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Yes. Maybe not tax paperwork but transaction report paperwork. If you do happen to have a ticket for over 10k there are also ways of possibly getting around this as well......but you are better off splitting the tickets and not cashing them in at the same time.Originally Posted by Hareeba!
Last edited by Mr. Teaser; 03-24-12 at 04:54 PM.
If you were to read that article and also previous postings on this topic by CyberInvestor you will learn that what you are proposing is known as "structuring" and is punishable under Federal law. You have more to fear from doing that than having a cash transaction report filed, which on its own has no consequences for you at all. You need only fear it if you are involved in criminal activity.
Last edited by Hareeba!; 03-24-12 at 09:19 PM.
Thanks for the info everyone! I have no fear of 'scheduling', as I'm not involved in criminal activity. I prefer to keep myself anonymous in order to not have a ledger of information. Say for instance a spouse in divorce court were to sub-poena me for my betting records in order to show I have a lot more money? - that would not be cool. Hence it's better to be anonymous, as there can be nothing to be gained having a ledger of information.
But 'structuring' makes you a criminal.
I'm not aware of whether access to cash transaction reports is available in civil matters.
Last edited by Hareeba!; 03-24-12 at 09:18 PM.
It would be more helpful for everyone interested in the topic if you were to explain where that information is incorrect or post the true facts instead of simply posting another insult.
You would do everyone, yourself included, a big favour by simply addressing the topic of each thread rather than using the forum only to stalk me for the purpose of posting personal insults.
This topic very interesting to me. I have been dealing blackjack for 11 years now in California. We as dealers have to take a "Title 31" class which basically tells us to look out for people that are doing suspicious activity. Buying in for big amounts betting small amounts and leaving. You know some kinda money laundering thing. In my first 10.5 years of dealing I always thought that when the player cashes out $10,000 or more that this amount is reported on the CTR like stated in this thread and this in turn would be taxed. It wasn't until about 6 months ago that someone told me that this had nothing to do with taxes. I didn't believe them though because everyone I have ever talked to about this in the casino, and I mean 50+ people that I have had just little conversations about this over $10,000 thing, everyone one of them, including my floor supervisors and pits have ALL thought this had to do with the players getting taxed. The person told me the exact same thing that the poster with all the detailed info (not gonna go a page back now since typing this to see his name) has said. Now from reading all this what I am gathering is that the poster said even though this CTR goes to the IRS so they see the high transactions BUT the player would have to report this on their taxes as income. I would assume that if their is a player that has a bunch of these CTR reports and doesn't report any of these winnings on their taxes that they might be audited on their taxes. SO I suggest to all of you that are cashing these tickets, you better have proof of loses for the year you won.
Thanks for having a great thread dedicated to this topic. I spend some time at a vegas message board and they closed theirs. So, I went a looking and found you.. Thanks again. Here's my situation and what I expect to happen. I will be at the RIO for March Madness. I will be making a few 12 or MAX team parlays as I always do really good the first round, or, in the round of 64 where I generally win the 1st 25-30 games before a lost I will be making several 25.00 max parlays that pay between 6,000 and 14,000 depending on the number of #1 and #2 teams in the parlays. #1 teams have lost once since the 70's and #2 teams win 89% of the time in the 1st round. Then we get #3 teams at 78%. Anyways, My 25,00 parlays that win and are over 300-1 will be taxed. The 25.00 parlays that win and are over 10,000 will be taxed and a report will be filed stating I got 10K. I think it's simple enough. Thanks again for the information, William
Last edited by Wroberson; 08-05-12 at 08:16 PM. Reason: Just a heads up
Non-US citizens do not pay withholdings, even on parlays paying greater than 300:1. I'm not sure if it is all other countries, or just those that have tax treaties with the US... But I am certain that UK citizens do not have to pay withholdings.
You can figure out the rest.
so lets say you want them to take the taxes (withhold 28%) for you so you don't have to worry abt it at the end of the year. after you file your taxes, form 1040 can the irs send you something back saying 28% was not enough? Let's say you make $100k+ that year or $1M+ is the rate on a sliding scale?
From my experience, I think Teaser is right. I have cashed in as many as 15-20 tickets at a time, and my bets are up around $2,500-3,000. I always cash in just enough tickets minus the bets I want, which is always under 10K. I have never been issued any kind of CTR or tax form.
One of the college dropout guys I know at the M casino book bets a ton on NCAAB. He's definitely got over 10K in action all the time, but he cashes in when he needs to bet. He keeps a record of all his bets, but it's for personal risk management and not for taxes. He's never been issued a form either.
William Hill is now recording transactions over 3K according to the last document I saw posted at a William Hill in Henderson. There is a guy named "cabbage" who is a runner for a NCAAF and NCAAB bettor. They always make photocopies of his tickets, but it's in case someone robs him or steals his tickets, and not for tax purposes. I did talk with the guys at the books, and if you tip them often, they do not give a crap about making you fill out a form. If I give 5, 10 or 20 bucks on a $5000 ticket, they DEFINITELY HATE PAPERWORK.
What if you want to make an online account and they make you put in your ssn to open the account. Will they take taxes from any winnings??? in nevada thanks!
All you guys asking if taxes are charged, are you serious?
Guess nobody has ever won at the race track or casino before
exactly, well said. if you're a frikken millionaire you could easily have all yout profits in a safe and never pay a dime in tax.
