Tax charged by vegas casinos on sports bet winnings

**scott235** · 04-15-11, 02:33 PM

This question has been asked before and you always get a dozen different answers. The best thing to do is to ask the people working the vegas books how to keep your betting on the DL. I'm sure if you don't get a players card and cash in winning tickets under a certain amount, this would work, but I'd like some more info on this myself.

**acarmelo1** · 04-15-11, 02:37 PM

Let me give the example of the country I live one.

You bet a -110 odd. lets say you bet 110 to win 100

If you lose the sportsbook will keep the extra $10 for them that is their juice.

Now if you win they will not keep anything but will need to charge a 7% based on the winnings, in order to pay the goverment.

**widebody2** · 04-15-11, 02:44 PM

I'm not saying you are wrong since I've read a couple of different things but, the vegas informational site I was just reading said that we pay 25-30% on sports bet winnings and that the casino pays a 7% tax on their own winnings (having nothing to do with us). So they pay 7% on their profit. We pay 25-30% on ours.

I believe it said the 7% the casino paid was a state tax and the 25% that we pay is to the IRS.

I just figured out your example was for a different country. 7% I could live with. 25% means that we would actually have to win quite a bit higher than the 52.38% we already need to break even

**widebody2** · 04-15-11, 03:06 PM

I am now reading a lot of stuff that says you need a combination of over $600 and your win needed to be 300x your initial bet 300:1. No sports bet in a casino will ever meet both requirements to be taxed on the spot.

I am hoping this is the actual truth.

I'd love to hear from someone who has actually placed, and won a sports bet at a vegas casino over maybe $2000 or so, recently. Was there tax taken out of the winnings?

**Doug** · 04-15-11, 03:13 PM

Originally posted by widebody2

I am now reading a lot of stuff that says you need a combination of over $600 and your win needed to be 300x your initial bet 300:1. No sports bet in a casino will ever meet both requirements to be taxed on the spot.

I am hoping this is the actual truth.

I'd love to hear from someone who has actually placed, and won a sports bet at a vegas casino over maybe $2000 or so, recently. Was there tax taken out of the winnings?

a parlay could meet those conditions, usually it would be more like a trifecta in racing.

**The Bet Master** · 04-15-11, 03:23 PM

Never heard of the them taking tax right out of the winnings.

**mikeyg** · 04-15-11, 04:20 PM

I hit a pick three last time i was in vegas for $3000 and ended up just giving some lurker walking around the horse parlor $300. The casino would not pay me full out because i had to show i d if i was from the states. Since i am from Canada they told me i have to pay 30% of my winnings before i get paid out.

They also told me if i was from the states anything under $5000 in winnings is not taxed. Hence why the lurker was needed

Not sure if that is helpful but that is what happened to me.

Oh wait, That was Atlantic City. I have never won in Vegas

Should be close to the same i would imagine

**mtneer1212** · 04-15-11, 04:42 PM

Originally posted by mikeyg

I hit a pick three last time i was in vegas for $3000 and ended up just giving some lurker walking around the horse parlor $300. The casino would not pay me full out because i had to show i d if i was from the states. Since i am from Canada they told me i have to pay 30% of my winnings before i get paid out.

They also told me if i was from the states anything under $5000 in winnings is not taxed. Hence why the lurker was needed

That is not quite true. If you win over $600 at odds of 300-1 or greater, you will have to fill out a W2-G form, and claim it as income on your taxes. You may also write off the losing wagers up to the amount of the winnings, if you itemize. They will not withhold anything unless you are not a US citizen.

At over $5000, they withhold 28% regardless, and you have no say in the matter.

**Grits n' Gravy** · 04-15-11, 05:21 PM

Originally posted by widebody2

I am now reading a lot of stuff that says you need a combination of over $600 and your win needed to be 300x your initial bet 300:1. No sports bet in a casino will ever meet both requirements to be taxed on the spot.

I am hoping this is the actual truth.

