Do they TAX winning in Nevada Sportsbooks?

[Sactown]

Heading to Reno, Nevada for the weekend. Looking to make some big sports bets and wondering do they tax your winnings if it is a certain amount or do they not since they can't monitor wins and losses(like table games)? Thanks

[BigdaddyQH]

It depends on where you are. They can. It depends on how much you wager and who you know.

[Sactown]

It depends on where you are. They can. It depends on how much you wager and who you know.

What is the avg. amount where they may look to tax you on the spot in your opinion?

[john230]

I believe if you recieve over $10,000 grand back in cash, they are required to ask for your social security number. The casino then reports to the IRS. Split up your wagers or if you do get back over $10,000 ask for your payment in casino chips and cash out later. If you do this they do not report to the IRS. These were the rules as explained to me about 8 years ago, but I do not know if they have changed any.

[Hareeba!]

I believe if you recieve over $10,000 grand back in cash, they are required to ask for your social security number. The casino then reports to the IRS. Split up your wagers or if you do get back over $10,000 ask for your payment in casino chips and cash out later. If you do this they do not report to the IRS. These were the rules as explained to me about 8 years ago, but I do not know if they have changed any.

that may well be effective but it's illegal

[bigbet1234]

Nothing like telling someone how to commit "Structuring" on a open forum

I believe if you recieve over $10,000 grand back in cash, they are required to ask for your social security number. The casino then reports to the IRS. Split up your wagers or if you do get back over $10,000 ask for your payment in casino chips and cash out later. If you do this they do not report to the IRS. These were the rules as explained to me about 8 years ago, but I do not know if they have changed any.

[bigbet1234]

Just pay the taxes and don't worry about it

[gambleballs]

I believe if you recieve over $10,000 grand back in cash, they are required to ask for your social security number. The casino then reports to the IRS. Split up your wagers or if you do get back over $10,000 ask for your payment in casino chips and cash out later. If you do this they do not report to the IRS. These were the rules as explained to me about 8 years ago, but I do not know if they have changed any.

Even taking 10k in chips the casino, is required to file a Book Wagering Report, which is a gaming comission requirement held at the state level. However the IRS has access. The casino will still ask for your social to fill out a BWR. You technically can refuse it for this purpose, but the books will usually balk at you for doing so. I've even had books threaten not to pay me for refusing to give a SSN for a BWR only(non-ctr) type transaction, even though the state instructions on filling out a BWR clearly say the patron can refuse social. I think if you took it to the gaming commission you eventually would get paid without providing an SSN, but that would require filing a complaint, waiting a month or two, and likely getting banned from the casino. Bottom line is if you are betting big in Nevada get used to providing your SSN and paying taxes. Paying taxes doesnt bother me, what bothers me is the way this information is collected and stored in such an insecure way and something really should be done about it. Until then, just be sure you have a credit monitoring service and a shotgun at your house in case some junkie ticket writer gets any bright ides about what to do with the info you provide.

[Ian]

The books don't tax anything. The IRS taxes everything. Even if you only win $1 you're required to report it. I don't remember if the casino requires you to fill out a form if you win $10K or if you merely cash out $10K, but lower than that and iirc there's no form.

[Gio21]

from my experience any winnings over $3,000 they ask for my social anything below they dont ask

[gambleballs]

from my experience any winnings over $3,000 they ask for my social anything below they dont ask

The books are also asked to keep an "MTL", Multiple Transaction Log. and record bets 3k more along with identifying information of the patron. This is to help catch it when people make multiple bets throughout the day totaling more than 10k so then the appropriate BWR or CTR will be filled out. They may try to get your name or social, or they may just write down your hair color, height, weight, and what shirt you are wearing.

[Hareeba!]

Are these rules also applicable to international visitors who wouldn't have a US SSN ?

Does Uncle Sam expect them to pay tax too ? If so, is there a threshold ?

[deeshen13]

Thanks for the info "gambleballs"

[RickySteve]

CTRs aren't reported to the IRS.

[Trident]

CTRs aren't reported to the IRS.

I don't know who told you that but they most certainly are. Here is the form for it.

http://www.fincen.gov/forms/files/fin103_ctrc.pdf

[HoulihansTX]

Keep it under 10k cash out and you will have no problems.

[scott235]

My understanding is this. Keep your winning tickets under 3K and spread your money around and you should be ok. Also, you don't have to redeem your tickets all at once- ok to hold them for awhile.

[Scooter]

It depends on where you are. They can. It depends on how much you wager and who you know.

As has been pointed out by others, you are a moron.

[thespeculator]

Are these rules also applicable to international visitors who wouldn't have a US SSN ?

Does Uncle Sam expect them to pay tax too ? If so, is there a threshold ?

I know they withhold from canadians , so it probably true for all, then there is some system where you can get it credited back to you , but you have to go through paper work in your own country first

the threshold is the same 10k

[MB]

Just spread your wager out amongst the casinos.

[Mr. Teaser]

Even taking 10k in chips the casino, is required to file a Book Wagering Report, which is a gaming comission requirement held at the state level. However the IRS has access. The casino will still ask for your social to fill out a BWR. You technically can refuse it for this purpose, but the books will usually balk at you for doing so. I've even had books threaten not to pay me for refusing to give a SSN for a BWR only(non-ctr) type transaction, even though the state instructions on filling out a BWR clearly say the patron can refuse social. I think if you took it to the gaming commission you eventually would get paid without providing an SSN, but that would require filing a complaint, waiting a month or two, and likely getting banned from the casino. Bottom line is if you are betting big in Nevada get used to providing your SSN and paying taxes. Paying taxes doesnt bother me, what bothers me is the way this information is collected and stored in such an insecure way and something really should be done about it. Until then, just be sure you have a credit monitoring service and a shotgun at your house in case some junkie ticket writer gets any bright ides about what to do with the info you provide.

I don't know if the law has changed but as of a few years ago this was not true. Taking $ in chips did not require a book to file.

[gambleballs]

It must have indeed changed. However it has been this way for at least 4 or 5 years.

>10k in Cash = CTR and BWR
>10k in any combo of cash/chips/tickets/vouchers = BWR as outlined in gaming regs 22.061
>3k = MTL, as outlined in 22.062

you can read the regulations here http://gaming.nv.gov/stats_regs/reg22.pdf

[RickySteve]

I don't know who told you that but they most certainly are. Here is the form for it.

http://www.fincen.gov/forms/files/fin103_ctrc.pdf

I rest my case.