I lived in LasVegas for 8 years and won over 500k in sports bets at least. I submitted a CD form several times in response to the Bank Secrecy Act that tracks sums of 10k or more being presnted in cash. These go to the IRS but are not for tax purposes because when they were filed it was merely for the fact that I presented $10k in cash to LAY a bet,and the form makes no note of what the bet was or if it was a winner/how much.The sportbook instructed that if you deal in chips for payouts you can avoid the whole cd process.If you win a trifecta eg. and the payoff is 300-1 or greater you will have to file a W-9(gambling winnings) form and if the sum is great enough there is withholding which can be offset with gambling losses in the same tax year. The difference between sports bets and lottery,capital gains,game shows and wages cited by KennyWoo is that your ss# must be presented/filed in each instance including slot machine payouts in excess of 300-1 example. If you have a sports ticket payout of $25 or $25,000 and they pay you in chips to avoid the CD paperwork,they don't ask for a ss#,I don't give a ss#, and IRS doesn't know sh*t from shinola and it ain't nobody's business but my own. If KennyWoo wants to self-report his gambling winnings he's a concienious citizen,but I never identified myself when I cashed a ticket for $300 or $50,000 and I never had any problem with IRS / sportsbook because( I'll repeat) ain't nobodys business but my own.Nevada doesn't have a state income tax so they don't give a sh*t either way as they collect a wagering tax that is paid by the sportsbook as a customer service. In the final tally, sports winnings could be viewed in the same manner as CapitalGains but I never reported them on my fillings and I would say I knew about 25 other sportsbettors that were in the same category and I don't believe they filed with IRS either. Sports betting is the greatest money-making enterpise in the US that is still legal.
I lived in LasVegas for 8 years and won over 500k in sports bets at least. I submitted a CD form several times in response to the Bank Secrecy Act that tracks sums of 10k or more being presnted in cash. These go to the IRS but are not for tax purposes because when they were filed it was merely for the fact that I presented $10k in cash to LAY a bet,and the form makes no note of what the bet was or if it was a winner/how much.The sportbook instructed that if you deal in chips for payouts you can avoid the whole cd process.If you win a trifecta eg. and the payoff is 300-1 or greater you will have to file a W-9(gambling winnings) form and if the sum is great enough there is withholding which can be offset with gambling losses in the same tax year. The difference between sports bets and lottery,capital gains,game shows and wages cited by KennyWoo is that your ss# must be presented/filed in each instance including slot machine payouts in excess of 300-1 example. If you have a sports ticket payout of $25 or $25,000 and they pay you in chips to avoid the CD paperwork,they don't ask for a ss#,I don't give a ss#, and IRS doesn't know sh*t from shinola and it ain't nobody's business but my own. If KennyWoo wants to self-report his gambling winnings he's a concienious citizen,but I never identified myself when I cashed a ticket for $300 or $50,000 and I never had any problem with IRS / sportsbook because( I'll repeat) ain't nobodys business but my own.Nevada doesn't have a state income tax so they don't give a sh*t either way as they collect a wagering tax that is paid by the sportsbook as a customer service. In the final tally, sports winnings could be viewed in the same manner as CapitalGains but I never reported them on my fillings and I would say I knew about 25 other sportsbettors that were in the same category and I don't believe they filed with IRS either. Sports betting is the greatest money-making enterpise in the US that is still legal.
1. Vegas sportsbooks wont pay out with chips anymore.
2. Gambling winnings are not capital gains. They are regular income and taxed as such.
1. Vegas sportsbooks wont pay out with chips anymore.
2. Gambling winnings are not capital gains. They are regular income and taxed as such.
1. I haven't cashed a bet in Vegas in several years but Scotty says the books don't pay in chips and if they do or don't that would make no difference on the matter of paying taxes because the books don't ID winning wagers. Funny Scotty,if you check the College Gambler epic Thread he states that during MarchMadness one of his nutsaver bets of several thousand he took a payoff in chips which was in March.Are you lying or do you just not know of which you speak Van? I personally doubt the books would discontinue this helpful practice.
2 A winning sports bet COULD be viewed LIKE capital gains in that it would be viewed as an investment and not payment for work or service. "regular income/taxed as such" is a personal choice and this activity is not regulated or monitored like all other activites under the jurisdiction of the taxing authorities. I do not declare my sports winnings just like I don't declare my crap/blackjack sojurnes,my friday night poker winnings, and the money that is left on the video poker machine by the player before me.Self-reporting and tax-obligation of Capital Gains are two very different matters.
In summing up for isport,you can pay what you want to because nobody is going to make you.
1. I haven't cashed a bet in Vegas in several years but Scotty says the books don't pay in chips and if they do or don't that would make no difference on the matter of paying taxes because the books don't ID winning wagers. Funny Scotty,if you check the College Gambler epic Thread he states that during MarchMadness one of his nutsaver bets of several thousand he took a payoff in chips which was in March.Are you lying or do you just not know of which you speak Van? I personally doubt the books would discontinue this helpful practice.
2 A winning sports bet COULD be viewed LIKE capital gains in that it would be viewed as an investment and not payment for work or service. "regular income/taxed as such" is a personal choice and this activity is not regulated or monitored like all other activites under the jurisdiction of the taxing authorities. I do not declare my sports winnings just like I don't declare my crap/blackjack sojurnes,my friday night poker winnings, and the money that is left on the video poker machine by the player before me.Self-reporting and tax-obligation of Capital Gains are two very different matters.
In summing up for isport,you can pay what you want to because nobody is going to make you.
1. I know of which I speak, otherwise I don't speak.
2. Read #1 again. Your views on taxes - while amusing - are in direct contradiction to what the IRS views are when it comes to gambling winnings. Nobody cares what you do personally with your gambling winnings - that's not the topic here - I would suggest you start a new thread called "my views on paying taxes on gambling winnings" and you could share with everyone how not to pay taxes or have alternative viewpoints about whether they are capital gains because you personally consider them to be so.
The IRS says gambling winnings go on line 21 of your 1040, and gambling losses can be deducted on Schedule A. It is regular income. It is not capital gains, and cannot be considered capital gains.
So - I will now reverse the question - are you lying or do you just not know of which you speak? Because your main goal here at covers seems to be spreading false information based on your own ridiculous anecdotal personal evidence.
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