Guys wanted to bring aware new irs laws

So as I have been reading Billy Walter’s new book I started researching tax laws. I had no idea they were so terrible for sports bettors. According to the law if you profit over 600 dollars a year that is now part of your yearly income to be taxed. I was always told straight bets weren’t taxed but it made no sense to me. Also if you lose 10,000 in October but win 10,000 in January you now owe taxes bc it’s not a roll over system.

so instead of winning 54 or 55 percent how in the hell can anyone truly profit from sports when your gonna owe anywhere from 27 % to almost 50% of your winnings . So to be a a pro sports gambler for you young guys please don’t think this. I have finally realized it’s over and to find something else to do. I never won but just saying. But what in the world I can’t believe I just learned about this stuff. So now you gotta win 75 percent of the time to see your actual profit ya right!!!!! Or even more. How nice r government is now taxing wins over 600. Wow this country lol

@DefenseWinsSB

 You can dump the 54-55% which I think is low anyway, but 70+% which not possible. Only way to escape the I.R.S is through a local street bookie. There is no way possible to wager and win on-line....consistently anyway. Everything you do is reported to the I.R.S. Your screwed win or lose. Sorry, Gambling loss's can't be written off either.

The only answer that I know of, is a reputable local bookie.

 Hep

ummmmmmmmmmmmm you can write off all gambling losses up to amount you won

IF you won say $25,000 for year but then lost $23,000 you only pay taxes on $2000 google it it's been legal for years

every lottery loss every horse race loss you can probably collect like a few 100,000 losing lottery tickets and scratch offs in your area

some scracth off tickets are $20

all casino losses too

Thank god i live in Mexico. Online no taxes and at the casino 7% from the winnings and that is it.

@professor53

 Sorry about that Professor53. Could have sworn I read that somewhere one year while doing my Taxes. Maybe I need an update.

Hep

Maybe I am wrong here, I invest my bankroll with a bookie and previously lived in Vegas but if you walk up to the window to place your bets and you stay under the $5k limit (think it used to be $10k) then how the hell is the IRS gonna know about your cash wager??  Whether you're in AC or a betting window at one of the new shops in Ohio or where ever you may live, cash is king and no one is gonna be tracking you unless you go over the 1099 limit and the book issues one.   

@DefenseWinsSB

 Yea man this totally sucks.   A few years I had to fill out a form.  I want to say it’s 1099 form.   The books make it pretty accessible and it never hurt me at tax time…..BUT my units are only 50 or 100 bucks.  Anyone betting heavier…..it really bumps u to a position where u gotta be a 54-55% capper to break even.   

Someone always in my pocket!!!!

Try to find a local book. Or learn and study taxes. Lots of loop holes u can do to pay Lil to no taxes. just like rich people. They don't pay taxes.  Biden was trying to pass this law where if u deposit anything 600+ u gotta report it to uncle sam.  

If you are paying taxes on any sports, betting or gambling earnings, I feel bad for you.

@DefenseWinsSB

 There is no roll over on any form of gambling not just sports betting. It’s year to year. Been that way for decades

In my country it's not taxed at all no matter how much you win - the bookies pay all the taxes. Look at flutter (paddypower/betfair) stock and ceo earnings - they can well afford it! The US is a joke taxing people on gambling winnings at all but I don't think most bettors are going to get audited because they aren't going to be buying a new house with their winnings, they either lose or they keep betting when they win. Those hail mary parlays never come in.

If you're some heavy hitter then maybe it's a pain for you but anyone putting 3 or even 2 figures on these idiotic jocks running around with an inflated piece of leather is either crazy or rich or both. 5k is plenty to put on these silly games unless you just have more money than you know what to do with.

But guess what -even worse than the tax man is over here if you have any gambling transactions at all on your bank account, you will NOT get a mortgage or even a car loan. Gotta keep it clear for at least 3 months for a small loan, 6 months to a year for a big one like a mortgage.

lol that isn’t even true. My accountant asks me for gambling losses when he does my taxes. It isn’t monthly. Did you read a children book? 

@DefenseWinsSB

 That’s why you look for a “local” guy? Haha

Open up a LLC. problem solved

@DupontsChannel

 Boom. There it is. 

No 1099 issued...no pay..period

These arent new laws.   You make money doing something, you are supposed to claim it.   No kidding, if I lose in October 2022 gambling, I can claim those losses against any winnings in 2022.   2023 is a new year, I have to claim those winnings.    You should start your own tax advice company.    Glad Im on Covers, now there are geniuses who can give me tax advice after they give great sports betting advice.   90% of bettors here now.    I hate the Bears tonite.   Their team is awful.   What great revelations.    The younger people on here are mind drains.   No disrespect to the hard working people who over the years has made Covers a great place to share information.

Bingo!

@M-M

 Where you at in Mexico ????