I'd love to hear from someone who has actually placed, and won a sports bet at a vegas casino over maybe $2000 or so, recently. Was there tax taken out of the winnings?

this is 100% accurate.

they only file and/or withhold taxes on 300 to 1 wins. they do not withhold taxes on u.s. citizens for any normal winning wagers regardless of amount. they will file a mtl for transactions over 5k and ctrc-n for transactions over 10k. if you don't have id or refuse to provide it along with your ss# they will refuse to pay you, bar you from casino, fill out a suspicious activity report and flag the ticket so it can't be cashed until you return with all of the required information. they will also ask you if you are playing for somebody else now and if you say "yes", they won't pay you without the person you are acting on behalf of. that is the new crackdown on runners. once they have you in the system all of the winning bets get logged and sent to irs where you can expect to pay taxes on winnings.

if you are from canada, mexico and numerous other countries you will have an automatic 30% in taxes withheld due to no gaming treaty between u.s. and these countries. many countries like uk, italy, france have treaties and if you have an i.t.i.n. # you are not subject to the 30% tax.

**Grits n' Gravy** · 04-15-11, 05:22 PM

Originally posted by mtneer1212

At over $5000, they withhold 28% regardless, and you have no say in the matter.

bad info and not true.

**HoulihansTX** · 04-15-11, 05:27 PM

If you cash out for over 10k they will make you fill out a tax form. All of your winnings will be returned, but its your responsibility to pay the tax. Casino will send a form to IRS, of your transaction so there is no way around not paying uncle sam.

300-1 parlay wins also will be taxed.

The trick locals do is go to multiple casinos, and make the same bet. Therefore you dont go over the 10K threshold, and avoid the IRS "stealing" from you.

**cyberinvestor** · 04-15-11, 05:50 PM

Originally posted by HoulihansTX

If you cash out for over 10k they will make you fill out a tax form. All of your winnings will be returned, but its your responsibility to pay the tax. Casino will send a form to IRS, of your transaction so there is no way around not paying uncle sam.

300-1 parlay wins also will be taxed.

The trick locals do is go to multiple casinos, and make the same bet. Therefore you dont go over the 10K threshold, and avoid the IRS "stealing" from you.

The over $10,000 form is a Currency report and not a tax report. It is intended to monitor money laundering. The currency report is not reported in any way for taxes.

**LLXC** · 04-15-11, 06:34 PM

Thought you had to win over x amount before they did that if you are not in this country. Otherwise, they hand your a form, and also report it to the gov.

**Frogger** · 04-15-11, 06:41 PM

If you win $30k today, how do they know u didn't lose $50k somewhere else yesterday?

You only pay taxes on NET winnings. This is why you will see winners picking up losing tickets off the ground at horse-tracks to lie and claim those are their "losers" so they avoid paying taxes.

**bookie** · 04-15-11, 07:47 PM

Originally posted by Frogger

If you win $30k today, how do they know u didn't lose $50k somewhere else yesterday?

The burden is on the taxpayer. There have been court case where someone won a bunch and gave it all back and then some, and had to pay taxes on their "winnings."

**cyberinvestor** · 04-15-11, 08:36 PM

Originally posted by bookie

The burden is on the taxpayer. There have been court case where someone won a bunch and gave it all back and then some, and had to pay taxes on their "winnings."

Sometimes on the state level but never on the federal level.

**mtneer1212** · 04-15-11, 10:36 PM

Originally posted by Grits n' Gravy

bad info and not true.

they only file and/or withhold taxes on 300 to 1 wins. they do not withhold taxes on u.s. citizens for any normal winning wagers regardless of amount. they will file a mtl for transactions over 5k and ctrc-n for transactions over 10k. if you don't have id or refuse to provide it along with your ss# they will refuse to pay you, bar you from casino, fill out a suspicious activity report and flag the ticket so it can't be cashed until you return with all of the required information. they will also ask you if you are playing for somebody else now and if you say "yes", they won't pay you without the person you are acting on behalf of. that is the new crackdown on runners. once they have you in the system all of the winning bets get logged and sent to irs where you can expect to pay taxes on winnings.

if you are from canada, mexico and numerous other countries you will have an automatic 30% in taxes withheld due to no gaming treaty between u.s. and these countries. many countries like uk, italy, france have treaties and if you have an i.t.i.n. # you are not subject to the 30% tax.

Sorry Holmes, but you are incorrect.

Taxes on gambling winnings

There are some things you should know if you are lucky enough to win. The Internal Revenue Service (IRS) requires all casinos in certain instances to withhold federal taxes if you win over a certain amount. The percentage withheld ranges between 25 and 30 percent depending on how you won. Here is how it works.

