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What size win triggers tax reporting by the sportsbook?

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Posted: #1
I know that any cash payment above $10k will trigger a CTR, and any sports betting net win above $10k will certainly trigger a W2G.
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But what about smaller amounts? From what i could find, any net win (on a -110 sports bet for example), above $5k will trigger a W2G? (and then obviously you want your total gross payout, including stake, to be less than $10k to avoid a CTR).
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Does the sound right? I even went into the IRS regs, and could find nothing on point. Thank you for any thoughts you may have. 
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Just trying to get a sense of what people might be seeing out there now, with different state tax laws re: gambling income (obviously, IRS reporting should be consistent across states).
 
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Posted: #2
you do not know a cash PAYMENT above 10k will trigger a CTR (it doesn't) nor does a net win above 10k trigger a W2g (never).

A ctr must be applied in the case of a punter betting an amount of 10k or higher in CASH and only then it merely documents that the punter (ss#) put down this amount in Cash on this date.Banking Act of 1990 to track $ laundering.A ctr would be filled out if you put a down payment on a car if it was 10k cash.

A w2g is filed on a race /sports bet if the payoff was 600-1 or higher, would happen on a trifecta or a ten team parlay but if you bet $5500 on New England +3 you collect $10,500 without a hitch.Any bet played at 11/10 will  be of no concern in reporting anything to the IRS by the Book.



 
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Posted: #3
Quote Originally Posted by 666LES:

you do not know a cash PAYMENT above 10k will trigger a CTR (it doesn't) nor does a net win above 10k trigger a W2g (never).

A ctr must be applied in the case of a punter betting an amount of 10k or higher in CASH and only then it merely documents that the punter (ss#) put down this amount in Cash on this date.Banking Act of 1990 to track $ laundering.A ctr would be filled out if you put a down payment on a car if it was 10k cash.

A w2g is filed on a race /sports bet if the payoff was 600-1 or higher, would happen on a trifecta or a ten team parlay but if you bet $5500 on New England +3 you collect $10,500 without a hitch.Any bet played at 11/10 will  be of no concern in reporting anything to the IRS by the Book. 

Sorry, i dont agree with that. Any +$10k transaction (in or out) will trigger a CTR. If i go to my bank, and deposit $10k cash, that's a CTR. If i go to my bank, and withdraw $10k, that's a CTR. It's no different at a sports book. 

And sorry, but you're wrong on the W2G. I have won bets as high as $50k (on a straight -110 bet), and that has always triggered a W2G or a 1099-MISC. 

Who knows, maybe they were being extra cautious, over and above what the tax reporting laws require, but that is what has happened to me in the past. 
 
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Posted: #4

Slots ... $1500 and under

Outlaw
 
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Posted: #5

Quote Originally Posted by BFLO66FAN:

Slots ... $1500 and under

 

It's $1200

 
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Posted: #6
Quote Originally Posted by TheBallDontLie:

 

It's $1200



I hit a $1,200 slot payout on 1/12/2019 and it triggered a W2G.
~~~~~ZOSO~~~~~
 
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Posted: #7
only big ballers worry about this shiit
 
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Posted: #8
Quote Originally Posted by bill358:


Sorry, i dont agree with that. Any +$10k transaction (in or out) will trigger a CTR. If i go to my bank, and deposit $10k cash, that's a CTR. If i go to my bank, and withdraw $10k, that's a CTR. It's no different at a sports book. 

And sorry, but you're wrong on the W2G. I have won bets as high as $50k (on a straight -110 bet), and that has always triggered a W2G or a 1099-MISC. 

Who knows, maybe they were being extra cautious, over and above what the tax reporting laws require, but that is what has happened to me in the past. 

What bank do you transact as the withdrawal of 10k is the very transaction specified in the Banking Act of 1990 that doesn't need to be itemed and is counter to the reason a ctr exists.A CTR is a method of tracking Cash so the IRS may tag $ laundering.I closed a saving account of +25k last year...no ctr.
Lived in Las Vegas 8 years,cashed numerous tickets for 20k,25k,50k,60k, and there was NEVER a W2G or aCTR and since you bring up 1099 misc( which is for payment of non-employees and is nothing to do with Wagering and is used for Independant Contractors) it appears you  know not whence you speak.

Correction: A payoff of 300-1 or higher( slots,keno,horse,etc) will trigger a W2G to be filed. I quoted 600-1 because the only place I've ever seen it was at the Track with a $2 bet and I had a Brain glich.
 
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Posted: #9

When someone works for me and i pay them above 800. My business must produce a 1099 not sure if 1099wg is different.

 
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Posted: #10
You're right nature,1099misc is for someone who isn't an employee but might do sub-contractor work and has nothing to do with paying a wager. The OP is pulling something out of his asszzz and has never made a serious bet in his Life.There is a W2G(W2 Gambling) that applies to paying a Wager but there is no 1099WG.
 
 
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Posted: #11

I have not received a form in years. Mostly because I have not been to foxwoods for years... I received a form that went on my 2010 taxes. Last one I got. But the casino payed Conn.  And the feds before releasing anything to me. 

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