Taxes on Vegas winnings

OneLossParlayGuy · 07-30-10, 01:08 PM

I just use an entire calendar year as a gambling "session" and report my wins or losses by that. IRS has never defined what a gambling session is. As long as you try and follow the tax code when it comes to gambling winnings..your doing more than 95% of gamblers are, and shouldnt be hassled

TheDood · 10-21-10, 03:23 PM

Tax Rate | Married Couples Filing Jointly | Most Single Filers
10% | Not over $16,750 | Not over $8,375
15% | $16,750 - $68,000 | $8,375 - $34,000
25% | $68,000 - $137,300 | $34,000 - $82,400
28% | $137,300 - $209,250 | $82,400 - $171,850
33% | $209,250 - $373,650 | $171,850 - $373,650
35% | Over $373,650 | Over $373,650

Unless you are John Morrison (Sarcastically Speaking), You'll never pay more than 35%

I don't mind paying taxes at all... I didn't have that money to start out with, and i just got it by making simple bets

big0mar · 10-21-10, 03:33 PM

Do you have to claim SBR points earned????

dodger33 · 10-21-10, 03:56 PM

Originally posted by big0mar

Do you have to claim SBR points earned????

Actually if you redeemed the points for gifts you would have to claim the gifts.

pleasegod · 10-21-10, 04:58 PM

So claiming losses that weren't actually your own?

Tax fraud...pretty cool.

Originally posted by LVBOUND

Very good info...... I am not as worried I will just keep a record and since I know I will have at least 50k in losing tickets I will make sure not to shooter more than 60k winnings.

My friend Dad win 65k in the power ball. The irs took 15k of the top. He wanted that 15k back so my friend and his dad hit the dog tracks in Florida and over 3 months collected 65k in losing tickets. He filled his taxes and boom he got his 15k back

ngates815 · 10-21-10, 06:02 PM

Originally posted by pleasegod

So claiming losses that weren't actually your own?

Tax fraud...pretty cool.

Did you read the part where he said his friends dad won 65K on powerball....Then his friend and his dad went to the track and collected the losing tickets?

LVBOUND · 10-21-10, 06:13 PM

Ask csm506 he posts here its a true story

LVBOUND · 10-21-10, 06:18 PM

More I think of it Gates your pissing me of again. I have left it alone but you want to go and start shit again. Fukking child.

Why would i make that story up........ if I did I would have won the power ball goof!

unusialsusp5 · 10-21-10, 08:32 PM

first it is highly unlikely, actually not very likely at all that you can win 50k betting baseball. you are not that good. why bother to report it if you do. they can't find out if you deal in cash how will they know what you're doing.

rem sleep · 10-21-10, 09:29 PM

say you win big overseas and request a check (no more than 2K) and you cash them at the local check cashing place. do you have to report that?

pleasegod · 10-21-10, 10:25 PM

Ok fckbag. I realize that it was his dad's friend. Does this clear it up?

"So claiming losses that weren't actually your own [your dad's friend]?"

So fckbag, still tax fraud when you go to the track and collect losing tickets on races you didn't wager on.

Originally posted by ngates815

Did you read the part where he said his friends dad won 65K on powerball....Then his friend and his dad went to the track and collected the losing tickets?

csm506 · 10-21-10, 10:34 PM

God wake up and smell the roses if you won a scratch off ticket for 5k you would eat the taxes or pick up losing tickets and get your money back from uncle sam???

RibbedTrojan · 10-21-10, 10:43 PM

My friend I hope you do profit in Vegas. Most people don't. Anyway good luck.

LVBOUND · 10-21-10, 10:49 PM

Thanks Trojan, I hope so also. It will be very tough and I am not taking it lightly.

stikymess · 10-21-10, 11:33 PM

LV,

also find a hobby, workout, take up golfing, you don't have to watch every game, easy way to burn out. Have a night out where you aren't on the phone looking up scores. Do your 'cappin and if you are not on the right side, try again tomorrow. Good luck when you go live, allot of us rooting for you.

pleasegod · 10-22-10, 12:05 AM

Not about smelling the roses.

