Internal Revenue Service from vegas!

You are taxed on winnings of 300-1 that pay you over $600 cash...and that's in Vegas, California, Iowa...whereever....

The responsibility to report your winnings is up to you.

@VG Im sending you a friend request. I have to PM you, have a question about this topic. Thanks!

The odds on your bet, AS I HAVE SAID IN MY EARLIER RESPONSE,  have to be over 300-1.....if you do not understand that, please....and no bashing intended here...do not bet.

Those odds will only happen on certain horserace bets and on some slot machines......THEY DO NOT HAPPEN IN SPORTSBETTING (unless you bet on some 1000-1 team to win the Super Bowl....AND THEY DO!!)...AND THEY DO NOT HAPPEN IN THE CASINO.....

dbart.....

I cannot overstate how improper your answer is...and, yet, it is the typical answer given by most writers in most sportsbooks or those who pretend to know what they are talking about....

If you HAVE ANY CASH TRANSACTION IN EXCESS OF $10,000..buy a car or a watch with cash, not a credit card....you will be required to provide the SAME IDENTIFICATION as if you were cashing a bet or making a bet with cash...or cashing out chips in a casino. The process in question has to do with MONEY LAUNDERING.

The question by the poster had to do with taxation....and, once again, the only laws on the books deal with a 300-1 payout in excess of $600.....

You can question whether or not the federal government, from a taxation standpoint, cares about the "over $10,000 bet/cashing"...but the paperwork deals with...for reporting purposes....money laundering and NOT taxation.

VG is correct on this one.  It is all about the odds.  Any bet paying over 300 to 1.

Check your parlay tickets as there is no sense in making those 12 teamers