[Mr. Teaser]

Online sportsbooks are opening up here and I had a question. At what point do you pay taxes on your wager? Single wager and for the year. Thanks.

[dollarbill]

Any winner over 300-1 they’ll give you a 1099/W-2G important not the date you cash but the date you won.

[Mr. Teaser]

"Any winner over 300-1 they’ll give you a 1099/W-2G important not the date you cash but the date you won"

Thanks for the response. I don't bet longshots. So as long as win less than $600 a day online I won't owe on taxes? No matter what I win on the year?

[dollarbill]

Talk to a tax man on winnings for year if you claim loses get complicated. As long as you don’t cash a ticket that pays over 300-1, I don’t think you’ll get a W-2…

[TommieGunshot]

"Any winner over 300-1 they’ll give you a 1099/W-2G important not the date you cash but the date you won"

Thanks for the response. I don't bet longshots. So as long as win less than $600 a day online I won't owe on taxes? No matter what I win on the year?

Completely wrong. For US federal: all wins are taxable income. Losses can be deducted, only up to the amount won.

It might be possible to not pay the taxes that you owe, but if you had any inclination to go the criminal or fraud route, why are you asking about it online, even anonymously?

[unde0087]

never, fuk them

[pologq]

each domestic book is keeping track of wins and losses and will be sending tax documents

[d2bets]

each domestic book is keeping track of wins and losses and will be sending tax documents

When? They certainly didn't the last 2 years.

As to OP, you have to pay taxes on winnings, whether or not its reported.

But as for reporting, dollarbill is correct. No W-2 unless you hit a 300-1 longshot.