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Moving to Vegas to become a full time pro handicapper

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Posted: #4676

I didn't split the ticket. 

just did it at one book. 

 
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Posted: #4677
they gave me some audit ticket also
 
Prospect
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Joined: Jan, 2012
Posts: 382
Posted: #4678
CG who are you doing all this for? At the end of the day no one on covers matters. STOP SWEATING COVERS! Here is what you should do. Stick to quick youtube clips of your picks daily for record keeping sake and refuse to read any comments. 30-60 days from now make your covers return and we shall see where you stand. If you continue to sweat what every poster here says you are doomed. You bet 5k today because everyone said not to, not because it was the right thing to do. Keep it up and you are doomed.

The only thing you got going for you is that I do think you will be able to find a job in Vegas. Just not sure you can survive in Vegas.
 
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Posted: #4679
Let's go QUEENS
 
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Posted: #4680
I'm reporting my winnings anyway jerkofff I'm as honest as they come
 
Prospect
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Joined: Jan, 2015
Posts: 233
Posted: #4681
GOOD LUCK CG!

oh good tdog back under another name taxmancommeth...smh get a life


Keep posting your journey CG and drowning out the unproductive haters...It's YOUR life and YOUR bets...enjoy it


 
Captain
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Joined: Oct, 2009
Posts: 5229
Posted: #4682

Quote Originally Posted by taxmancommeth:

YOU FUCKKING IDIOT TAKE THAT TICKET NUMBER DOWN, ANYONE CAN CLAIM THAT TICKET AND SAY IT WAS LOST....DO NOT POST THE FUCKKING TICKET NUMBER, YOU friggin PIECE OF SHITT.

 

No they cant!! The second he purchased that ticket his ugly mud was associated with that number. Its a protective measure incase he were to loose it. Any body showing up there to claim it and there going to go to video of face and time stamp. And he wont have to pay taxes on nothing right now. The only thing you got right is that they'll want his ss number for title 31!

 
Prospect
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Joined: Oct, 2007
Posts: 167
Posted: #4683
No one is mentioning this kings game o/u was off 1.5 points early this morning.  what a joke does any one here understand how to cap the games and pound the weak lines 
 
Legend
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Posts: 60036
Posted: #4684
Quote Originally Posted by collegegambler:

I didn't split the ticket. 

just did it at one book. 

CG -

If you win, you will be asked to fill out what is called a FINCEN report.

It is not an IRS form.  Don't listen to people here who think they know what they are talking about.  There will be no withholding tax, you aren't going to have to give them 30% - none of that.

But they are going to ask you for your SS# - and you are going to fill out a FINCEN that says you had 10k in cash on you.  This is the same report you fill out if you go to buy a car with cash, or do anything with over 10k in cash.

It is not a report of earnings.  In theory - it is not an IRS form although I am sure these forms are auditable if they want it.

Since you are a professional (as you have told us many times), I am sure you have a tax strategy in place.  So just keep saving your losing tickets, keep up with your gambling journal (this thread), and pay your taxes.  This form should have zero effect on that.

Also - because you are "professional" - I am sure you will file a schedule C as a professional gambler - so I hope you are keeping receipts that are expensable to your profession.  Like your trip there, Tilapia, MILF expenses, nice blazers, and gas money for line shopping.  You are entitled to write off business expenses that apply to your profession (as I am sure you already know and are keeping meticulous records).

Support your local animal shelter. I am on twitter.
 
Captain
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Posted: #4685
they cant claim your ticket CG!!
 
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Posted: #4686
They say they r not responsible for lost or stolen tickets.... So someone would have to have my actual ticket to cash it in.... I see now how I should have split it up though at two diff books. Damn that was dumbbb lol
 
Prospect
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Posts: 247
Posted: #4687
Quote Originally Posted by taxmancommeth:

I can't believe he posted ticket number....Jesus christ...And he made the mistake of paying taxes on it if he wins, which he won't because Kings are NOT going to cover....

Well then I guess he will lose only 70% of the face value when he loses,  rather than 100%.  Kind of a small reverse-bonus.
 
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Posted: #4688
Vanzack solid post sir. Yea I am filing as a professional gambler schedule c. I keep all my losing tickets, got receipts from hotels on my journey to Vegas, food during trip and now I save all my gas receipts because I need to drive for my "business"
 
Veteran
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Posts: 1087
Posted: #4689
No W-2 issued for this winning bet.
 
Captain
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Posts: 5229
Posted: #4690

Quote Originally Posted by collegegambler:

They say they r not responsible for lost or stolen tickets.... So someone would have to have my actual ticket to cash it in.... I see now how I should have split it up though at two diff books. Damn that was dumbbb lol

 

Trust me!! Im not gonna tell you how I know because I don't want that info known. But you are protected. If an idiot shows up there saying he lost your ticket number. When they roll the video back...he;s in trouble!