If you had gambling winnings, the casino is required by the IRS Information Reporting rules to withhold 28% as income tax if you do not provide a documented TIN (Taxpayer Identification Number, that is, your Social Security Number.) We have heard of cases where it is withheld no matter what. The withholding tax is 30% if a foreign gambler. The tax rate is 25 percent if the amount is over $5,000 (except for non-resident aliens.)

When your winnings exceed a specified threshold and/or tax is withheld, the casino will give you an IRS Form W-2G showing the amount you won and the amount of tax withheld. Report (and take credit for the tax you paid) on your IRS Form 1040 tax return at the end of the year. (Only use Form 1040 if you had gambling winnings; you cannot use any other form.) IRS Form W-2G
Generally, gambling winnings are reportable to the IRS if the amount paid is (a) $600 or more and (b) at least 300 times the amount of the wager. This requirement primarily applies to lotteries, sweepstakes and other big winnings from small bets. It does not apply to winnings from bingo, keno, and slot machines.

Casinos report gambling winnings for these games to the IRS when a player wins $1,200 or more from a bingo game or slot machine or if the proceeds are $1,500 or more from a keno game. When you exceed these amounts, the casino may withhold taxes and will provide you with IRS Form W-2G. They keep the original and give you two copies of the form. (If state income tax withholding is required on gambling winnings in your state, additional taxes may be withheld.)

The rules are different for table games (such as blackjack, baccarat, craps, roulette or other spinning wheel games.) Since Nevada casinos do not know the amount you started with, they are not able to determine how much you won (...your taxable gain.) As a result, federal law provides that there is no withholding or even reporting of table game wins to the IRS. It therefore follows that table game winners probably do not report their gambling profits to the IRS.

You not only pay taxes on gambling profits, but you can also claim gambling losses as an itemized deduction as well. But you must keep some kind of documentation (such as a diary or tickets) to substantiate the amount and nature of the losses. In any event, you cannot claim gambling losses that exceed your winnings.

**cyberinvestor** · 04-16-11, 08:03 AM

Good info from MTneer.

The keys to taxes for gambling are as follows:

1) For table games there are never any taxes deducted. However that does not mean no taxes are due. Rather the burden is on the player to report the winnings, if any, at the end of the year.

2) In the sportsbook taxes are not deducted unless your wager meets both of these requirements; (a) it must pay more than $600, AND (b) must be odds of 300-1 or greater. Usually this happens frequently in the racebook because hitting a 300-1 parlay or futures bet is odd.

3) If you bet $11,000 on the Lakers -5 and the ticket wins, when you go to cash it if you take chips instead of cash you will not have to have a CTR (currency transaction report) on the transaction since you did not take cash (yet). If you decide to take cash instead of chips then the book is required by the IRS to file a CTR on the transaction. However even though it is a form that goes to the IRS it has nothing to do with taxes. The purpose of CTRs is to track large cash transactions to monitor money laundering. CTRs are used by customs, banks, and more and again have nothing to do with taxes. So the fear that by filing a CTR when you cash your ticket out of tax concerns is unfounded.

4) if you win more than $1200 at a slot machine you will be issued a W2-G which will be reported to the IRS and you will need to report that for that tax year otherwise you risk an audit. However if you have losses, you can have your accountant file your win loss statement with the return and no tax will be due. Any taxes that were withheld when you won would be refunded. State law varies dramatically on how gambling winnings play into your overall income level and tax rate but federal is simple. At the federal level if you lost more than you won then no tax is due and your bracket is not effected.

5) If you take chips at the sportsbook to avoid filing a CTR, when you cash those sports chips at the cage for the over $10k, the cage will then file a CTR because you received/handled currency over $10,000. This is why I said "yet" in my sportsbook discussion on CTR. If you cash in your sports chips at the cage in amounts under $10K to avoid the CTR you are breaking a law and committing a crime called structuring. If the casino feels a patron is committing structuring they are required by law to file a SAR (suspicious activity report) on you. Many of these are filed in casinos every day and nothing is done on them. However if you get 4-5 filed on you (and you never know when they get filed as the casino doesn't tell you) then you could get a call from the Secret Service or the IRS. You better have a good reason and explanaton otherwise you will be subject to penalty, forfeiture, and prison potentially. By the way, for anyone who has a cute or obvious excuse, these guys have heard it all. Even if they dont charge you, their call will put you under a money microscope for the next five years. Since a CTR has nothing to do with taxes and assuming you are not laundering money, just take the cash at the book, have the CTR filed and be done. That way you can never have this issue.

