Moving to Vegas to become a full time pro handicapper

Lastly...get your as s in your car after hopefully you win your bet and drive to a William hill book...open an phone acct. drive to a stations casino...open a phone acct. drive to south point...open a phone acct (.10 baseball that's a must too have rather than a .20 cent line)

and start taking advantage of the tools this city offers you by living in it. What your doing is retarded and had you had an acct the other day..you wouldn't have lost the fla game because while with your family you could have got the number you wanted right on your phone.

Grow up and learn to live in this town!!!  Tough love here brother!!

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).

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.

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.

One of the reasons I don't think CG will make it to football is hidden in your post above.

When you have to go out of your way to get 10 cent MLB lines - and that is considered to be the best you can get - that is really paddling upstream.  Betting in to MLB with 10 cent lines is tough as hell.  Cant imagine being able to do it.

I used to bet in to 1 cent (yes, 1 cent at MB) MLB lines.  With commissions it used to work out to closer to 2 cents - but even at that - with the grind of MLB - it wasn't a sure thing.

10 cents is suicide IMO.

BTW - GL on the Kings tonight.

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

I am not an expert in avoidance strategies with this....

I have heard people used to get paid with chips instead of cash and this would be the workaround - but I am pretty sure they wont do this anymore.

I don't know about rolling it over to new tickets.  I do know when you do this they call out "multiple transaction alert" - don't know what this means - but a supervisor comes over.  I am honestly not sure if they do a form at that point or not - or what the hell they do.

This kid has so much to learn its not even funny. And, it has nothing to do with his picks. The infrastructure and mind set that you have to have to do this for a living isn't even a thought it seems.