1. #1
    pologq
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    Anyone get Tax Documents from the domestic books?

    Heard they are starting to come out

  2. #2
    mjsuax13
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    Not yet but I lost so fukk it

  3. #3
    pologq
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    Quote Originally Posted by mjsuax13 View Post
    Not yet but I lost so fukk it
    can't be taxed if you lose

    new goal for 2023

  4. #4
    Ratpack
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    some said dks would come out at the end of the month

  5. #5
    Crayzee
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    any 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 clue

  6. #6
    big joe 1212
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    Some 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.



  7. #7
    pologq
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    what 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.

  8. #8
    big joe 1212
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    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.

  9. #9
    big joe 1212
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    Quote Originally Posted by pologq View Post
    what 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.
    I’ve placed 1k wagers and won with them and it says I have not triggered a W-2G event in 2022.

  10. #10
    big joe 1212
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    Quote Originally Posted by big joe 1212 View Post
    I’ve placed 1k wagers and won with them and it says I have not triggered a W-2G event in 2022.
    This doesn’t mean I shouldn’t report the income, just that I won’t receive a W-2g. Wink wink

  11. #11
    pologq
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    Understood. 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?

  12. #12
    big joe 1212
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    Quote Originally Posted by pologq View Post
    Understood. I remember my dad explaining it like when hitting triples sometimes in 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?
    They 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-2g
    Last edited by big joe 1212; 02-01-23 at 12:26 PM.

  13. #13
    big joe 1212
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    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?[/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 ticket

  14. #14
    lakerboy
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    Feel 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.

  15. #15
    newton0038
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    Otters gonna own the IRS

  16. #16
    big joe 1212
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    Quote Originally Posted by newton0038 View Post
    Otters gonna own the IRS


    they need to build in a tax credit for people like him

  17. #17
    d2bets
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    Quote Originally Posted by pologq View Post
    what 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.
    Where is this bullet point from?

    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.

  18. #18
    big joe 1212
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    Quote Originally Posted by d2bets View Post
    Where is this bullet point from?

    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.
    Im 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-2g

  19. #19
    pologq
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    Quote Originally Posted by big joe 1212 View Post
    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?
    That would not trigger a w-g because it has to be $600 or more AND be 300-1 the total wager on the ticket[/QUOTE]



    thank you! now i get it

  20. #20
    pologq
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    Quote Originally Posted by lakerboy View Post
    Feel 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.
    land of (nothing) free unless i am a migrant staying in NYC. and those migrants complain they want different conditions.

  21. #21
    big joe 1212
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    Quote Originally Posted by pologq View Post
    land of (nothing) free unless i am a migrant staying in NYC. and those migrants complain they want different conditions.
    Crazy ain’t it???

    Send those fukkers back if they don’t like the conditions
    Points Awarded:

    pologq gave big joe 1212 5 Betpoint(s) for this post.


  22. #22
    goduke
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    Quote Originally Posted by pologq View Post
    can't be taxed if you lose

    new goal for 2023
    Actually not true. In some states you can be subject to state tax if you net lose on the year but you took cashouts

  23. #23
    Mr. Teaser
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    Quote Originally Posted by big joe 1212 View Post
    Im 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-2g
    Great information here. Thank you.

  24. #24
    pologq
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    Quote Originally Posted by goduke View Post
    Actually not true. In some states you can be subject to state tax if you net lose on the year but you took cashouts
    ahhh understood

  25. #25
    iwantcougars
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    Quote Originally Posted by goduke View Post
    Actually not true. In some states you can be subject to state tax if you net lose on the year but you took cashouts

    thats ****** up

  26. #26
    weeminer
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    Sportsbooks 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.

    Quote Originally Posted by goduke View Post
    Actually not true. In some states you can be subject to state tax if you net lose on the year but you took cashouts
    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.

  27. #27
    Bostongambler
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    Quote Originally Posted by mjsuax13 View Post
    Not yet but I lost so fukk it
    Lol..

    😂 😂 😂

  28. #28
    pavyracer
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    Lets ask JohnnyVegas. He is 2-105 in his ML bets this year so he knows how to deduct his gambling losses from his taxes.

  29. #29
    goduke
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    Quote Originally Posted by weeminer View Post
    Sportsbooks 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.
    Thatís incorrect. The irs code is pretty specific that for casual gamblers meaning not professionals you can claim up to your losses at the federal level as long as you itemize them.
    At the state level itís different depending on your state

  30. #30
    Fishhead
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    Quote Originally Posted by goduke View Post
    Thatís incorrect. The irs code is pretty specific that for casual gamblers meaning not professionals you can claim up to your losses at the federal level as long as you itemize them.
    At the state level itís different depending on your state
    this

  31. #31
    Emily_Haines
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    You only get them when you win.

    Pretty sure most people don't have to worry about it.

  32. #32
    pologq
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    touche emily. giving it to us straight with no lube.

  33. #33
    d2bets
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    Quote Originally Posted by Emily_Haines View Post
    You only get them when you win.

    Pretty sure most people don't have to worry about it.
    You're projecting again.

  34. #34
    Fishhead
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    Quote Originally Posted by d2bets View Post
    You're projecting again.
    LOL

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