depends on how you do it, if you bet it all in one bet at the same place then yes, you'll be paying for that
you can get several different friends to put down different amounts to avoid that or you can put down different amounts at different casinos, it's very easy to get past paying taxes
.
0
depends on how you do it, if you bet it all in one bet at the same place then yes, you'll be paying for that
you can get several different friends to put down different amounts to avoid that or you can put down different amounts at different casinos, it's very easy to get past paying taxes
Oklahoma has lots of value. College football is as much about motivation as anything, bowl games especially. While both teams will be motivating bc of the stakes. I expect Oklahoma to win and cover, not that Clemson isnt capable of beating Sooners bc they most certainly are, but I just feel like Oklahoma will play with something to prove bc of what happened last year. Two totally different teams, but the motivation will be on Oklahoma's side. Bad draw for Tigers.
0
Oklahoma has lots of value. College football is as much about motivation as anything, bowl games especially. While both teams will be motivating bc of the stakes. I expect Oklahoma to win and cover, not that Clemson isnt capable of beating Sooners bc they most certainly are, but I just feel like Oklahoma will play with something to prove bc of what happened last year. Two totally different teams, but the motivation will be on Oklahoma's side. Bad draw for Tigers.
2k per casino ,very easy with two people. If you have a suite at a nice place u may wager 5 or so thousand. no taxes. I would really cap that game for a Clemson bet, the Okies have a nasty D and a solid Qb and tailback that will punish the Tigers. Okies are hotter than the hinges hanging off the gates of hell,especially after they beat a healthy Baylor and TCU,ouch!
0
2k per casino ,very easy with two people. If you have a suite at a nice place u may wager 5 or so thousand. no taxes. I would really cap that game for a Clemson bet, the Okies have a nasty D and a solid Qb and tailback that will punish the Tigers. Okies are hotter than the hinges hanging off the gates of hell,especially after they beat a healthy Baylor and TCU,ouch!
2k per casino ,very easy with two people. If you have a suite at a nice place u may wager 5 or so thousand. no taxes. I would really cap that game for a Clemson bet, the Okies have a nasty D and a solid Qb and tailback that will punish the Tigers. Okies are hotter than the hinges hanging off the gates of hell,especially after they beat a healthy Baylor and TCU,ouch!
Agree........spread it around to multiple sportsbooks. I tend to agree that Oklahoma will win, however its not because they are better than Clemson. Baylor and Oklahoma St are two of the worst defensive top 15 teams I have ever seen. I have been gambling for 25 years. Both Baylor and Oklahoma St are incredibly overrated and no one benefitted more by that perception than the Oklahoma Sooners.
Oklahoma is certainly hot and they got a great draw in getting Clemson, who destroyed them last year, but again the talent line between all teams is extremely thin. Its a down year in college football across the board. I certainly would not put 55k on Clemson or Oklahoma for that matter. Good luck though.
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Quote Originally Posted by stuff:
2k per casino ,very easy with two people. If you have a suite at a nice place u may wager 5 or so thousand. no taxes. I would really cap that game for a Clemson bet, the Okies have a nasty D and a solid Qb and tailback that will punish the Tigers. Okies are hotter than the hinges hanging off the gates of hell,especially after they beat a healthy Baylor and TCU,ouch!
Agree........spread it around to multiple sportsbooks. I tend to agree that Oklahoma will win, however its not because they are better than Clemson. Baylor and Oklahoma St are two of the worst defensive top 15 teams I have ever seen. I have been gambling for 25 years. Both Baylor and Oklahoma St are incredibly overrated and no one benefitted more by that perception than the Oklahoma Sooners.
Oklahoma is certainly hot and they got a great draw in getting Clemson, who destroyed them last year, but again the talent line between all teams is extremely thin. Its a down year in college football across the board. I certainly would not put 55k on Clemson or Oklahoma for that matter. Good luck though.
You can use the strategies listed above to spread out your wagers. But I will answer your question in the original post:
If you cashed a 105k ticket "must I pay taxes".
First off - the IRS says you have to pay taxes on all income, including gambling.
