1. 11-18-20 11:25 AM #1
    StackinGreen
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    For those of you who have state betting apps, are you worried about being tracked?

    From a privacy OR a tax standpoint?

    What do you think any particular state will do if you never go over 10k CTR, do you think they have software tracking you?
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  2. 11-18-20 11:47 AM #2
    mtneer1212
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    Each book in the state is reporting your action if it exceeds a certain threshold, you can count on that. It's not just the 10K CTR, if you are winning 3-8K at several books, the state will likely know it. From a privacy standpoint, there shouldn't be a concern unless you are a money launderer, or owe back child sport......
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  3. 11-18-20 05:10 PM #3
    StackinGreen
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    Quote Originally Posted by mtneer1212 View Post
    Each book in the state is reporting your action if it exceeds a certain threshold, you can count on that. It's not just the 10K CTR, if you are winning 3-8K at several books, the state will likely know it. From a privacy standpoint, there shouldn't be a concern unless you are a money launderer, or owe back child sport......
    If I were worried about privacy (not laundering, not child support) and taxes, though, it would be stupid to bet on an app, though. Correct? Let's say I'm a $500-$1000 bettor who wins in any given year up to 5 figures
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  4. 11-18-20 05:28 PM #4
    jjgold
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    Peanuts nobody cares about small amounts
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  5. 11-18-20 06:24 PM #5
    Foxx
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    Quote Originally Posted by StackinGreen View Post
    If I were worried about privacy (not laundering, not child support) and taxes, though, it would be stupid to bet on an app, though. Correct? Let's say I'm a $500-$1000 bettor who wins in any given year up to 5 figures
    The problem is that even if you don't win but bet a lot, it can still wreak havoc on your taxes if you declare the activity by the letter of the law. Regardless of whether or not you are in the black for the year, each winning bet is supposed to be counted as income and each losing bet an itemized deduction. So if you won 90k and lost 100k, you would add 90k to your adjusted gross income and add 90k as an itemized deduction (you can't use the full 100k loss as a deduction as you can only deduct up to winnings). It is pretty ridiculous how gambling activity is treated tax-wise in the USA. The big problem for the taxpayer who plays big and reports correctly is that many tax benefits get phased out based on your adjusted gross income, so inflating that number with gambling activity can cost you in other ways.
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