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Las Vegas Sportsbetting Taxes and TSA

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Prospect
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Joined: Feb, 2014
Posts: 133
Posted: #1
I have a couple questions...

If I won a big wager on a straight bet -110 line of 42K to win 38K, and got payed out 80K, would I have to pay any sort of tax at any given time after the win?

Also, lets say I keep that 80K in my carry on bag when I leave Vegas. When going through airport security, will there be any problems with the TSA because of the amount of cash I have with me? My flight is domestic and not international. If the TSA asks any questions, is the proper response that I gamble with big money... Also, would I have to show proof where that money came from? Because if so, I could just show them a picture of my betting slip on my phone right?

What do you guys have to say about these situations?

Thanks!
 
Captain
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Joined: Oct, 2009
Posts: 5228
Posted: #2
No taxes. However, when you go over the 10k of money coming in or out for the Day, you will have to show ID. This is the same process when dealing with banks. it is not for tax purposes but more for laundering purposes. Any time you have a transaction of 10k total or more. So, make sure you have a players card and ID and you wont have any troubles. if you don't comply with showing proof of who you are...you wont be betting that much! As for the cash, you wont have any problems with that. They wont even ask about that here.
 
Banned
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Joined: May, 2011
Posts: 62
Posted: #3
Wrong....ALL gambling winnings are taxable. If it is over 10K the casino is required to take your information. Under 10k there is self reporting. Under 2.5k there are money laundering forms that capture your info without you knowing about it. 

The money laundering excuse the government uses is true. But, the treasury and tsa will still report you to other government agencies (IRS). They share your info. 
 
Prospect
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Joined: Sep, 2014
Posts: 22
Posted: #4
I have a question with regards to this.

I am heading to Vegas soon after doing well with online betting for a while.  But it will be my first time betting in Vegas.  I will be betting $500-$1000 per bet, sometimes 15 bets a day.

Do I really need to carry $15000 in cash in my pocket?  Or are there ways to deposit money at casinos and bet from that deposit?

Thanks everyone!

 
Captain
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Joined: Oct, 2009
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Posted: #5
Quote Originally Posted by LasVegasIM:

Wrong....ALL gambling winnings are taxable. If it is over 10K the casino is required to take your information. Under 10k there is self reporting. Under 2.5k there are money laundering forms that capture your info without you knowing about it. 

The money laundering excuse the government uses is true. But, the treasury and tsa will still report you to other government agencies (IRS). They share your info. 

 

you're not even close....Its all self reporting as far as taxes at any amount on a straight bet. He's talking about the book with holding taxes!!  I know what article 31 is. Also, there are no forms for 2.5k bets...they aren't even logged unless a known player will reach the 10k number for the day.

 
Captain
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Posted: #6
Quote Originally Posted by RalphSpoilsport:

I have a question with regards to this.

I am heading to Vegas soon after doing well with online betting for a while.  But it will be my first time betting in Vegas.  I will be betting $500-$1000 per bet, sometimes 15 bets a day.

Do I really need to carry $15000 in cash in my pocket?  Or are there ways to deposit money at casinos and bet from that deposit?

Thanks everyone!

 

it depends on the book. several books now have online accts you can use while a resident or in town on vacation. Stations, South point, William hill books are a few. Also, most high end books have high denomination sport book chips that they will pay out if you request it.

 
Prospect
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Joined: Sep, 2014
Posts: 22
Posted: #7
Thanks Jic Jac!
 
Legend
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Joined: Sep, 2005
Posts: 41476
Posted: #8
Quote Originally Posted by RalphSpoilsport:

I have a question with regards to this.

I am heading to Vegas soon after doing well with online betting for a while.  But it will be my first time betting in Vegas.  I will be betting $500-$1000 per bet, sometimes 15 bets a day.

Do I really need to carry $15000 in cash in my pocket?  Or are there ways to deposit money at casinos and bet from that deposit?

Thanks everyone!

You can use the safe in your room.  Most hotels also offer safe deposit boxes for a fee.
 
 
Legend
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Joined: Sep, 2005
Posts: 41476
Posted: #9
Quote Originally Posted by DonChrono:

I have a couple questions...

If I won a big wager on a straight bet -110 line of 42K to win 38K, and got payed out 80K, would I have to pay any sort of tax at any given time after the win?

Also, lets say I keep that 80K in my carry on bag when I leave Vegas. When going through airport security, will there be any problems with the TSA because of the amount of cash I have with me? My flight is domestic and not international. If the TSA asks any questions, is the proper response that I gamble with big money... Also, would I have to show proof where that money came from? Because if so, I could just show them a picture of my betting slip on my phone right?

What do you guys have to say about these situations?

Thanks!
No need to worry about TSA.  They are used to large sums of money passing through their scanners.
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