So your question sounds like it should be "if I win 105k, how can I avoid paying taxes".
You will not have anything withheld at the time you cash your ticket. If you have over 10k in cash at any transaction (which you will), you will have to fill out a FINCEN report that states you had 10k in cash on you. This is not an income statement, or anything to do with the IRS. Google it.
When you file your taxes, the IRS expects you to be responsible to claim this as income the same way you claim any other income. You can write off losses against your wins (and will get plenty of really dumb advice on how to do that, I am sure in this thread).
The IRS is a honor system. But make no mistake - if you hide this income - or try to hide this income - the IRS says that you are in the same violation of the tax code as any person who hides income. The fact that it is gambling makes no difference.
What you do with all of this is up to you. Just be aware there are varying degrees of idiocy that will be presented in this thread. None of them void the fact that the IRS expects you to pay.
Support your local animal shelter. I am on twitter.
0
You can use the strategies listed above to spread out your wagers. But I will answer your question in the original post:
If you cashed a 105k ticket "must I pay taxes".
First off - the IRS says you have to pay taxes on all income, including gambling.
So your question sounds like it should be "if I win 105k, how can I avoid paying taxes".
You will not have anything withheld at the time you cash your ticket. If you have over 10k in cash at any transaction (which you will), you will have to fill out a FINCEN report that states you had 10k in cash on you. This is not an income statement, or anything to do with the IRS. Google it.
When you file your taxes, the IRS expects you to be responsible to claim this as income the same way you claim any other income. You can write off losses against your wins (and will get plenty of really dumb advice on how to do that, I am sure in this thread).
The IRS is a honor system. But make no mistake - if you hide this income - or try to hide this income - the IRS says that you are in the same violation of the tax code as any person who hides income. The fact that it is gambling makes no difference.
What you do with all of this is up to you. Just be aware there are varying degrees of idiocy that will be presented in this thread. None of them void the fact that the IRS expects you to pay.
BTW - the hardest part of what you are asking is getting any sportsbook to take a 50k bet in Vegas.
For the most part, these books are clowns. They dont take bets. They are like a gift shop.
Try walking up to a sportsbook as a guest (someone they dont know) with 55k cash. I would love to see that.
I have tried to bet 5k on English Premier league games at the biggest SBs in town (Westgate, Venetian etc) and they push me down to 2k limits. I placed a 20k wager at Venetian on NFL - but that was only after about a 15 minute interrogation about what my favorite color is and how I feel about genetically modified corn.
I learned my lesson. Unless you are known, and unless it is the Super Bowl, these SBs are for yokels. I would guess anything under 5k on a game like the college football playoffs would be fine - but wouldnt be surprised about anything if you tried to place more than that.
Support your local animal shelter. I am on twitter.
0
BTW - the hardest part of what you are asking is getting any sportsbook to take a 50k bet in Vegas.
For the most part, these books are clowns. They dont take bets. They are like a gift shop.
Try walking up to a sportsbook as a guest (someone they dont know) with 55k cash. I would love to see that.
I have tried to bet 5k on English Premier league games at the biggest SBs in town (Westgate, Venetian etc) and they push me down to 2k limits. I placed a 20k wager at Venetian on NFL - but that was only after about a 15 minute interrogation about what my favorite color is and how I feel about genetically modified corn.
I learned my lesson. Unless you are known, and unless it is the Super Bowl, these SBs are for yokels. I would guess anything under 5k on a game like the college football playoffs would be fine - but wouldnt be surprised about anything if you tried to place more than that.
