Online sports betting and taxes question

**dollarbill** · 11-15-22, 05:59 PM

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** · 11-15-22, 06:03 PM

"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** · 11-15-22, 08:08 PM

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** · 11-15-22, 11:31 PM

Originally posted by 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?

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** · 11-16-22, 12:20 AM

never, fuk them

**pologq** · 11-16-22, 08:16 AM

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

**d2bets** · 11-16-22, 08:58 AM

Originally posted by pologq

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.

**BradytheK9** · 11-23-23, 07:35 PM

MGM rewards has section under user account where you can see win / loss & tax history from MGM properties

**hehfest** · 11-23-23, 07:57 PM

What are you thankful for?

I am thankful that this guvahmint steals over 1/4 of my income and almost 1/3 of my income.
I am thankful that this guvahmint attempts to steal any form of income they can.
I am thankful that this guvahmint steals from me every time I make a purchase with sales taxes.
I am thankful that this guvahmint steals from me when I pay property taxes.
I am thankful that this guvahmint steals from me every year to buy senseless car registration when that car should only need to be registered one time. Among other senseless crooked fees for them to steal from me for any other type of vehicle.
I am thankful I am writing this and that I am not a coward.

Happy Crooksgiving!

**veriableodds** · 11-23-23, 09:35 PM

No doubt tax entities like federal, state, ect ect are no good. This happened to me in 2001. My mother had passed away a year earlier(mom dad divorced when I was 11, after 22 years of marriage) We had a family lawyer friend on the estate but as far as assets go if there is designation to that asset no court or lawyer needed. Long story short I inherited a cash account from a well-known brokerage firm. At the time I was already a resident of a state that has no income tax on the state level. Apparently when I filed taxes to report and pay my federal portion, they reported to the state where my driver's license was from. That state tried to tell me I owed them taxes. I had to disprove them in court and remind them the supposed money I owed taxes on was already free from tax before she contributed it. I was not a resident of the alleged state. The federal portion withheld is just a preliminary hold that brokerage firms withhold to cover their asses, which was fully refunded a few days after tax was filed.

**homie1975** · 11-23-23, 09:58 PM

Originally posted by BradytheK9

MGM rewards has section under user account where you can see win / loss & tax history from MGM properties

this was a random bump out of left field.

**JIBBBY** · 11-23-23, 10:06 PM

Two words - offshore books!

**Optional** · 11-24-23, 05:29 AM

Originally posted by hehfest

What are you thankful for?

I am thankful that this guvahmint steals over 1/4 of my income and almost 1/3 of my income.
I am thankful that this guvahmint attempts to steal any form of income they can.
I am thankful that this guvahmint steals from me every time I make a purchase with sales taxes.
I am thankful that this guvahmint steals from me when I pay property taxes.
I am thankful that this guvahmint steals from me every year to buy senseless car registration when that car should only need to be registered one time. Among other senseless crooked fees for them to steal from me for any other type of vehicle.
I am thankful I am writing this and that I am not a coward.

Happy Crooksgiving!

I am thankful that the govt force people like you to contribute for all the services we use.

Imagine if we had to rely on people just doing the right thing.

**bjb7223** · 11-24-23, 09:17 AM

Originally posted by JIBBBY

Two words - offshore books!

the government will be coming after them soon

**BradytheK9** · 11-25-23, 11:49 PM

Originally posted by homie1975

this was a random bump out of left field.

Im actually out in right field since the big guy took over in left! Lol

**hehfest** · 11-26-23, 12:21 AM

Originally posted by Optional

I am thankful that the govt force people like you to contribute for all the services we use.

Imagine if we had to rely on people just doing the right thing.

Wow you sure sound like a rebel. Don't count on it though. They don't force me to do squat, and that is the true spirit of freedom. Go check out your library books.

**Optional** · 11-26-23, 12:27 AM

Originally posted by hehfest

Wow you sure sound like a rebel. Don't count on it though. They don't force me to do squat, and that is the true spirit of freedom. Go check out your library books.

We do have different ideas of what freedom should mean in a society.

Me thinking community rights should be above personal rights is probably an insurmountable difference in our point of view.

**BradytheK9** · 01-28-24, 02:31 PM

Depends on state

**Slurry Pumper** · 01-28-24, 03:32 PM

Originally posted by JIBBBY

Two words - offshore books!

Yep.

**BradytheK9** · 05-26-24, 12:29 AM

Its fun when you win, but at tax time 10-99's aint no fun!

**ARCHIVADO98** · 05-26-24, 01:35 AM

Originally posted by Slurry Pumper

Yep.

Trump will make them Costa-Rica sportsbooks pay. After he builds a wall and Mexiacns pay for it.

**stackz125** · 05-26-24, 10:18 PM

https://youtu.be/kxs4MBxv7vs?si=v4a_ZCuJWsf1ze6P

Hope that helps

**homie1975** · 05-27-24, 01:50 AM

300 to 1 odds winning, i believe you are required to report
$600 or more in winnings, i believe you are required to report

keep records of everything so you can report your losses against it.

in the course of regular consistent gambling, betting, or similar activities daily, weekly to the tune of 100's or more in a sample size, only 1 or 2% will win over the course of the year so keep records of all the losses.

**BradytheK9** · 05-27-24, 08:46 AM

Originally posted by homie1975

300 to 1 odds winning, i believe you are required to report
$600 or more in winnings, i believe you are required to report

keep records of everything so you can report your losses against it.

in the course of regular consistent gambling, betting, or similar activities daily, weekly to the tune of 100's or more in a sample size, only 1 or 2% will win over the course of the year so keep records of all the losses.

Most sites have win/loss report so you can see how much you lost