The IRS will see it as evasion. The goal of this thread should be to give as accurate as information as possible. If you choose to go collect losing tickets, fine, but know that the IRS will consider it as tax evasion.

Originally posted by csm506

God wake up and smell the roses if you won a scratch off ticket for 5k you would eat the taxes or pick up losing tickets and get your money back from uncle sam???

Robust · 10-22-10, 01:29 AM

you should report it, but as stated, I don't think vegas will report you unless you win a rediculous bet.. they report you when you hit higher than 1199 on slots in one shot..

i got over 10 of those..

Robust

Domer · 10-22-10, 02:25 AM

Originally posted by Justin7

Vegas doesn't file a tax return or keep withholdings, unless you win a parlay paying 300:1 or higher (at least in sports).

If you net 50k, there are a couple ways to report it. The IRS "Wants" you to report 1.05 million in income, and deduct 1.0 million is losing bets. 50k income, and this screws you due to increasing your AGI.

Most sports bettors (illegally) report just their net win as income.

A safer way is to incorporate, and run the income through your business, and pay yourself a salary (= to net win).

At 50k, you probably aren't likely to get hassled... but the IRS is notorious for taking ridiculous positions on gambling disputes.

this is how I filed the first time (winnings = line 21, losses = deductions) and it was a pain.

i switched to net winnings via the schedule C a few years ago, and can deduct a ton of expenses related to gambling (cell phone, TV, internet, computers, travel, percentage of house devoted to home office, etc.). the downside is that you pay the self-employment tax.

if you're doing it as your primary occupation, its not "illegal" to net it if you do it properly.

jmanis25 · 10-22-10, 08:33 PM

No matter how you go about it you're gonna be annoyed with the process.

xxdjstriderxx · 10-22-10, 09:11 PM

you will end up moving back home or homeless before you win enough to legally tax

reverend · 10-22-10, 09:34 PM

Great thread...

As a few have asked also, is it more tricky when you are just an offshore guy?

Thanks for any responses...

Robust · 10-22-10, 10:44 PM

Originally posted by reverend

Great thread...

As a few have asked also, is it more tricky when you are just an offshore guy?

Thanks for any responses...

foreigners pay taxes immediately.. then get it back at the airport when leaving the country..

Robust

ojs69 · 10-22-10, 10:55 PM

save losing tickets and make damn well sure theres no shoe print on one or they void em all

TheDood · 10-23-10, 03:02 AM

Has anyone actually been audited for this? I wouldn't think they care as long as they get their $$ or does it just suck to be honest?

komatsu · 10-23-10, 05:28 AM

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dvsbmx · 10-23-10, 07:19 AM

Originally posted by playersonly69

I get a win/loss report from ALL of the casinos where I played poker tournaments each year. EVERY penny that I put into a slot or every hundred that I put on the blackjack table is listed.

One thing that I will do is buy-in for lets say $1000 at the blackjack table. I am usually playing between $75-150 a hand. But almost immediately, I will pocket a few of the $100 chips and each time I win, I will pocket some of that cash. Then when I do cash out, it wont look like I won at all (if I did win). Also, I rarely do the old color-up trick. That is just another way of the casino knowing exactly how much you won

Just a quick question. Do you use your players card at the table? How do they track every penny you put out?

EDIT: I didn't even notice the post above this one but thats about where I was going with my question. I would think and have heard that using your players card can create some issues.

jeffksu · 10-23-10, 10:36 AM

LV BOUND...when you get here I will hook you up w/a great CPA that used to work for IRS and is very good at all this, been dealing w/him/her for years and he/she knows all the laws and ins an outs of gambling here in NV and has saved my ass on more than one situation...Very resonable as well....