You can use the strategies listed above to spread out your wagers. But I will answer your question in the original post:If you cashed a 105k ticket "must I pay taxes".First off - the IRS says you have to pay taxes on all income, including gambling.So your question sounds like it should be "if I win 105k, how can I avoid paying taxes".You will not have anything withheld at the time you cash your ticket. If you have over 10k in cash at any transaction (which you will), you will have to fill out a FINCEN report that states you had 10k in cash on you. This is not an income statement, or anything to do with the IRS. Google it.When you file your taxes, the IRS expects you to be responsible to claim this as income the same way you claim any other income. You can write off losses against your wins (and will get plenty of really dumb advice on how to do that, I am sure in this thread).The IRS is a honor system. But make no mistake - if you hide this income - or try to hide this income - the IRS says that you are in the same violation of the tax code as any person who hides income. The fact that it is gambling makes no difference.What you do with all of this is up to you. Just be aware there are varying degrees of idiocy that will be presented in this thread. None of them void the fact that the IRS expects you to pay.
So will the casino tell the IRS that I received this money or is it on me to be honest and pay taxes on it? If the casino doesn't tell the IRS, how would the IRS catch me for not paying taxes? This money would never see the bank and would not be used for big purchases.
0
Quote Originally Posted by vanzack:
You can use the strategies listed above to spread out your wagers. But I will answer your question in the original post:If you cashed a 105k ticket "must I pay taxes".First off - the IRS says you have to pay taxes on all income, including gambling.So your question sounds like it should be "if I win 105k, how can I avoid paying taxes".You will not have anything withheld at the time you cash your ticket. If you have over 10k in cash at any transaction (which you will), you will have to fill out a FINCEN report that states you had 10k in cash on you. This is not an income statement, or anything to do with the IRS. Google it.When you file your taxes, the IRS expects you to be responsible to claim this as income the same way you claim any other income. You can write off losses against your wins (and will get plenty of really dumb advice on how to do that, I am sure in this thread).The IRS is a honor system. But make no mistake - if you hide this income - or try to hide this income - the IRS says that you are in the same violation of the tax code as any person who hides income. The fact that it is gambling makes no difference.What you do with all of this is up to you. Just be aware there are varying degrees of idiocy that will be presented in this thread. None of them void the fact that the IRS expects you to pay.
So will the casino tell the IRS that I received this money or is it on me to be honest and pay taxes on it? If the casino doesn't tell the IRS, how would the IRS catch me for not paying taxes? This money would never see the bank and would not be used for big purchases.
So will the casino tell the IRS that I received this money or is it on me to be honest and pay taxes on it? If the casino doesn't tell the IRS, how would the IRS catch me for not paying taxes? This money would never see the bank and would not be used for big purchases.
If you win a jackpot for $1,200(info from 2012 so could be more) or more, the casino takes down all your
personal information and passes that information as well as the amount
won on to the IRS on form W-2G of which you will receive several copies.
0
Quote Originally Posted by DonChrono:
So will the casino tell the IRS that I received this money or is it on me to be honest and pay taxes on it? If the casino doesn't tell the IRS, how would the IRS catch me for not paying taxes? This money would never see the bank and would not be used for big purchases.
If you win a jackpot for $1,200(info from 2012 so could be more) or more, the casino takes down all your
personal information and passes that information as well as the amount
won on to the IRS on form W-2G of which you will receive several copies.
BTW - the hardest part of what you are asking is getting any sportsbook to take a 50k bet in Vegas.
For the most part, these books are clowns. They dont take bets. They are like a gift shop.
Try walking up to a sportsbook as a guest (someone they dont know) with 55k cash. I would love to see that.
I have tried to bet 5k on English Premier league games at the biggest SBs in town (Westgate, Venetian etc) and they push me down to 2k limits. I placed a 20k wager at Venetian on NFL - but that was only after about a 15 minute interrogation about what my favorite color is and how I feel about genetically modified corn.
I learned my lesson. Unless you are known, and unless it is the Super Bowl, these SBs are for yokels. I would guess anything under 5k on a game like the college football playoffs would be fine - but wouldnt be surprised about anything if you tried to place more than that.
Van,
If you are trying to get down more than 5k on a single bet go to the M Resort. I've never had a problem there. Might need a players card though.....
0
Quote Originally Posted by vanzack:
BTW - the hardest part of what you are asking is getting any sportsbook to take a 50k bet in Vegas.
For the most part, these books are clowns. They dont take bets. They are like a gift shop.
Try walking up to a sportsbook as a guest (someone they dont know) with 55k cash. I would love to see that.