6) A lot of people don't realize if you bet $11,000 on the Lakers and use cash to place the bet, the book files a CTR at the time you place the bet. It is why they ask for your players card. They pull up your personal information and the computer files the CTR in one easy step. They put your players number into their system and a CTR is generated. The reason, you just engaged in a cash transaction over $10,000.

**statnerds** · 04-16-11, 08:11 AM

Fukk I hate the government

**Frogger** · 04-16-11, 08:50 AM

Originally posted by bookie

The burden is on the taxpayer. There have been court case where someone won a bunch and gave it all back and then some, and had to pay taxes on their "winnings."

That is what I said.

**Grits n' Gravy** · 04-16-11, 01:57 PM

Originally posted by mtneer1212

Sorry Holmes, but you are incorrect.

Taxes on gambling winnings

There are some things you should know if you are lucky enough to win. The Internal Revenue Service (IRS) requires all casinos in certain instances to withhold federal taxes if you win over a certain amount. The percentage withheld ranges between 25 and 30 percent depending on how you won. Here is how it works.

If you had gambling winnings, the casino is required by the IRS Information Reporting rules to withhold 28% as income tax if you do not provide a documented TIN (Taxpayer Identification Number, that is, your Social Security Number.) We have heard of cases where it is withheld no matter what. The withholding tax is 30% if a foreign gambler. The tax rate is 25 percent if the amount is over $5,000 (except for non-resident aliens.)

When your winnings exceed a specified threshold and/or tax is withheld, the casino will give you an IRS Form W-2G showing the amount you won and the amount of tax withheld. Report (and take credit for the tax you paid) on your IRS Form 1040 tax return at the end of the year. (Only use Form 1040 if you had gambling winnings; you cannot use any other form.) IRS Form W-2G
Generally, gambling winnings are reportable to the IRS if the amount paid is (a) $600 or more and (b) at least 300 times the amount of the wager. This requirement primarily applies to lotteries, sweepstakes and other big winnings from small bets. It does not apply to winnings from bingo, keno, and slot machines.

Casinos report gambling winnings for these games to the IRS when a player wins $1,200 or more from a bingo game or slot machine or if the proceeds are $1,500 or more from a keno game. When you exceed these amounts, the casino may withhold taxes and will provide you with IRS Form W-2G. They keep the original and give you two copies of the form. (If state income tax withholding is required on gambling winnings in your state, additional taxes may be withheld.)

The rules are different for table games (such as blackjack, baccarat, craps, roulette or other spinning wheel games.) Since Nevada casinos do not know the amount you started with, they are not able to determine how much you won (...your taxable gain.) As a result, federal law provides that there is no withholding or even reporting of table game wins to the IRS. It therefore follows that table game winners probably do not report their gambling profits to the IRS.

You not only pay taxes on gambling profits, but you can also claim gambling losses as an itemized deduction as well. But you must keep some kind of documentation (such as a diary or tickets) to substantiate the amount and nature of the losses. In any event, you cannot claim gambling losses that exceed your winnings.

einstein- you completely missed the point of the post. if you refuse to provide ss # 28% in taxes will either be withheld or they will refuse to cash ticket in. if you have a ss#, they don't withhold a penny. casino only withholds taxes if you request them to do so or if you are from a country that doesn't have a tax treaty with usa for gaming winnings. sports bets do not get taxes withheld automatically. i feel comfortable saying these things since i spent a day with our compliance v.p. and an irs rep going over the tax changes for 2011. the only change was malta is now subject to a 10% withholding rate as opposed to the original 30%.

do you really think that when someone bets a high 6 figure bet on a major vegas fight that the casino taxes them 28% when they cash in? all we do is fill out a ctrc-n and that gets sent to the irs. not a tax form.

**Grits n' Gravy** · 04-16-11, 02:01 PM

Originally posted by cyberinvestor

Good info from MTneer.

