1. #1
    Mr. Teaser
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    Online sports betting and taxes question

    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.

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

  3. #3
    Mr. Teaser
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    "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?

  4. #4
    dollarbill
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    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…

  5. #5
    TommieGunshot
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    Quote Originally Posted by Mr. Teaser View Post
    "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?

  6. #6
    unde0087
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    never, fuk them
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  7. #7
    pologq
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    each domestic book is keeping track of wins and losses and will be sending tax documents

  8. #8
    d2bets
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    Quote Originally Posted by pologq View Post
    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.

  9. #9
    BradytheK9
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    MGM rewards has section under user account where you can see win / loss & tax history from MGM properties

  10. #10
    hehfest
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    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!

  11. #11
    veriableodds
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    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.

  12. #12
    homie1975
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    Quote Originally Posted by BradytheK9 View Post
    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.

  13. #13
    JIBBBY
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    Two words - offshore books!

  14. #14
    Optional
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    Quote Originally Posted by hehfest View Post
    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.

  15. #15
    bjb7223
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    Quote Originally Posted by JIBBBY View Post
    Two words - offshore books!
    the government will be coming after them soon

  16. #16
    BradytheK9
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    Quote Originally Posted by homie1975 View Post
    this was a random bump out of left field.
    Im actually out in right field since the big guy took over in left! Lol

  17. #17
    hehfest
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    Quote Originally Posted by Optional View Post
    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.

  18. #18
    Optional
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    Quote Originally Posted by hehfest View Post


    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.

  19. #19
    BradytheK9
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    Depends on state

  20. #20
    Slurry Pumper
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    Quote Originally Posted by JIBBBY View Post
    Two words - offshore books!
    Yep.

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