 
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Posted: #4691
Van- what is point of filing this report if I am not taxed on it?
 
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Posted: #4692
Jicjac- hop on the queens with the CG
 
Captain
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Posted: #4693

Quote Originally Posted by collegegambler:

Jicjac- hop on the queens with the CG

 

No thanks...but good luck

 
Prospect
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Joined: Jul, 2006
Posts: 166
Posted: #4694
Hey CG,  As you can see, I don't post much but have been following your journey, so I thought I would opine. Please don't mistaken it for advise, as you stated you prefer not to receive. Plus, I had all my wisdom teeth pulled this morning, so sitting here time on my hands, half my head swollen and everything else felling not so bad, thanks to the PKs. 

As a disclaimer, I'm not a very good sports gambler. And, my interest really waned when we lost the ability to access Pinnacle and Matchbook (the best IMO). These days my sports gambling consists of opening up Covers during football season, seeing my favorite posters, opening up their threads like one of Pavlov's dogs, and tailing them. I always chuckle at folks telling others to "cap their own games". Um, not for me. 

Which, sort of brings me to my thought here. In my world, there isn't much I do involving  money without getting input from others. 

CG, not sure why you want to paddle upstream...alone. Back when I was around your age, I started a couple ventures and literally would call and knock on doors to find resources that could help me out. Some of these people I rely on to this day (and me to them) for counsel on a myriad of subjects. CG, you have more access to information and expertise than you know. Geez, you have posters that have not only shown willingness to help, but are subject matter experts, as well. Personally, I would have engaged Vanzack a long time ago, expressing that I thought I had a talent as a situational bettor, but need help with the numbers. By now, you should have bought Van a big salad, a favorite beverage, and hopefully he granted you access to his dementia (two Seinfeld references in one sentence - not bad).

I want to measure my words here, because I am someone who hasn't soured on you and is rooting for your future. That said, you have referred yourself as a professional, and how important things are for your "Organization". You are not a professional. A few reasons for that comment, but most importantly, your organization is paying too much to do business. You seem to think that line shopping is finding a game you like(your talent, right?), finding the best local line during that particular time in space, and hoping that line doesn't change while in route. Potentially,that UF line was available at 17, with reduced juice, off-shore, while sitting on your couch with your family. You seem a bit resistant to exploit that larger marketplace.

Lastly, you have become a bit of a public figure. So, be careful and pay your taxes. 
 
Prospect
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Posted: #4695
This is a joke the o/u was off  1.5 points in this game and cg even mentions he thinks the kings will play d tonight.  DOES ANYONE IN THIS THREAD HAVE A CLUE ABOUT BETTING GAMES WERE THE LINES ARE OFF ?  2 points is usually the most u will find in the nba the o/u was off 1.5 points.  
 
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Posted: #4696

Quote Originally Posted by collegegambler:

Van- what is point of filing this report if I am not taxed on it?

Just google FINCEN report and 10k.

It is a department of treasury thing.  Not an IRS thing.

If you walked in to a bar with 10k cash, in order to impress some MILFs, and the bartender saw it - he is supposed to have you file a FINCEN.

If you went to make a HUGE salad, and your bill was over 10k for the cucumbers, tomatoes, fresh herbs, and feta - and you paid with cash - Albertsons is supposed to have you fill one out.

It does not show income - although in certain circumstances it could.

If you bet on a -1000 favorite - and you risked 9500 to win 950, when you collect you would fill one out - even though you only earned 950.  And lets say you made 3 5k wagers (at different books).  You win one and lose two - that means you lost about 6k total - but you would still have to fill out the form for cashing the one you won.

There isn't even an amount on the form.  It just shows that you had over 10k in cash on you at that time.

What is the point?  Ask the govt. I am sure they have their reasons, but one of those reasons is not to show income.

Support your local animal shelter. I am on twitter.
 
Legend
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Posted: #4697

BTW - GL on the Kings tonight.

It might be the first NBA game I watch in 20 years.

Support your local animal shelter. I am on twitter.
 
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Posts: 22698
Posted: #4698
Good luck College Gambler.

Taters shall tate.

Roll Tide and goooooo Kings!

 
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Posted: #4699
Bunkmoreland yes bet was placed. No I just needed a players card to make a bet that paid over 10K (risk and win). Once I got card they took it no problems.
 
 
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Posted: #4700
Thanks van appreciate it sir. My betting empire is near peak levels with a win and the 0-6 means nothing. Or the CG won't be able to sleep for many, many nights with a loss. I couldn't sleep last night too excited for this game. 3.5 hours till tip!! Hop on the queens with me fellas
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