Tax on Sportsbook winnings, Amount? help!

[wagerman82]

First post here, and perhaps a noob question.

Ok folks. I will make a wager on boxing at a vegas sportsbook.

I have read the casino will give me a form to fill out if I win a certain amount.

Can anyone confirm what that amount is, on a sportbook wager?

I have heard they will give me a tax form if the amount I win is over $3000, and I also heard that it's actually $5000.

Can anyone confirm the amount?

[rm18]

10k I think? But this is a cash transaction form, just take $9900 cash and the rest in chips, cash the chips later

[Travis]

It was 3k when I gambled in Louisiana

[wagerman82]

Hey, thanks for your reply!!!!!!

$10,000 seems like a awful lot before the casino gives me a tax form to fill out.

Anyone here from Vegas? Need some confirmation.

I'll let you all know how it goes, but I'd like to be certain how I'll wager in vegas.

I've got 3000, 5000 and now 10000 floating around...

[wagerman82]

It was 3k when I gambled in Louisiana

What sort of bet was this?

Can't one simply make two wagers at two different sportsbooks to stay under the 3K limit.

Let's say the odds are -200 on a bet. The amount wagered was 8K, wouldn't it make sense to make TWO wagers for 4K instead? Is this legal?

[pico]

Hey, thanks for your reply!!!!!!

$10,000 seems like a awful lot before the casino gives me a tax form to fill out.

Anyone here from Vegas? Need some confirmation.

I'll let you all know how it goes, but I'd like to be certain how I'll wager in vegas.

I've got 3000, 5000 and now 10000 floating around...

i cashed a 7k winning ticket at the Suncoast. no forms.

[Travis]

What sort of bet was this?

Can't one simply make two wagers at two different sportsbooks to stay under the 3K limit.

Let's say the odds are -200 on a bet. The amount wagered was 8K, wouldn't it make sense to make TWO wagers for 4K instead? Is this legal?

It would seem legal at separate books.

[wagerman82]

i cashed a 7k winning ticket at the Suncoast. no forms.

Amazing, they sent nothing to the gov that shows you won that amount?

[Justin7]

Casinos do not do that unless you either
1. Win at slots - I think $1200 or more; or
2. Win a parlay that pays over 300:1.

I believe poker jackpots will have withholdings next year.

[pico]

Casinos do not do that unless you either
1. Win at slots - I think $1200 or more; or
2. Win a parlay that pays over 300:1.

I believe poker jackpots will have withholdings next year.

this is ridiculous. 1.2k is nothing.

[prop]

Don't take $9900 in cash they and rest in chips. they will need to fill out a suspicious activity report.

Take all of it in chips. go back later and get some cash

[wagerman82]

Casinos do not do that unless you either
1. Win at slots - I think $1200 or more; or
2. Win a parlay that pays over 300:1.

I believe poker jackpots will have withholdings next year.

A rule which started in June 2007 states any transaction at $10,000 or over will get a transaction form filled which includes SS#, but I was just focused on the tax form since I won't be betting up to $10,000 anyway.

[wagerman82]

Casinos do not do that unless you either
1. Win at slots - I think $1200 or more; or
2. Win a parlay that pays over 300:1.

I believe poker jackpots will have withholdings next year.

Forgot to say sumthing... Why a tax form for $1200 off a slot machine and not a form on $5000 winnings from a sportsbet. Seems odd.

[Starion]

It has to do with the payout. It's based on a multiple of the original bet, not a fixed $ amount. For example: parlay of 300:1

For some reason they want to make damn sure that anybody with a 'winfall" type win gets screwed by the taxman.

[Destroyer]

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[WileOut]

Destroyer if what you say is true (i don't know anything about it):

Doesn't the IRS enforce taxes? So if you fill out any form for the IRS, no matter what they call it, at that point they know how much you owe in taxes, therefore it might as well be called a tax form.

If they call it a CTR to prevent money laundering, they still have proof of how much you owe in taxes.

The safe thing to do is pay your taxes on all winnings. Doesn't matter if they give you a form or not.