I have tried to bet 5k on English Premier league games at the biggest SBs in town (Westgate, Venetian etc) and they push me down to 2k limits. I placed a 20k wager at Venetian on NFL - but that was only after about a 15 minute interrogation about what my favorite color is and how I feel about genetically modified corn.
I learned my lesson. Unless you are known, and unless it is the Super Bowl, these SBs are for yokels. I would guess anything under 5k on a game like the college football playoffs would be fine - but wouldnt be surprised about anything if you tried to place more than that.
Van,
If you are trying to get down more than 5k on a single bet go to the M Resort. I've never had a problem there. Might need a players card though.....
Oklahoma has lots of value. College football is as much about motivation as anything, bowl games especially. While both teams will be motivating bc of the stakes. I expect Oklahoma to win and cover, not that Clemson isnt capable of beating Sooners bc they most certainly are, but I just feel like Oklahoma will play with something to prove bc of what happened last year. Two totally different teams, but the motivation will be on Oklahoma's side. Bad draw for Tigers.
Clemson has something to prove also - they go 13-0 and still they are underdogs and everyone on ESPN will pick against them. Both good teams but Clemson is better than they have looked the last several weeks on defense, and I doubt Oklahoma has anything for them on offense. Clemson QB Cole Stoudt was terrible last year and he lit them up. Watson could score 50.
0
Quote Originally Posted by jpitty:
Oklahoma has lots of value. College football is as much about motivation as anything, bowl games especially. While both teams will be motivating bc of the stakes. I expect Oklahoma to win and cover, not that Clemson isnt capable of beating Sooners bc they most certainly are, but I just feel like Oklahoma will play with something to prove bc of what happened last year. Two totally different teams, but the motivation will be on Oklahoma's side. Bad draw for Tigers.
Clemson has something to prove also - they go 13-0 and still they are underdogs and everyone on ESPN will pick against them. Both good teams but Clemson is better than they have looked the last several weeks on defense, and I doubt Oklahoma has anything for them on offense. Clemson QB Cole Stoudt was terrible last year and he lit them up. Watson could score 50.
How much do you wager at the M Resort? Would they take a wager this large?
Not too sure....never placed a $55,000 wager. They claim to have no limit. This is where Money Mayweather bets, and he'll put down $350,000 to $1,000,000 a play.
If you're looking to bet $55,000, I would suggest spreading it around. Any CET property you can get down $5,000 no sweat, William Hill operates a shittload of books around town, $5,000 no problem there.
0
Quote Originally Posted by DonChrono:
How much do you wager at the M Resort? Would they take a wager this large?
Not too sure....never placed a $55,000 wager. They claim to have no limit. This is where Money Mayweather bets, and he'll put down $350,000 to $1,000,000 a play.
If you're looking to bet $55,000, I would suggest spreading it around. Any CET property you can get down $5,000 no sweat, William Hill operates a shittload of books around town, $5,000 no problem there.
So will the casino tell the IRS that I received this money or is it on me to be honest and pay taxes on it? If the casino doesn't tell the IRS, how would the IRS catch me for not paying taxes? This money would never see the bank and would not be used for big purchases.
Once again - I dont know the best way to advise you on tax evasion.
But - to answer your questions....
The casino will not tell the IRS anything. Because they dont know if you took that 50 grand you just won, and lost it on a craps table 10 feet away. The casino is not your babysitter.
But the IRS expects that you are honest. The IRS is largely a honor based system. You tell them what you owe them - and they might question you about it - and if they do - you better be able to prove what you told them. Thats how it works.
So if you decide to take that 50k, stick it under your mattress, and spend 500 bucks a year for the next 100 years - you are evading taxes. What are the chances of getting caught? More than someone who isnt lying, and less than someone who goes out and buys a car with a briefcase of cash.
But anyone who tells you that they know the actual risk is using anecdotal evidence or is just guessing.
Support your local animal shelter. I am on twitter.
