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If I lay $55,000 on Clemson +3 in Vegas and win, do I have to pay taxes on my winnings?

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Participants:

Posts: 60

vanzack

Legend

Joined: Nov, 2001

Posts: 60107

Posted: Dec. 7, 2015 - 6:31 PM ET #26

Oh - and one more thing...

It can be tricky travelling with 105k in cash.

I have done it before - but it isnt a stress free experience.

Be aware that there is absolutely nothing illegal about travelling with that kind of cash, but TSA will also make you fill out a FINCEN if the find it - and also be aware - they will question you about it. So a photocopy of your ticket will do you some good.

Then you will have all of the other stress of walking around wtih that kind of cash to boot. Planning ahead is your friend here.

Support your local animal shelter. I am on twitter.

thorpe

All-Star

Joined: Sep, 2002

Posts: 12927

Posted: Dec. 7, 2015 - 7:03 PM ET #27

There is a big difference between a whale who bets 10K+ a hand at blackjack, plays 5K+ slots, and drops 50K in the casino night club betting whatever he wants on a game, and a guy they never seen before betting it. The casino would probably comp a whale 50K just to get him in the casino for 3 nights...

For all the people saying Vegas fixes games, they are on the wrong end fixed games more than they are the right end. When Stevin "Headache" Smith was fixing games at ASU in the early 90s, his crew won something like 250K from Vegas sports books. That is what they worry about when a guy bets a huge amount on a single game with no other action in the casino.

Also, if the casino takes your bet, they may play games with you with the line. You may get 1K at +3.5, and the rest at +3.

thorpe

All-Star

Joined: Sep, 2002

Posts: 12927

Posted: Dec. 7, 2015 - 7:04 PM ET #28

Quote Originally Posted by vanzack:

It can be tricky travelling with 105k in cash.

I think I would have a heart attack trying that. I also wouldn't recommend doing that driving on a "drug highway" from Texas to Chicago or up the eastern seaboard. Good luck convincing a cop that isn't drug money...

stuff

Rookie

Joined: Nov, 2005

Posts: 682

Posted: Dec. 7, 2015 - 8:43 PM ET #29

Jitters. About Baylor being overrated,Before they went down to their 4th string ab I guess they could play ball with anybody. Great coach also

stuff

Rookie

Joined: Nov, 2005

Posts: 682

Posted: Dec. 7, 2015 - 8:44 PM ET #30

Jitters. About Baylor being overrated,Before they went down to their 4th string qb I guess they could play ball with anybody. Great coach also

mrpiper

Prospect

Joined: Dec, 2015

Posts: 19

Posted: Dec. 7, 2015 - 8:51 PM ET #31

even the big Clemson fan BOOM BOOM knows that Clemson is going to the woodshed... don't do it man please

flapjacked

Prospect

Joined: Nov, 2010

Posts: 89

Posted: Dec. 8, 2015 - 12:33 AM ET #32

No worries, imaginary money and winnings are not taxed.

Numbertheory

Prospect

Joined: Sep, 2015

Posts: 259

Posted: Dec. 8, 2015 - 2:13 AM ET #33

Quote Originally Posted by Skipster:

Pay your fugging taxes, you scumbag thief.

POISON66

Veteran

Joined: Aug, 2007

Posts: 2194

Posted: Dec. 8, 2015 - 4:25 AM ET #34

Quote Originally Posted by flapjacked:

No worries, imaginary money and winnings are not taxed.

Lmao, so true!

DonChrono

Prospect

Joined: Feb, 2014

Posts: 133

Posted: Dec. 8, 2015 - 3:00 PM ET #35

Quote Originally Posted by vanzack:

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.

Why would the casino want my DL# and SS#? What's their reasoning behind that? I don't see the problem with getting a player's card. What are the negatives to having a player's card?

vanzack

Legend

Joined: Nov, 2001

Posts: 60107

Posted: Dec. 8, 2015 - 3:37 PM ET #36

You cant get a players card without a DL.

You will need to provide your SS# if you have 10k of cumulative wagers in a given day - as described above. Google FINCEN.

Support your local animal shelter. I am on twitter.

bk1374

Captain

Joined: May, 2011

Posts: 7891

Posted: Dec. 8, 2015 - 5:08 PM ET #37

Would a book/casino in Vegas cut you a check for your winnings, if you would prefer one? Just wondering if that would be easier than carrying all that cash. Also, not sure how your financial institution you deposit it at is going to see things.

Not an issue I deal with. I usually fly home from Vegas with the minimal cash needed, for convenience reasons of course.

vanzack

Legend

Joined: Nov, 2001

Posts: 60107

Posted: Dec. 8, 2015 - 5:12 PM ET #38

Quote Originally Posted by bk1374:

Would a book/casino in Vegas cut you a check for your winnings, if you would prefer one? Just wondering if that would be easier than carrying all that cash. Also, not sure how your financial institution you deposit it at is going to see things.

Not an issue I deal with. I usually fly home from Vegas with the minimal cash needed, for convenience reasons of course.

Yes they will.

Certainly an option.

But because the OP was strongly hinting at strategies to avoid taxes - I doubt he will like your suggestion.