[pico]

Destroyer if what you say is true (i don't know anything about it):

Doesn't the IRS enforce taxes? So if you fill out any form for the IRS, no matter what they call it, at that point they know how much you owe in taxes, therefore it might as well be called a tax form.

If they call it a CTR to prevent money laundering, they still have proof of how much you owe in taxes.

The safe thing to do is pay your taxes on all winnings. Doesn't matter if they give you a form or not.

WUUUUUUUUUUUSSSSSSSSSSSSSS

uncle sam got you whipped

[WileOut]

You dam right pico. I aint going to jail over nothing. Seen it happen too many times to too many people. The IRS dont play.

[pico]

You dam right pico. I aint going to jail over nothing. Seen it happen too many times to too many people. The IRS dont play.

i was kidding of course. look what happen to al capone.

http://home.nycap.rr.com/useless/bath/index.html

two things are certain in life, death and taxes...

[Destroyer]

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[idontlikerocks]

go to the sportsbook counter and ask them before you bet. they don't want to fill out this paperwork, they will tell you the truth.

[wagerman82]

Wagerman:

The sportsbook in Las Vegas won't require you to fill out a tax form for sports betting winnings. You'll be okay.

If you wager $10K or more on a sports bet (whether you win or lose), the sportsbook will require your social security number and a player's card. This is intended to file a currency transaction report (CTR) by the sportsbook in Las Vegas, which is required by the IRS to prevent money laundering.

The tax form, W2G, is required for other casino game winnings such as slots, poker tournaments, etc. So, you will be okay if you decide to bet $10K or more on sports. There are no tax forms required.

That CTR with my SS no. coming from a Casino booky would certainly give a heads up to the IRS that I either lost of made some cash down the line.

So, you're saying that if I keep the amount I hand over to the booky below $10,000, that I won't get a CTR, any percent withheld on winnings, or a tax form sent off to the IRS?

If I wager $8000 and get back $12000, will they draw that CTR on the cashout?

Only want to keep my wagering fast and efficient, not filling out stacks or forms...

[Iwinyourmoney]

Slots IS $1,200 in ONE WIN. If you slowly rack up $1200 or more there are NO taxes. But if you hit $1200 or more on one "pull" its taxed

[Destroyer]

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[jjgold]

Son don't be then, guys like you could never win worrying about everything but the bet.

[wagerman82]

Wagerman:

Currency Transaction Reports (CTR) and tax forms like the W2G serve two different purposes and it appears to be the source of the confusion in this matter.

CTR's are intended to prevent money laundering and is not a tax / income reporting document. In your example, it doesn't matter whether you win or lose on the sports wager or the money you collect or deposit with the sportsbook.

If the transaction related to the sports bet totals $10K or more, a CTR will be filed by the casino sportsbook. It's a requirement by the IRS.

The CTR reporting is filed if the following conditions occur:

(1) you collect $10K or more from the casino sportsbook (it doesn't matter if you placed a sports bet under $10K; it's the total dollar amount that you redeem or collect on your winning sports bet).

(2) the casino sportsbook collects $10K or more from you on a sports wager.

Unless the above scenario occurs, a CTR will not be filed by the casino sportsbook.

I know this very well because Las Vegas is where I get down my action and I routinely bet $22K - $55K on NFL sides every week and never once did any of the Las Vegas casino sportsbook require that I complete any tax forms or the W2G.

Last, it's not worth the headache to falsify your income on your year-end tax return; that is, intentionally not disclosing or reporting the winnings from sports betting as part of your annual income in your year-end tax return.

I've been audited by the IRS and let me share this with you: I'd rather get kicked in the nuts than have to deal with the IRS. The hassle, financial penalties, and expense is not worth it. Pay the taxes on your winnings because the tax amount won't make or break your bankroll or your lifestyle.

That cleared up it up. Thanks for taking the time to explain this. I wasn't planning on getting out of taxes. I just didn't want to be denied a bet because I don't want to reveal my SSS to any casino. Again, thanks a lot!

[Destroyer]

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