Taxes on sports wagers in Nevada

Easy-Rider 66 · 05-11-12, 07:27 PM

Back in the day, I believe it was 10K that the shop would ask for your personal info like Social Security number. Do a google search on structuring gambling winnings.

teachervido · 05-11-12, 07:28 PM

I think its 10K as well. Which team are you favoring?

UntilTheNDofTimE · 05-11-12, 07:34 PM

The wager wont be near the threshold so its not like i have a huge angle on the game. Just wanna have some beers and enjoy the game.

From what i read it says Over 600 and over a 300-1 payout. By those criteria one would be able to wager 50,000 and have no form filled out since its not a 300-1 payout?

I was just now searching google and 1 forum said to not cash out over 10,000. So lets say you wagered 6,000/5,000 you might be given a form. Some said you could circumvent this process by asking for 9,000 in cash and 2,000 in chips.

In either case my wager will payout over 600 and was wondering if id be paying taxes on that. Seems that is not the case though.

Easy-Rider 66 · 05-11-12, 07:41 PM

I cashed out over a 10k return once in Vegas a while back on a NFL future and the employee asked me if I wanted it in cash or chips. Did not know it would make any difference and said cash. Needed to provide my SS# to get the cash.

UntilTheNDofTimE · 05-11-12, 07:48 PM

Thanks rider

was your winnings over 10k or just the wager amount + winnings over 10k?

Coolcanuck79 · 05-11-12, 07:53 PM

The form that some places make you fill out for cash transactions of 10k or more isn't for tax purposes, it's more for tracking and money laundering reasons.

A W2G is required on winnings of $1200 for slots/video and $1500 for keno. On all other games, a W2G is given on winnings that are $600 dollars or more and the amount of the win is at least 300 times the original bet.

Easy-Rider 66 · 05-11-12, 07:54 PM

Wager+winnings over 10K. It was on a future, but have not gambled that kind of money in over a decade.

UntilTheNDofTimE · 05-11-12, 07:59 PM

Originally posted by Coolcanuck79

The form that some places make you fill out for cash transactions of 10k or more isn't for tax purposes, it's more for tracking and money laundering reasons.

A W2G is required on winnings of $1200 for slots/video and $1500 for keno. On all other games, a W2G is given on winnings that are $600 dollars or more and the amount of the win is at least 300 times the original bet.

So theoretically you could bet 100k on a -110 game and the IRS would never know about it? since the payout isnt over 300-1?

Sam Odom · 05-11-12, 08:05 PM

Not sure what it is now with all of the new laws... used to be 9,999 was OK

these days I would do 3K at 3 different books

Coolcanuck79 · 05-11-12, 08:13 PM

Originally posted by UntilTheNDofTimE

So theoretically you could bet 100k on a -110 game and the IRS would never know about it? since the payout isnt over 300-1?

I'm from Canada so I can't say for sure about how it would affect actual income and taxes. I would never come close to betting 100k so I cannot say for sure how they would handle it. What I posted was for the low to middle class bettors.

rm18 · 05-11-12, 08:19 PM

no tax form regardless unless a longshot, id needed for a 10k+ winner