Vegas tax question

Question

I brought this up in another part of the forum and did not get any answers. What is the highest amount of winnings you can get paid out at a sportsbook and not get taxed? thanks in advance

ceveche88 · Answer

I brought this up in another part of the forum and did not get any answers. What is the highest amount of winnings you can get paid out at a sportsbook and not get taxed? thanks in advance

yuice20 · Answer

I am pretty sure that any winning wager that pays 10,000 or more you have to fill out a tax form

Kelly_Slater · Answer

I was in Reno a few months ago and they made a guy fill out the players club card information on a 2,000 wager win---

While it wasnt for taxes it was to keep track of who the person is and the contact info... He was pissed... I bet the "House" wants to invite him back lol

VegasSound · Answer

I speak from experience because I have had to fill out two W2's at two different casinos this year.

When this first occurred I wagered 10K to win 6k and had to fill out a W2 form. I have wagered that same amount numerous times and even if it paid 4k they checked to see if I was on file.

bad · Answer

i wish i knew

thing · Answer

you can get paid out any amount as long as your payout didn&#x27;t exceed odds of 300-1.  When you have &gt;10k cash going one way (wagering or collecting) they ask for your ID but it isnt a tax form.(W2G)  It&#x27;s for money laundering purposes.  You dont have to declare anything on your taxes.  Or you can just ask for chips.

VegasSound · Answer

So, I won&#x27;t receive any tax information by mail even if I have filled out two W2&#x27;s? It&#x27;s not like they just took my ID and put me on file.

thing · Answer

I believe the form you filled out is actually a w-9.  When you fill this form out it, you are basically saying "this is who i am, this is where i live and this is my ssn" and then you date and sign it.  it has nothing to do with taxes.  It&#x27;s usually filled out when you have your ID but not proof of your ssn.

VegasSound · Answer

Both Casinos emphasized taxes.  Not sure what&#x27;s going to happen, but I am prepared just in case I have to pay, so it&#x27;s not a big issue.  On the other hand since filling out two forms I have just spread my money around to other casinos so I won&#x27;t have to fill out anymore paper work. I hope you&#x27;re right!

Vegas tax question

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