MoneyShot, your response is INCORRECT and you are supplying bad information.Wow... I'm amazed at....
1. The ridiculous responses in this thread.
2. The effort put in some peoples' responses??? Way too long.
3. Where are you getting this rooster-eyed info???
The bottom line is... when you are placing a sports bet at any casino in Vegas the goal is to Win at $9,999.00 You can cash any ticket without any forms TO WIN at $9,999.00 anything over that on a straight wager... you will pay taxes on.
I was cashing in a ticket last year in Vegas... watching this runner cash in to win at $8,500 (I saw the payout LED on the register) as the dude was staring at me wearing dark shades chewing gum... I sh#$ you not. I actually smirked the dude was so funny.
But yes... it is true... TO WIN $9,999.00 no taxes taken out. Anything more... you're screwed.
If your wager pays over 300-1 odds with a minimum $600 payout, then you have to fill out tax forms (happens most often with horse race exotic betting or hitting slot machine jackpots, royal flushes on video poker, etc).
People continue to misunderstand the $10,000 cutoff because of wrong information contained in your post.
If you collect more than $10,000 IN CASH, the casino will request a copy of your social security card solely for a CTR (currency transaction report) which is NOT supplied to the IRS.
This doesn't mean that you don't owe taxes on the winnings as technically, when you put a quarter in a slot machine and get a cherry and get 2 quarters back, you're supposed to disclose that 25c profit and pay tax on it.
I'm talking about sportsbook only. I could careless about anything else... table games etc. I watched with my own eyes a guy collecting well over 10K RISK & WIN. Didn't ask the guy for anything. Before you bark up a tree... show some of your own facts if you believe my opinion is wrong. Sportsbook only guy.
What do you think RUNNERS do in Vegas if they have too much on one side? They play the other side if they are just looking to hit the juice. You think a RUNNER is going to pay taxes on his earnings to make sure his balance is even? Runners hit any book up to $9,999 to WIN ONLY. There's reasons for this.
I'm in cali.. fed apparently takes 25% of winnings, state 7%... so lets say I'm at a gain of 10k, and I wagered 8k to get there... so on my 2k profit am I really going to lose $640 of that? (32%) Can I claim the $8,000 as deductions, how does this shit work... even if you had a winrate of 60% over the season it still seems like it might barely be worth it?
it's all on net gains. if you profited 2K, you pay taxes on 2K. treat it just like capital gains.
Thanks SBRhedge... man.. that penetrating hurts... so if you make a big 40% return one season, lets say you win 20k.. bam there goes $6,500...
I've been hearing all about big timers out in vegas, hitting the books hard.
The Golden Nugget Laughlin (about 1 and 1/2 hours south of LV) told me if I had WON any more than 3k they were going to bring the form out on my ass. In this thread they say the magic number....is the ticket price to be under 10k??? just my experience.... they will hit you with a form at 3k+ in winnings.
Watch your comings and your goings. Wager 2k or less to be safe. Casino-hop.
grunching on this great thread.......
so sports betting withhold tax rules are completely different than other activities like slot machines and poker tournaments... in those cases, i seem to recall $1200 or some similar number being the cut off. and then 30% taken off.. FYI, i'm canadian so this is mostly talking to canadians...
semi-grunch as i didn't read the whole thread. but the two key concepts with sports betting seem to be $10K and 300-1 odds..... so spreading $5k around a few casinos you should be safe for a bunch of reasons?????
thx advance
can't you claim all your losing bets and expenses?............ so your net 4% ROI becomes 2.8% ROI after 30% tax rate....
you definitely have to watch for crazy situations where for whatever reason the tax authorities only consider winning bets for your taxable income...... i'v either seen that done or threatened. another reason to keep impeccable records...
another thing it might affect is that you see one bet that you think is amazingly +EV and you drive to vegas to only make that one bet... then you have no losses against it nor significant expenses... assume a 60% win rate bet at -110. your ROI = approx. 15%. apply a 30% tax rate to the winnings and now it's a minus 2% ROI...... note that your 15% ROI did NOT take a 30% haircut to become 10.5% ROI. you lost your positive ROI
same very generic thinking would apply to a +EV big money poker tournament.
the 300-1 threshold is about to changed to a newer more modern rule in horse racing ect...Old rule did not take into account number of wagers on ticket new rule which is in works and will go into law in near future takes into account number of combinations on ticket...Example today you hit a pick 3 that pays 650$ on a ticket with combinations that cost 10$ u have to fill out IRS form...When law goes into effect soon that same ticket will not be IRS as if you wager $10 ie 10 combinations it would have to be over 3010$ for it be IRS line...So huge advantage to players...See link with more details
https://www.bloodhorse.com/horse-rac...near-enactment
Just split up your penetrating tickets...END THREAD LOL...
The average poster on this board will NEVER have to worry about this.
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except for the fact that 1) things/rules change. interpretations/enforcement changes; 2) most posters don't know this stuff..... there are horror stories of canadians paying over $$$ they will probably never get back on quite small winnings. there's no obvious reason sports betting should be completely different except perhaps that IRS sees poker tourney or big slots win as a windfall profit and generally non-parlay sports betting is not.
This thread is old as sh#$.
I'm sure there are new rules and laws since OP's original post.
What the funk???
They need to report anything over 10k to the IRS
OR WE WILL DO IT FOR THEM ITS THE LAW
well then can you get a tax break on all losses?
seems retarded tbh
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