Tax laws NY- Gambling

[EDDIE MONEY LINE]

Ok I'm going to need some game if anyone can help me. New to the legalized gambling world. Been on the low for so many years so no tax repercussions and so on.

Each account I have is going to send me a 1099? Is that only on money withdrawn or money in my account? Unrealized gains or actual gains? Losses I assume I'll be able to write off gambling losses somehow up to a certain amount.

This is all new to me and I would really appreciate any advice from people in the know. It's January so I have time to prepare for new year, but I want to be ready, so I don't get massacred by the Govt'.

Any help is much appreciated. Thanks

[TheMetsSuck]

Good luck with those write offs.

[jjgold]

Ask a tax person pal that is certified

Nobody here can give a correct answer

[Machba]

1099 for each account . YW
Any transactions.

[Machba]

1099 for any coinbase paypal cash app venmo etc...... Transactions also. You sell or buy bitcoin 1099. Big bro is coming for everyone.

[Machba]

You always have the OPTION of forgetting to file the 1099 YW

[jjgold]

Play local if your a big player

It is just not worth the tax hassle

[Machba]

Play local if your a big player

It is just not worth the tax hassle

Great words of wisdom

[d2bets]

1099 for each account . YW
Any transactions.

Must be NY-specific. Haven't seen this elsewhere.

[Orbison]

You always have the OPTION of forgetting to file the 1099 YW

Fed/State each get copies of your 1099's

[jjgold]

It’s very confusing has any poster ever gotten a 1099 for sports

[SamsNCharge99]

You always have the OPTION of forgetting to file the 1099 YW

i get a 1099 for work every year from money earned from chrysler on a pre pay card.

i don't think i've reported the correct amount in years.

Why audit the little guy. They have bigger fish to fry

[SamsNCharge99]

dear government, if you are reading this....FUKK YOU.

[SamsNCharge99]

how can the government come after us. Government is billions in debt. Pay your own bills before you worry about the little guy

hey government, how can you give us a credit score, when you don't pay your own bills.

Why should i calculate my taxes when you can just tell us what we owe or what we get back and then audit us if we do it wrong

sorry i'm not a professional tax specialist. Fukk you

[lonegambler23]

local cash bets upcoming, offshore on the side.

[thezbar]

One year I'd won $2500.00 in a blackjack tournament. Paid in chips. I didn't receive any tax paperwork from that particular Indian Casino in California {F.S. are the initials}. About 6 weeks after the filing date, I received THAT letter in the mail stating my taxes had been audited and had to pay an adjusted tax to both the fed and state plus interest and penalty. Under reporting my income. To add insult to injury I had to report the situation to my employer at that time. The final tab was around $800.00. In addition, they checked my following returns like a hawk for the next three years.
The year before that I had won 1000.00 in a slot tournament. I did not report that as income, and nothing came of that.

So, it can be a crap shoot. All I can say is that they have gone after the little guy in the past. I think it could depend on if a computer red flags the filing and the amount involved. G.L. with whatever decisions you make or do not make.

[sportsguy04]

You only get a form if you are up on the year.

[big joe 1212]

So many clueless people

[jjgold]

Not one guy has ever gotten a 1099 here and we’re still talking about it

[Machba]

Not one guy has ever gotten a 1099 here and we’re still talking about it

Your clueless Jj. Wife gets them from casino when she wins over $600, She gets them for her cash app, and for when she wins at bingo and when she does instacart or doordash so we have had plenty buddy. It's up to you to report it or Forget to . Wise to report but i've been told just act like you forgot. (pro advice from tax account)

[clockwise1965]

Don't worry about paying taxes on your sports betting profits. Your not winning long term just like the rest of us.

[EDDIE MONEY LINE]

Don't worry about paying taxes on your sports betting profits. Your not winning long term just like the rest of us.

So why even do it?

[d2bets]

Your clueless Jj. Wife gets them from casino when she wins over $600, She gets them for her cash app, and for when she wins at bingo and when she does instacart or doordash so we have had plenty buddy. It's up to you to report it or Forget to . Wise to report but i've been told just act like you forgot. (pro advice from tax account)

Any of those involve sportsbetting? You are mixing up different things here buddy.

[sportsguy04]

You only get a form if you are up on the year.

Am
I wrong? Way I read it was let’s say I’m -20k in 2021, I won’t get a 1099. If I’m up 20k In 2021, I’ll get a 1099 on that amount. No?