The keys to taxes for gambling are as follows:

1) For table games there are never any taxes deducted. However that does not mean no taxes are due. Rather the burden is on the player to report the winnings, if any, at the end of the year.

2) In the sportsbook taxes are not deducted unless your wager meets both of these requirements; (a) it must pay more than $600, AND (b) must be odds of 300-1 or greater. Usually this happens frequently in the racebook because hitting a 300-1 parlay or futures bet is odd.

3) If you bet $11,000 on the Lakers -5 and the ticket wins, when you go to cash it if you take chips instead of cash you will not have to have a CTR (currency transaction report) on the transaction since you did not take cash (yet). If you decide to take cash instead of chips then the book is required by the IRS to file a CTR on the transaction. However even though it is a form that goes to the IRS it has nothing to do with taxes. The purpose of CTRs is to track large cash transactions to monitor money laundering. CTRs are used by customs, banks, and more and again have nothing to do with taxes. So the fear that by filing a CTR when you cash your ticket out of tax concerns is unfounded.

4) if you win more than $1200 at a slot machine you will be issued a W2-G which will be reported to the IRS and you will need to report that for that tax year otherwise you risk an audit. However if you have losses, you can have your accountant file your win loss statement with the return and no tax will be due. Any taxes that were withheld when you won would be refunded. State law varies dramatically on how gambling winnings play into your overall income level and tax rate but federal is simple. At the federal level if you lost more than you won then no tax is due and your bracket is not effected.

5) If you take chips at the sportsbook to avoid filing a CTR, when you cash those sports chips at the cage for the over $10k, the cage will then file a CTR because you received/handled currency over $10,000. This is why I said "yet" in my sportsbook discussion on CTR. If you cash in your sports chips at the cage in amounts under $10K to avoid the CTR you are breaking a law and committing a crime called structuring. If the casino feels a patron is committing structuring they are required by law to file a SAR (suspicious activity report) on you. Many of these are filed in casinos every day and nothing is done on them. However if you get 4-5 filed on you (and you never know when they get filed as the casino doesn't tell you) then you could get a call from the Secret Service or the IRS. You better have a good reason and explanaton otherwise you will be subject to penalty, forfeiture, and prison potentially. By the way, for anyone who has a cute or obvious excuse, these guys have heard it all. Even if they dont charge you, their call will put you under a money microscope for the next five years. Since a CTR has nothing to do with taxes and assuming you are not laundering money, just take the cash at the book, have the CTR filed and be done. That way you can never have this issue.

6) A lot of people don't realize if you bet $11,000 on the Lakers and use cash to place the bet, the book files a CTR at the time you place the bet. It is why they ask for your players card. They pull up your personal information and the computer files the CTR in one easy step. They put your players number into their system and a CTR is generated. The reason, you just engaged in a cash transaction over $10,000.

sarcs aren't filed all that often due to employee laziness. lots of paperwork. the casinos don't have to turn them over to any government agency and if one does get filled out, the sarc committee usually just sits on them or puts a comment into guest's player card account.

**Grits n' Gravy** · 04-16-11, 03:06 PM

Race & Sportsbook300 to 1 odds300 to 1 odds300 to 1 odds300 to 1 oddsForm RequiredW2-GW2-G1042-S1042-S & W-8Ben (w/I-TIN)Payout Amount$600 $600 $600 $600 Withholding (win $5,000 or less)0% (2)0% (2)30% (2)0% (2)Withholding (win over $5,000)25% (2)25% (2)30% (2)0% (2)

**OneLossParlayGuy** · 04-16-11, 03:12 PM

so basically..as long as you dont place bets that would equal the cash out to be over 10k, yo uare a small timer and have nothing to worry about?

**cyberinvestor** · 04-16-11, 11:47 PM

Originally posted by Grits n' Gravy

sarcs aren't filed all that often due to employee laziness. lots of paperwork. the casinos don't have to turn them over to any government agency and if one does get filled out, the sarc committee usually just sits on them or puts a comment into guest's player card account.

It varies by casino. Vegas is stricter than most. I had two clients in trouble due to SARs filed at MGM Mirage reports and another at Caesars. I do agree though that only about .5% amount amount to anything.

