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***PAYING TAXES on winnings******

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Prospect
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Posted: #1
This is directed to people seriously who make over $50,000 a year from sports betting...do you mark yoruself as professional gambler or casual bettor on taxes ...I see pros and cons to both  I see the 15.5% self employment tax is brutal but understand that eventually if want a house and to help credit need to have a steady income showing up on my taxes  ( given that my "real life job" pays $12,000 a year)  I have been contacted by my bank asking hella questions and just trying to get some insight from people who make money     THANKS in advance!!! 
 
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Posted: #2
waddup with the picks bro??
 
Prospect
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Posted: #3
COme on I know SOMEONE here makes good money maybe even 1 person ?          

At Aaustinnova.......   My picks wouldnt help as  dont finalize my picks until a couple min before game time...and my leans often switch depending on ......... well stuff lol

SOMEONE SOMEWHERE?????   Nobody can help  ?   I mean sure i can hire a tax guy but just wanted to ask first hand 
 
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Posted: #4
he likes cin and texas parlay. bet it lol.
 
Captain
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Posted: #5
I'm in Canada but really, it's the same with regards to  your question. Put "professional gambler" (that's what I do)and pay your taxes whatever they are.....there is no way around it. If the gov't follows up and finds large amounts of undeclared income, you will be in trouble.
 
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Posted: #6

I need to find out this information as well.

 
Captain
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Posted: #7

There's a form you can file on the federal level but that doesn't exmept you from any state laws. GL

 
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Posted: #8
I wish I had this problem.
 
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Posted: #9
Well now, lemme get this straight. You get your legal and tax advice on Covers, right? Do you get surgical advice from a butcher? Do you ask your goldfish which way the wind is blowing? Do you ask a nun for advice on jock itch?
Now and then even a BLIND squirrel can find an acorn
 
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Posted: #10
New to this whole gambling thing and I definitely don't consider myself a professional gambler.  Just a small time gambler, but is there a certain amount that you can win and not have to pay taxes on? Just don't want to get screwed when it comes time to file for taxes.
 
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Posted: #11
When you lose a ton it won't matter so just forget it.
 
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Posted: #12
Hahaha
 
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Posted: #13

Halofan..............truer words were never spoken !!!!

you nailed it bro

 
Prospect
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Posted: #14
Quote Originally Posted by KeyElement:

Well now, lemme get this straight. You get your legal and tax advice on Covers, right? Do you get surgical advice from a butcher? Do you ask your goldfish which way the wind is blowing? Do you ask a nun for advice on jock itch?

IF you read my message it said I can/will get a tax guy  but doesnt hurt hearing other peoples opinion....or are you still that child that thinks the teacher knows best?
 
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Posted: #15
Thanks to those of you that  answered the question  and shame on you who hate and think that every single person loses at this trade...... JUst because YOU cant do it doesnt mean EVERYONE cant do it

REMINDER  ONLY 1% of bettors win money consistently at betting...... Figure out what 1% is of 1,000,000    ( and thats a low ball number for guesstimating how many people bet)...........    1 % seems like a low number but to 1,000,000    its 10,000 people.... 5,000,000 its 50,000  people ...get my drift......   if you were good at numbers maybe you would win consistently too
 
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Posted: #16
Are you registered as a pro.gambler?
I think they give you some ID # that a gambler has and then you can declare wins and losses,problem I see if you have a bookie is its not legal to bet that way,but I find it interesting that your bank is curious.
Yesterday I got a call from a credit card co.,last Oct.I paid off a 1800 bill with winnings on a card I was making min.payments on,they actually wanted to know where I got the money to pay off the card.Their concern was where did the money come from,which just blew me away,I dont know what is going on,but I would take care not to put money in a bank or to show any kind of paper trail.
 
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Posted: #17
Quote Originally Posted by JEG53:

Are you registered as a pro.gambler?
I think they give you some ID # that a gambler has and then you can declare wins and losses,problem I see if you have a bookie is its not legal to bet that way,but I find it interesting that your bank is curious.
Yesterday I got a call from a credit card co.,last Oct.I paid off a 1800 bill with winnings on a card I was making min.payments on,they actually wanted to know where I got the money to pay off the card.Their concern was where did the money come from,which just blew me away,I dont know what is going on,but I would take care not to put money in a bank or to show any kind of paper trail.


YEauh its weak...bank and govt blow each other..and have each others backs..one in the same..... pro to labeling professional is you have deductibles ( living expenses, 50% of food, travel, etc)  but problem I have is I'm sure it puts a red flag up and chances of being audited are likely...but i guess as likely as not paying them...stupid life....oh well   thanks for your response  btw... fuck banks
 
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Posted: #18
Quote Originally Posted by Marmix22:

Thanks to those of you that  answered the question  and shame on you who hate and think that every single person loses at this trade...... JUst because YOU cant do it doesnt mean EVERYONE cant do it

REMINDER  ONLY 1% of bettors win money consistently at betting...... Figure out what 1% is of 1,000,000    ( and thats a low ball number for guesstimating how many people bet)...........    1 % seems like a low number but to 1,000,000    its 10,000 people.... 5,000,000 its 50,000  people ...get my drift......   if you were good at numbers maybe you would win consistently too
 
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Posted: #19
given that the IRS  doesnt consider  " professional gambler" as a real occupation.....   " CURSE ME KILTS"!!   ( scrooge McDUCK  voice)
 
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Posted: #20


Are you 15? You sound immature.

And for the record, you know fukk all about anyone you refer too or whether they win, lose or draw, so take your stupid fukkin attitude somewhere else more your level.

Try spongebob.com
 
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Posted: #21
Quote Originally Posted by halofan:

When you lose a ton it won't matter so just forget it.


THATS a  " stupid fukkin attitude"   get out of my thread if you dont like what I wrote.....Your the asshole that comes to san francisco claiming that being Gay is wrong....IF YOU DONT LIKE WHATS BEING SAID OR HAPPENING.....go somewhere else....simple...MY THREAD...MY thoughts...shooo fly  
 
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Posted: #22

Marmix, you are aware that wagering on sporting events (such as MLB) is illeagal except in the state of Nevada (in the US) so declare your "winnings" could be construed as conducting illeagal activities and open you up to jail time.

 

Why would you ever declare anything at all ever, unless you live and Nevada and can gamble legally?

 

You simply withdraw money via western Union and MoneyGram in moderate amounts spread out over weeks and months and don't worry about it

 
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Posted: #23
Thats why I have zero dollars in the bank and for atm/debit i use the handy dandy wal mart visa card! yay!
 
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Posted: #24
Quote Originally Posted by Marmix22:



THATS a  " stupid fukkin attitude"   get out of my thread if you dont like what I wrote.....Your the asshole that comes to san francisco claiming that being Gay is wrong....IF YOU DONT LIKE WHATS BEING SAID OR HAPPENING.....go somewhere else....simple...MY THREAD...MY thoughts...shooo fly  


You ok?

You sound like you're going to cry.
 
 
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Posted: #25
And I'm not sure how a thread you made on a public forum is 'your' thread, maybe that's the problem.

Why bring person's into it?

It's ok, your parents will forgive you eventually.

I'll leave you to it,
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