[EDDIE MONEY LINE]

Am
I wrong? Way I read it was let’s say I’m -20k in 2021, I won’t get a 1099. If I’m up 20k In 2021, I’ll get a 1099 on that amount. No?

Correct, they are going to tax you as income. % rates will vary by state

[wildemu]

A lot of misinformation here. Mr. Biden and his cronies just passed the $600 earnings rule on Paypal, Venmo, and Cashapp. So if you receive $600 from your book at any point this year, you are getting a 1099-K. You could deposit 50k and withdraw 40k, and paypal is going to be reporting that 40k to the feds even if you are down 10k for the year.

Offshore Bitcoin is similar with higher thresholds. Pass 20k in transactions or the 200 transaction limit, and these bitcoin exchanges are going to create a 1099-K. I had to go through this tax filing nonsense in 2020 before US got legal betting. So far haven't been caught but they could audit me if they ever feel like it.

Betting is one huge headache now, it's not about winning or losing anymore. You could be down thousands for the year and still end up paying thousands in taxes because it screwed up your standard deduction and/or tax bracket.

[jjgold]

You 1000% get audited if you forget to report a 1099 because it’s all computer oriented and your Social Security number will get flagged and you will have a lot of problems even if it’s pennies you’ll be watched for years


Man are people dumb


As far as sportsbetting if you don’t want hassles you could use a local Bookmaker with cash

[sportsguy04]

A lot of misinformation here. Mr. Biden and his cronies just passed the $600 earnings rule on Paypal, Venmo, and Cashapp. So if you receive $600 from your book at any point this year, you are getting a 1099-K. You could deposit 50k and withdraw 40k, and paypal is going to be reporting that 40k to the feds even if you are down 10k for the year.

Offshore Bitcoin is similar with higher thresholds. Pass 20k in transactions or the 200 transaction limit, and these bitcoin exchanges are going to create a 1099-K. I had to go through this tax filing nonsense in 2020 before US got legal betting. So far haven't been caught but they could audit me if they ever feel like it.

Betting is one huge headache now, it's not about winning or losing anymore. You could be down thousands for the year and still end up paying thousands in taxes because it screwed up your standard deduction and/or tax bracket.

This is incorrect. This is for business accounts and sales and goods. If I send $900 to my friend on Venmo, nobody is getting a tax form.

[d2bets]

Am
I wrong? Way I read it was let’s say I’m -20k in 2021, I won’t get a 1099. If I’m up 20k In 2021, I’ll get a 1099 on that amount. No?

Unless NY is different from every other state, I doubt it. Generally they only generate a W-2G for sports if you have a payout win of 300 to 1 or greater.

[sportsguy04]

https://apple.news/AwJM-6Ok9Rpyf_ZwTqDgbBQ

Read this for Venmo and PayPal and cash app.

[wildemu]

This is incorrect. This is for business accounts and sales and goods. If I send $900 to my friend on Venmo, nobody is getting a tax form.

As per my chat with Fanduel and DraftKings sportsbooks, they are are going to be treating it as sales and goods. Any withdrawal past $600 and you are flagged for the year. Probably best course of action is the play+ debit cards they offer there.

[d2bets]

As per my chat with Fanduel and DraftKings sportsbooks, they are are going to be treating it as sales and goods. Any withdrawal past $600 and you are flagged for the year. Probably best course of action is the play+ debit cards they offer there.

Don't most books offer just regular online banking transactions directly?

[wildemu]

Don't most books offer just regular online banking transactions directly?

Yes, but my banks (chase, citi) are not allowing the transactions. Unless there is a list out there of banks that are friendly to do business with books.

[d2bets]

Yes, but my banks (chase, citi) are not allowing the transactions. Unless there is a list out there of banks that are friendly to do business with books.

Eff Chase and Citi. That's crazy. Get a new bank.

[DontTailMe]

how can the government come after us. Government is billions in debt. Pay your own bills before you worry about the little guy

hey government, how can you give us a credit score, when you don't pay your own bills.

Why should i calculate my taxes when you can just tell us what we owe or what we get back and then audit us if we do it wrong

sorry i'm not a professional tax specialist. Fukk you

The U.S. government does pay it's debts. I guess you don't understand how the national debt works. Having $0 debt is not good for our economy.