**cyberinvestor** · 04-16-11, 11:47 PM

Originally posted by OneLossParlayGuy

so basically..as long as you dont place bets that would equal the cash out to be over 10k, yo uare a small timer and have nothing to worry about?

Bingo!

**SportsMozart** · 04-17-11, 12:26 AM

This is the topic that I'm sorry to I say I have not figured out yet.

So when you bet on the game with -110 odds, it is vise to bet $5000 to win $4500 so the payout will be $9500 and that should go without showing any ID-s or filling out any forms. What I don't understand is that per ticket? Do they consider one ticket as transaction?
What if you have 3 tickets that all won $4500 . Do they look those as separate transactions or as one?

Now if you are foreigner with no SSN, are still ok to get $9500 payout ? My question is - do they ask you ID anyway? (One can have a valid ID but not SSN ). It strikes to me that if payout is less than $10 000 in sports-books you are ok o cash out no matter if you are from Brazil or South -Korea. Then again is it per ticket or do they sum all your tickets up?

In race books do they start asking ID-s and filling out forms on payouts bigger than $600 all the time , even if it is equal odds bet?

Many questions but it would nice to get it cleared out by Las Vegas local who knows how things work.

**TheMoneyShot** · 04-17-11, 12:46 AM

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.

**SportsMozart** · 04-17-11, 01:40 AM

So would you have been screwed should you had 2 of those tickets? Both single straight bets . Logic tells me that $10 000 limit has to be per transaction , meaning per ticket. If that was not the case one can cash one ticket out today and another the next day.

As I understand as long it is less than $10 000 sportsbook ( casino) does not give a flying fuk if you are from Fidzi.

This topic is interesting for those who are not from Vegas and having limited experience of playing there. I researched in all over the internet. $10 000 limit runs through it leaving lot's of unanswered questions. So therefore it is good topic to talk about. Race book $600 limit also runs through the web , yet leaving unclear if that is the case with equal odds bets or only those where odds are bigger than 300:1?

**widebody2** · 04-17-11, 11:49 AM

wow there is so much conflicting info out there I don't think I've ever seen anything like this.

Can someone who REALLY REALLY knows, not just thinks, tell me what would happen in the following example:

I want to wager on 3 NBA games for $5000 each game. Say I win all 3. My winnings will be $15K my total tickets would be $30K. Could I just do that all in 3 separate transactions, all in one day, so that each would be under $10,000. (If that is even really the magic number)

**ThaWoj** · 04-17-11, 01:45 PM

Originally posted by TheMoneyShot

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.

no dude. reread the above posts. especially mountaineers and cyberinvestors. the 10k thing is not for taxes. taxes vary for each form of gambling. like what was said before, $600 or 300-1 odds for horses (5k for the automatic witholding), over 1200 for slots/video poker/keno/etc, and there is NO tax cap for straight sports wagers however again its the players responsibility to include such amounts at tax time.

**SportsMozart** · 04-17-11, 06:26 PM

Yes this thing gets more and more confusing by every new thread.

**Counterfeit Cash** · 04-17-11, 06:56 PM

Wow, it's amazing that:

a: there are so many different answers, and b: all the ones who answered swears they are correct...lmao

We should place a wager on who in this thread really is correct, and i'm starting to think you are ALL wrong in one way or another.

I have no clue the answer to this guys question, but goddamn maybe a few of you should research to be sure of your answer before posting shit and confusing everyone. the first 3 or so DIFFERENT answers should have been the damn red flag...seriously.

**cyberinvestor** · 04-17-11, 09:36 PM

Originally posted by TheMoneyShot

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.

The reason I write "Way too long" responses is because people don't get it so I try to provide a full and thorough response. Despite my long responses you still don't get it, which is fine, no disrespect meant, that the over $10,000 form that gets filed with the IRS HAS NOTHING TO DO WITH TAXES. It is used for money laundering monitoring. Nothing more, nothing less.

You will NOT pay taxes at the sportsbook window if you win over $10,000 UNLESS the odds for your wager were 300-1 or greater. If it was a straight bet, you could collect $100,000 and NO TAXES WOULD BE DEDUCTED. If you took cash as your payout of $100,000, a CTR (currency transaction report) would be filed on you but again, no taxes deducted and a CTR has no tax implications.