over $600 on the DFS side. Sportsbook is the same as PB:
Where can I find my W2-G and General Tax Information (fanduel.com)

Basically, you have to hit a massive parlay or a real longshot for the sportsbook side to report you.

[Optional]

PB and FD

Quick Google, Pointsbet follows the rules I stated (only issues a W2-G if a wager has a payout greater than 300-1 and over $600): General Tax Information – PointsBet Sportsbook

FanDuel only issues a 1099 if you won over $600 on the DFS side. Sportsbook is the same as PB:
Where can I find my W2-G and General Tax Information (fanduel.com)

Basically, you have to hit a massive parlay or a real longshot for the sportsbook side to report you.

I did think it worked that way too originally, but have had three different people, in NJ and PA, tell me they got one from Draftkings for $600 accumulated profit. And I questioned each of them about it and they all sounded sure.

Just checked DK website and although it's not specific it does say it depends on the size and odds of each individual win. So not sure what they got.

[RoyBacon]

I did think it worked that way too originally, but have had three different people, in NJ and PA, tell me they got one from Draftkings for $600 accumulated profit. And I questioned each of them about it and they all sounded sure.

Just checked DK website and although it's not specific it does say it depends on the size and odds of each individual win. So not sure what they got.

Since we are approaching tax season here is a helpful hint;

To see all documents reported to the IRS about you 1099's, W-4's, etc., order a "transcript" from the IRS. Can be done online.

That transcript will show you everything the IRS has on you for that tax year.

[jjgold]

Since we are approaching tax season here is a helpful hint;

To see all documents reported to the IRS about you 1099's, W-4's, etc., order a "transcript" from the IRS. Can be done online.

That transcript will show you everything the IRS has on you for that tax year.

Outstanding tip

[bleedblue]

PB and FD

Quick Google, Pointsbet follows the rules I stated (only issues a W2-G if a wager has a payout greater than 300-1 and over $600): General Tax Information – PointsBet Sportsbook

FanDuel only issues a 1099 if you won over $600 on the DFS side. Sportsbook is the same as PB:
Where can I find my W2-G and General Tax Information (fanduel.com)

Basically, you have to hit a massive parlay or a real longshot for the sportsbook side to report you.

This is my understanding as well.

I posted $600+ winnings in 4 books last year without any tax forms issued.

[jjgold]

I hate the apps as far as fonts just so small usa apps but they are all great other than that

Daily/Weekly Betting history non existent usa apps zero figures unlike offshore

Presentation wise offshore better much darker and bolder data

[d2bets]

Yes, if you win over $600 profit for the tax year.

Not true. That's only true for fantasy. For sports, it's only if you hit a wager 300-1 or more.

[d2bets]

I did think it worked that way too originally, but have had three different people, in NJ and PA, tell me they got one from Draftkings for $600 accumulated profit. And I questioned each of them about it and they all sounded sure.

Just checked DK website and although it's not specific it does say it depends on the size and odds of each individual win. So not sure what they got.

Were they fantasy players or sportsbook players?

[jjgold]

I never got anything usa book 2.5 years

No statements online either

[Optional]

Were they fantasy players or sportsbook players?

I never asked, but maybe they were both and that is why.

Thanks for cracking the case.

[LongBall52]

what if you won a total of more than 600, but never cashed out out and lost it back. Surely that's not reported?

[d2bets]

what if you won a total of more than 600, but never cashed out out and lost it back. Surely that's not reported?

Again, sportsbook play only reported if you hit a play at 300-1 or more. Reported or not, you have to declare winnings all the same.

[LongBall52]

Again, sportsbook play only reported if you hit a play at 300-1 or more. Reported or not, you have to declare winnings all the same.

Yes I agree. The defination of winnings. You have to actually collect for it to be winnings? Yea or ney?

Same as sitting at a slot machine and "winning", but before you get up from the chair the "winnings" have been lost. Or Playing Blackjack and winning many hands and being ahead but leaving the table with zero winnings after losses.

[d2bets]

Yes I agree. The defination of winnings. You have to actually collect for it to be winnings? Yea or ney?

Same as sitting at a slot machine and "winning", but before you get up from the chair the "winnings" have been lost. Or Playing Blackjack and winning many hands and being ahead but leaving the table with zero winnings after losses.

Depends what you mean by "collect." Say you deposit $1,000 on Jan. 1 and then end the year with a $5,000 balance, never again depositing or withdrawing. Well, you won $4,000 for the year. Doesn't matter if you withdrew it.

[Optional]

Depends what you mean by "collect." Say you deposit $1,000 on Jan. 1 and then end the year with a $5,000 balance, never again depositing or withdrawing. Well, you won $4,000 for the year. Doesn't matter if you withdrew it.

It drives me a bit crazy that most US people just accept this like it is "right".

Gambling is done with post taxed income and is a recreational pursuit. The govt work with the books to "rig" the game so there is guaranteed profit for the book an income for the state. Under the licensed model gamblers are not "supposed to win". That fact is at the core of the legal framework everywhere.

Sooo, if they also set it up that way PLUS tax you if you happen to win as well, it's called double taxation and is not legit to do under common law based systems.

It's cynical, greedy and unfair.

All the energy complaining about the govts covid efforts would be well directed at the scam that legal sportsbetting and taxing winnings is.

[d2bets]

It drives me a bit crazy that most US people just accept this like it is "right".

Gambling is done with post taxed income and is a recreational pursuit. The govt work with the books to "rig" the game so there is guaranteed profit for the book an income for the state. Under the licensed model gamblers are not "supposed to win". That fact is at the core of the legal framework everywhere.

Sooo, if they also set it up that way PLUS tax you if you happen to win as well, it's called double taxation and is not legit to do under common law based systems.

It's cynical, greedy and unfair.

All the energy complaining about the govts covid efforts would be well directed at the scam that legal sportsbetting and taxing winnings is.

I'm not sure about all that, but what's most unfair is the 1-year look. Meaning if I lose $5,000 in 2021 and then win $5,000 in 2022, I have to report $5,000 in income even though I broke even over the two years. Should be able to go back deduct losses for the past 3 years to offset. That would be more fair.

Under the licensed model, it's set up for smart bettors to win and bad bettors to lose. It's actually pretty damn easy to win, but most are in it for entertainment only.

[jjgold]

I read this thread and there’s a lot of miss information

[d2bets]

Has anyone here ever had their online bet limits combined with someone else who doesn't live with them? Onshore or offshore.