Heard they are starting to come out
Anyone get Tax Documents from the domestic books?
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pologqSBR Posting Legend
- 10-07-12
- 19899
#1Anyone get Tax Documents from the domestic books?Tags: None -
mjsuax13Moderator
- 03-14-15
- 24833
#2Not yet but I lost so fukk itComment -
RatpackSBR MVP
- 02-15-12
- 4133
#4some said dks would come out at the end of the monthComment -
CrayzeeSBR MVP
- 10-27-06
- 4944
#5any body else have to pay taxes on winnings ?
i havent even filed in years - first time i have to pay taxes on winnings
would like to correspond with anyone that has a clueComment -
big joe 1212SBR Posting Legend
- 06-01-08
- 19379
#6Some of you are confused on what triggers a W-2G from sports wagering.
To see specific details on what triggers a W-2G, log in to MGM, go to W-2 tax form, then click on For more information about the W2G process visit our FAQ page here.
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pologqSBR Posting Legend
- 10-07-12
- 19899
#7what about this? it doesn't mention the 300 to 1 payout
- If you win $600 or more at a gambling facility be prepared to receive Form W-2G (Certain Gambling Winnings). A copy of this form will also be sent to the IRS, so be sure that any gambling winnings you report on your income tax return are at least equal to the sum of any Forms W-2G you receive.
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big joe 1212SBR Posting Legend
- 06-01-08
- 19379
#8To see specific details on what triggers a W-2G, log in to MGM, go to W-2 tax form, then click on For more information about the W2G process visit our FAQ page here.Comment -
big joe 1212SBR Posting Legend
- 06-01-08
- 19379
#9what about this? it doesn't mention the 300 to 1 payout
- If you win $600 or more at a gambling facility be prepared to receive Form W-2G (Certain Gambling Winnings). A copy of this form will also be sent to the IRS, so be sure that any gambling winnings you report on your income tax return are at least equal to the sum of any Forms W-2G you receive.
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pologqSBR Posting Legend
- 10-07-12
- 19899
#11Understood. I remember my dad explaining it like when he was hitting triples sometimes at OTB but i forgot specifics.
so if I bet 50 cents and it is 300-1 where i win $150 it is taxable. however, unless i win $5K at one site on regular betting I am OK?Comment -
big joe 1212SBR Posting Legend
- 06-01-08
- 19379
#12They recently changed the law with horses. Used to be any payout of $600 or more, now they go by total ticket wager. So now if you have a ticket $1 tri box, totaling a $6 bet, you don’t have to pay taxes if it paid for example $1,100. I believe this in particular example would need to pay $1,800 (300-1) to trigger a W-2gLast edited by big joe 1212; 02-01-23, 01:26 PM.Comment -
big joe 1212SBR Posting Legend
- 06-01-08
- 19379
#13so if I bet 50 cents and it is 300-1 where i win $150 it is taxable. however, unless i win $5K at one site on regular betting I am OK?[/QUOTE]
That would not trigger a w-g because it has to be $600 or more AND be 300-1 the total wager on the ticketComment -
lakerboySBR Aristocracy
- 04-02-09
- 94366
#14Feel bad for you Americans in the land of the free. Having to pay taxes on winning. Not here in Canada. I guess they take those tax dollars and use it for our free health care. Thanks guys.Comment -
newton0038SBR MVP
- 03-07-07
- 2370
#15Otters gonna own the IRSComment -
d2betsBARRELED IN @ SBR!
- 08-10-05
- 39990
#17what about this? it doesn't mention the 300 to 1 payout
- If you win $600 or more at a gambling facility be prepared to receive Form W-2G (Certain Gambling Winnings). A copy of this form will also be sent to the IRS, so be sure that any gambling winnings you report on your income tax return are at least equal to the sum of any Forms W-2G you receive.
For the last time, you will only receive a W-2G from an online sportsbook if you hit a single winning wager at 300-1 odds or higher. That's it. Period and end of story. Nevertheless, you are required to report all income.Comment -
big joe 1212SBR Posting Legend
- 06-01-08
- 19379
#18Im pretty sure it must be at least a $600 win AND 300-1. So if you bet $1 on a 400-1 shot you would not get a W-2gComment -
pologqSBR Posting Legend
- 10-07-12
- 19899
#19
thank you! now i get itComment -
pologqSBR Posting Legend
- 10-07-12
- 19899
#20land of (nothing) free unless i am a migrant staying in NYC. and those migrants complain they want different conditions.Comment -
weeminerSBR Hustler
- 02-08-21
- 86
#26Sportsbooks don't send out tax forms to players unless you hit a 300x $600+ bet. Could be up a million on their app, but if it's all straight bets, you won't get anything from them related to taxes.
It's actually much worse than this. If you're not a professional bettor, you actually owe taxes on all your winning bets, but cannot deduct your losing bets. Don't think anyone actually follows this, but that is the rule.Comment -
pavyracerSBR Aristocracy
- 04-12-07
- 82486
#28Lets ask JohnnyVegas. He is 2-105 in his ML bets this year so he knows how to deduct his gambling losses from his taxes.Comment -
godukeSBR Posting Legend
- 02-17-10
- 11580
#29Sportsbooks don't send out tax forms to players unless you hit a 300x $600+ bet. Could be up a million on their app, but if it's all straight bets, you won't get anything from them related to taxes.
It's actually much worse than this. If you're not a professional bettor, you actually owe taxes on all your winning bets, but cannot deduct your losing bets. Don't think anyone actually follows this, but that is the rule.
At the state level it’s different depending on your stateComment -
FishheadSBR Aristocracy
- 08-11-05
- 40179
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Emily_HainesSBR Posting Legend
- 04-14-09
- 15917
#31You only get them when you win.
Pretty sure most people don't have to worry about it.Comment -
pologqSBR Posting Legend
- 10-07-12
- 19899
#32touche emily. giving it to us straight with no lube.Comment
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