Support your local animal shelter. I am on twitter.

bk1374

Captain

Joined: May, 2011

Posts: 7891

Posted: Dec. 8, 2015 - 5:23 PM ET #39

Quote Originally Posted by vanzack:

Yes they will.

Certainly an option.

But because the OP was strongly hinting at strategies to avoid taxes - I doubt he will like your suggestion.

True. Good to know though, for when I finally bink a big one out there.

12pk

Prospect

Joined: Nov, 2010

Posts: 100

Posted: Dec. 8, 2015 - 6:10 PM ET #40

Here s my experience, played 8 grand at monte carlo, had to sign aNevada gaming release form for receiving over 10,000. Played 8 gs at new york no form, played 7 gs on Tyson at Cesar, no form. Played 35,000 at Cesar they moved the line on me ,did n t play bet 5 min later moved line back down, played 27,500, , no form. 5,000 on nfl sign release form from Nevada gaming commission , so everytime u recieve over 10 grand there is paper work, it is not irs,but is Nevada gaming,van is right real hassle carrying around that much cash must plan ,and use lobby security boxes, not room box, gl its a thrill, clemson offense, fly patterns????

DonChrono

Prospect

Joined: Feb, 2014

Posts: 133

Posted: Dec. 8, 2015 - 6:21 PM ET #41

Thanks guys. Appreciate the help

jimmydafreak

All-Star

Joined: Oct, 2003

Posts: 13951

Posted: Dec. 9, 2015 - 3:59 AM ET #42

Quote Originally Posted by Skipster:

Pay your fugging taxes, you scumbag thief.

So people who want to keep their own money are thieves?

toddo1

Prospect

Joined: Oct, 2004

Posts: 97

Posted: Dec. 9, 2015 - 9:05 AM ET #43

Quote Originally Posted by Skipster:

Pay your fugging taxes, you scumbag thief.

So if he plays, wins, and pays taxes, he's looking at 55 to win around 32. Sounds like a wonderful idea!

PapaGwop

Prospect

Joined: Sep, 2007

Posts: 236

Posted: Dec. 9, 2015 - 9:45 AM ET #44

good info in this thread

thorpe

All-Star

Joined: Sep, 2002

Posts: 12927

Posted: Dec. 9, 2015 - 12:53 PM ET #45

[Quote: Originally Posted by jimmydafreak]

So people who want to keep their own money are thieves?

[/Quote]

He is tax cheat just like any other tax cheat, except for the super wealthy who hire an army of accountants to legally not pay any taxes.

syracusejoe

Veteran

Joined: Jan, 2012

Posts: 2836

Posted: Dec. 9, 2015 - 1:39 PM ET #46

I believe $5600 is the max you can collect at one book without being taxed

jimmydafreak

All-Star

Joined: Oct, 2003

Posts: 13951

Posted: Dec. 9, 2015 - 4:11 PM ET #47

Quote Originally Posted by thorpe:

Quote Originally Posted by jimmydafreak:

So people who want to keep their own money are thieves?

[/Quote]

He is tax cheat just like any other tax cheat, except for the super wealthy who hire an army of accountants to legally not pay any taxes.

So someone who earns money honestly and doesn't want to doesn't want to share his money with a criminal cartel who has no legal or moral right to it makes one a "thief" and a "cheat." Interesting logic there. I'd love to hear more.

Jaycal

Prospect

Joined: Dec, 2015

Posts: 8

Posted: Dec. 9, 2015 - 5:16 PM ET #48

Largest wager I have placed at a single casino was 5K at Hilton, and they took down all my information and kept a copy of my driver's license.

kidvegas03

Veteran

Joined: Sep, 2009

Posts: 1515

Posted: Dec. 9, 2015 - 6:38 PM ET #49

Your location says you live in Nevada.. Why not go down to a sportsbook and ask someone? Im not sure why you are not doing that?

Cooler999

Hall of Fame

Joined: Feb, 2007

Posts: 22168

Posted: Dec. 9, 2015 - 7:17 PM ET #50

Quote Originally Posted by Skipster:

Pay your fugging taxes, you scumbag thief.

Yeah, I love seeing the IRS having HUGE bonus's given out for such a job well done.

Gotta love the $500.00 toilet seats the government purchases with the hard earned money you handed over to them. Hey, it's not their money, thats why their isn't an oversight committee to watch them.

And don't forget those extravagant parties they had last year on our dime. The economy is not growing, people starving for a good job, and not one person was fired or admonished for wasting OUR money.

Those slime dogs will take every last penny you own, even if your totally in the right. The burden is always on you, and it's their mission to have you spend all your money on lawyers just to prove what you said in the first place, then end up settling with both devils.

I don't know why Van is such a advocate for the IRS. I understand explaining the rules that were asked of him, but he seems almost offended if you even try to save any winnings you may make.

And SKIPSTER......Nice advise coming from someone who isn't from America, or ever even paid a penny in taxes.....DOUCHE.

It sounds like I've had IRS problems. Never have, but read enough horror stories about innocent people who were treated like criminals, and spent everything they had to just get back to normal.

The End

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If I lay $55,000 on Clemson +3 in Vegas and win, do I have to pay taxes on my winnings?

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