Barkley has to be an idiot for betting 400K in one chunk.Why did he have to put on a blow hard big splash by betting 400K in one chunk exposing himself to paying taxes if he won.Why not make a ton of 1k bets where you don't have to fill out the IRS papers?
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He is Charles Barkely. Nuff said.Comment -
He had 4 100k markers over 2 days I believe.Originally posted by BrentCrudeComment -
The last thing you want to do is bet 400k in a day and try to skirt past the IRS.Comment -
They didn't say it was a single sports bet, did they? He could've lost it playing $10k a hand at blackjack. And they don't tax your winnings at bj as far as I know because it's nearly impossible to keep track of wins and losses.
Plus, I believe for the winnings to be taxed in sports, it must be at a minimum 300-1 odds. Which pretty much limits to long shot parlays.Comment -
Again it was not over 1 day and with markers if he had won the markers would have never been processed.Comment -
You guys are acting foolishly.
If you bet that kind of money, the casino furnishes forms to the IRS. They will even send you a 1099 at the end of the year if you request it.
In Charles's case I doubt he is out to screw the IRS. He is out to have fun.
Plus, if he has lost over $10 million as he states, its not costing him taxes.
You are allowed to deduct losses from winning. If you don't file as a business, you lose you automatic $7000 deduction, but when you are betting millions that does not matter. Plus Charles has given enough money to charity that he loses his $7000 auto deduction anyways, since he obviously itemizes.
The better question is why he did not pay it...
My hunch is: The guy usually plays at Mandalay Bay. He probably headed to the Wynn and requested credit. Most likely being it was Chuck, they did not do a credit check or check his bank account. His public image and the likely $5 million plus he makes from TNT and probably Nike each year gives him good reason to pay. When Chuck filled out the application, he probably screwed up the bank account number. Then the Wynn processes the payment. IT fails and automatically gets sent to collections. Whole thing would have likely been avoided had the Wynn just picked up the phone and called chuck. Making a celeb a public spectacle can not be good business for bringing in other rich folks. I'm sure Steve Wynn is not pleased.
Sean
SeanComment -
Why hasn't anyone touched on Barkley being an idiot betting 400k in one IRS chunk
Believe it was touched on, Brent...
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LOL we are foolish ,yet you give an explanation on what might have happen.Originally posted by increasedoddsComment -
How will the casino keep track of how much you've won?Originally posted by increasedodds
The only way the IRS knows how much someone's won is if a W-2G form is generated. Such as when you win over $1200 at slots, $5000 at poker or 300-1 odd bet at sports. None are generated at blackjack, which Barkley admits to losing most of his millions at.
And you can only deduct losses from your winnings. Meaning if you won $5000 and but lost $15,000, you can only deduct up to $5000. If you won $0 and lost $20,000, you can't deduct a red cent.Comment -
The problem with betting on the super bowl is that it comes at the beginning of the year before you have alot of gambling losses??Depending on how you do on the college bowl games?You would have to either be a fortune teller or expect and want to be a total year end loser to think a losing huge bet on the super bowl could be a gambling loss write off. Why not just have all your posse,family members,groupies etc.buy a few 1k bets all over Vegas and cash them for you.No red flags would go up,under the radar screen.Comment -
If you won a big bet on the Super Bowl you have almost 11 months to come up with losses to offset it.Originally posted by BrentCrudeComment -
Just like buying a lottery ticket.Always give it to a member of the family if there is one who doesn't have an income to cash in.Let's say you win 5k.Give the relative $100 and it beats paying the taxes on it yourself.Comment -
Go try to cash out $400,000 after playing blackjack and let me know if the casino fills out paperwork.Comment
