What's the most you can win from sports betting w/ out being taxed?

Question

Thank you

MakeThatCasH · Answer

Thank you

VegasGourmet · Answer

Let me answer this in reverse....&#xD;&#xA;You are taxed on any gambling wager that pays at least 300-1 and you receive over $600.&#xD;&#xA;You will, 99.9% of the time, find this only at slot machines and on horse races (there is the occassional parlay card that will pay this or more).&#xD;&#xA;If you bet 1 million dollars and win another million or two...THERE IS NO TAX!!!&#xD;&#xA;Requiring identification to redeem your winnings is NOT A TAX ISSUE....conspiracy theories, aside....The same law applies to buying a Rolex for $25,000 and paying cash....&#xD;&#xA;The law is federal...it has NOTHING TO DO WITH THE STATE OF NEVADA......&#xD;&#xA;So, feel free to cash in your 401K and bring your money out here...WE PROMISE NOT TO REPORT YOU TO THE IRS (unless you hit a big superfecta at Belmont)....

AussieCapper · Answer

VG  great as always

MakeThatCasH · Answer

[Quote: Originally Posted by VegasGourmet]  Let me answer this in reverse....&#xD;&#xA;You are taxed on any gambling wager that pays at least 300-1 and you receive over $600.&#xD;&#xA;You will, 99.9% of the time, find this only at slot machines and on horse races (there is the occassional parlay card that will pay this or more).&#xD;&#xA;If you bet 1 million dollars and win another million or two...THERE IS NO TAX!!!&#xD;&#xA;Requiring identification to redeem your winnings is NOT A TAX ISSUE....conspiracy theories, aside....The same law applies to buying a Rolex for $25,000 and paying cash....&#xD;&#xA;The law is federal...it has NOTHING TO DO WITH THE STATE OF NEVADA......&#xD;&#xA;So, feel free to cash in your 401K and bring your money out here...WE PROMISE NOT TO REPORT YOU TO THE IRS (unless you hit a big superfecta at Belmont)....  [/Quote]Thank you for your response...but just to clarify, let&#x27;s say you bet 3k on a team that pays out 7-1, are you takes on the 21k assuming you hit? Thank you again.

MakeThatCasH · Answer

CORRECTION: if you hit your 3k bet on a team that pays 7-1, are you taxed on the 21k you made? thank you again

MakeThatCasH · Answer

...so as long as the odds are LESS than 300-1, you will not be taxed? So if you bet 5k at it&#x27;s 20-1, no tax?

MakeThatCasH · Answer

Also do these rules apply to Reno? I assume it would since both are in Nevada.

VegasGourmet · Answer

The "rules" are FEDERAL.....whether you are at a casino in Reno or a race track in West Virginia.........

300-1 PLUS a payout in excess of $600 is taxable....

As I said earlier, it has nothing to do with the state of Nevada.....which, by the way, has no income tax.

MakeThatCasH · Answer

[Quote: Originally Posted by VegasGourmet]  The "rules" are FEDERAL.....whether you are at a casino in Reno or a race track in West Virginia.........&#xD;&#xA;300-1 PLUS  a payout in excess of $600 is taxable....&#xD;&#xA;As I said earlier, it has nothing to do with the state of Nevada.....which, by the way, has no income tax.  [/Quote]Got it, so as long as the payout is NOT BOTH a 300-1 payout and over $600, you will not be taxed. Thank you

tommyd10 · Answer

ok so i heard if you put a bet below $10 grand they put in a suspicious activity report for you ... would it make sense to just avoid this put in 2 grand at 5 different casinos or would vegas realize what youre doing

VegasGourmet · Answer

Tommy.......A Suspicious Activity Report has nothing to do with that kind of betting (or cashing)..........

MickeyRivers · Answer

[Quote: Originally Posted by VegasGourmet]  Let me answer this in reverse....&#xD;&#xA;You are taxed on any gambling wager that pays at least 300-1 and you receive over $600.&#xD;&#xA;You will, 99.9% of the time, find this only at slot machines and on horse races (there is the occassional parlay card that will pay this or more).&#xD;&#xA;If you bet 1 million dollars and win another million or two...THERE IS NO TAX!!!&#xD;&#xA;Requiring identification to redeem your winnings is NOT A TAX ISSUE....conspiracy theories, aside....The same law applies to buying a Rolex for $25,000 and paying cash....&#xD;&#xA;The law is federal...it has NOTHING TO DO WITH THE STATE OF NEVADA......&#xD;&#xA;So, feel free to cash in your 401K and bring your money out here...WE PROMISE NOT TO REPORT YOU TO THE IRS (unless you hit a big superfecta at Belmont)....  [/Quote]VG..just to correct you on getting taxed on a $600 win. On slot machines you are allowed to win up to $1199 without being taxed.

What's the most you can win from sports betting w/ out being taxed?

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