0
Quote Originally Posted by DonChrono:
So will the casino tell the IRS that I received this money or is it on me to be honest and pay taxes on it? If the casino doesn't tell the IRS, how would the IRS catch me for not paying taxes? This money would never see the bank and would not be used for big purchases.
Once again - I dont know the best way to advise you on tax evasion.
But - to answer your questions....
The casino will not tell the IRS anything. Because they dont know if you took that 50 grand you just won, and lost it on a craps table 10 feet away. The casino is not your babysitter.
But the IRS expects that you are honest. The IRS is largely a honor based system. You tell them what you owe them - and they might question you about it - and if they do - you better be able to prove what you told them. Thats how it works.
So if you decide to take that 50k, stick it under your mattress, and spend 500 bucks a year for the next 100 years - you are evading taxes. What are the chances of getting caught? More than someone who isnt lying, and less than someone who goes out and buys a car with a briefcase of cash.
But anyone who tells you that they know the actual risk is using anecdotal evidence or is just guessing.
If you win a jackpot for $1,200(info from 2012 so could be more) or more, the casino takes down all your
personal information and passes that information as well as the amount
won on to the IRS on form W-2G of which you will receive several copies.
Not applicable for sports wagering (lets keep it simple and use the example of a straight bet).
Support your local animal shelter. I am on twitter.
0
Quote Originally Posted by JohnnyChingas99:
If you win a jackpot for $1,200(info from 2012 so could be more) or more, the casino takes down all your
personal information and passes that information as well as the amount
won on to the IRS on form W-2G of which you will receive several copies.
Not applicable for sports wagering (lets keep it simple and use the example of a straight bet).
If you are trying to get down more than 5k on a single bet go to the M Resort. I've never had a problem there. Might need a players card though.....
Mbialowas - I think you are probably correct. M and Venetian are both Cantor - and I dont think they would blink at a 50k wager IF YOU ARE WILLING TO GET A PLAYERS CARD.
That is the key.
I thought the OP was talking about anonymity.
All of those Mayweather tickets posted around twitter confirm it - if they know you - they will take the wager.
Support your local animal shelter. I am on twitter.
0
Quote Originally Posted by mbialowas:
Van,
If you are trying to get down more than 5k on a single bet go to the M Resort. I've never had a problem there. Might need a players card though.....
Mbialowas - I think you are probably correct. M and Venetian are both Cantor - and I dont think they would blink at a 50k wager IF YOU ARE WILLING TO GET A PLAYERS CARD.
That is the key.
I thought the OP was talking about anonymity.
All of those Mayweather tickets posted around twitter confirm it - if they know you - they will take the wager.
Not too sure....never placed a $55,000 wager. They claim to have no limit. This is where Money Mayweather bets, and he'll put down $350,000 to $1,000,000 a play.
If you're looking to bet $55,000, I would suggest spreading it around. Any CET property you can get down $5,000 no sweat, William Hill operates a shittload of books around town, $5,000 no problem there.
Believe it or not.... WH was a book that gave me a 5k limit as a "new player" even if I gave them all of my info! And that is on NFL. Dont know if that has changed - but that was at the SB inside of that newer hotel down by the Westgate (forget the name).
But largely what MB says above is correct.
And if you are looking to get a 55k wager down, are willing to give you DL and SS#, you will find someone to take it on that game I would think.
Support your local animal shelter. I am on twitter.
0
Quote Originally Posted by mbialowas:
Not too sure....never placed a $55,000 wager. They claim to have no limit. This is where Money Mayweather bets, and he'll put down $350,000 to $1,000,000 a play.
If you're looking to bet $55,000, I would suggest spreading it around. Any CET property you can get down $5,000 no sweat, William Hill operates a shittload of books around town, $5,000 no problem there.
Believe it or not.... WH was a book that gave me a 5k limit as a "new player" even if I gave them all of my info! And that is on NFL. Dont know if that has changed - but that was at the SB inside of that newer hotel down by the Westgate (forget the name).
But largely what MB says above is correct.
And if you are looking to get a 55k wager down, are willing to give you DL and SS#, you will find someone to take it on that game I would think.
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