Whoson1st said:Ok--Let me try to ask this so you don't think I'm totally ready to be committed....
Here's what I'm wondering.. Say you're a regular baseball bettor a Vegas book-- Maybe most bets daily are $200 to $500. Same book day in and day out.... If you are a regular winner, does the government require them to keep ANY type of records for the smaller player.
Say he had a good week and won $10K (Not a word to the IRS--Is that what you're telling me as long as the bets are under 10k?)
Forgive me---I've had a bad day taxwise and kinda upset.
ktvvegas said:From my experience (I've also asked book managers). It works like this:
Each form of gambling has a threshold number (for slots the # is $1200) where you have to fill out a tax form (if you aren't willing to provide your ss# - they withhold 31% or something). For this reason, you'll see rows of slot machines that have a prize of $1199
For sports, I was told the magic # is $1000 on a single bet. I've gambled for 7 years in the books and have had runs where I cashed in 400-800 every day for weeks at a time. Never had to fill out a form. The numbers may have changed, but I think $1000 is still one that requires them to have you fill out the forum.
If you do find yourself having to fill out forms, don't forget you can deduct losing wagers from the winners when calculating your taxes.
I'm not advocating anyone cheat the IRS, but the racebook adjoined to the sportsbook tends to have hundreds of losing tickets that can offset some wins quite nicely when it comes to tax time
TTinCO said:I never have understood that.....you can cash out 5k in chips without getting "formed", but if you win 2k on a slot you do.
WTF?
TTinCO said:I'm not talking about sports at all.
2 scenarios...
1) put $100 in a slot machine & win 2000.....you get a w2g
2) bet $16 on a table game and win 4500......no w2g
theticket_22 said:if your total transaction is under $9999 then no tax forms required...if over than yes...that means if u lay 5500-5000 your ass is taxed...so always be sure to stager bets if betting that much in vegas....
valium said:TTinCO, i know you know. i was trying to elaborate further on what you wrote for those that didn't understand what you said.
i agree the W2g stuff doesn't make any sense. it really gets stupid in the high limit slots. some guy playing the 100 or 500 slots can have signers all day.