Im heading to Vegas this weekend and plan on placing some wagers on football games. I dont want to deal with tax stuff when I win so I need to know what the limit is b4 they ask for my SS# for taxes? I heard somewhere it might be 2k win or more they tax you. If I want to bet 3k or more on a game can I place separate wagers and split them up so I can avoid uncle sam? Then I will just cash them separately as well. I use a local so I never have to worry about that stuff. Vegas Guru's please chime in and if anyone will be in Vegas and wants to hangout let me know. I will be in a sportsbook most of the day saturday and all day sunday
Currently my favorite play is on Sunday. NE/DAL over 49 is a big play for me. I'm expecting NE to put up 38-40 pts especially after bye week. Also Rolltide has his SDQL'S posted and this 0lay fits one so when I have a match with one of his I tend to unload.. Like NE -9 a bit too but I really don't like laying chalk like that often. The over is definite play for me
Assuming you are a U.S. citizen, any transaction over $5K the Sportsbook will file an MTL and any transaction over $10K, they will file a CTRC-N. You will be required to show ID and provide a SSN. You will also be asked if you are placing this bet for yourself or on behalf of someone else. If you are placing on behalf of someone else, they will not pay you without that person present. Once they have your info on file, all of the winning bets get logged and sent to the IRS where you can expect to pay taxes on the winnings. Its your responsibility at that point to claim the winnings and pay the taxes. Keep your bets smaller and multiple, and you will be fine (I.E. a $2K wager and a $1K wager or (5) wagers at $1k a piece. Different books would be wise if you're betting big on one game.
Hey Savage, If you want to bet 3k on a game it is not a problem with taxes. If you bet more than 10k cash in a 24 hr period they will want SS info and that is just to give to the state gaming people who keep records if the IRS wants to see them they can. A 3k bet will only have the casino write down something about you so if you get close to 10k in cash they will ask for SS info. If you bet with casino chips or bet off winning tickets there is no problem. I bet more than 3k all the time and when I tell them I am paying with winning tickets the supervisor just walks away. If you are betting 3k on a total you may need more than 1 place as some casinos have a limit of 1 or 2 k on totals. Hope this help. PM me if there is anything else. Good luck.
So, if you make the same bet (for $3K each) at 2 different casinos; will the casino know you bet $3K at a different casino?
Also, if you make 3 bets at the same casino for $3K each within 24 hours (and you win all 3 bets); will this count as only $9K cash or over $18K cash? Sorry for all the questions. I just want to know in case I want to go make a couple of bets this week.
Also, if you make 3 bets at the same casino for $3K each within 24 hours (and you win all 3 bets); will this count as only $9K cash or over $18K cash? Sorry for all the questions. I just want to know in case I want to go make a couple of bets this week.
Magic man. The casinos record large bets because the IRS requires them to keep track of cash transactions of 10k or more within a 24 hr period (just like bank deposits). The will not ask for any info if you bet 3k. The casinos ask for no info if you cash for 10k or more. They will just ask if you want cash or chips. I live here and see people cash for 10k+ all the time it is not a problem except it ties up the line because they have to count out the cash. Enjoy your trip. Good luck on your bets.
You have to pay taxes on all winnings. But you will only get a tax form if you hit 500-1 on something. Straight bets will not get you tax forms, it's your responsibility to keep track. Big amounts may be recorded because of money laundering, but there is no tax form.
Savage, the only thing you might want to be aware of here is something called "structuring". I don't think you will get into enough money to generate a "SAR" by the Casino property, but making sports wagers in the form of chips (checks) that you would presumably buy at the cage or table can constitute some suspicious activity if done with great frequency and/or great amounts. I am in no way refuting event horizon's or NFLTrends responses; as they have given you sound answers, but rather just bringing up a point that you might want to research and understand.
BOL Savage...
A&F
Aces and faces is right. The casino cage will make note of cash outlays of 10k or more in a 24hr period. If you are betting under 10k then just go to the betting window. Don't worry if the ticket writer says approval and the supervisor comes over, he will just make a note of your bet so if you go over 10k in cash he will need to see your ID. If you are betting 3k on a total that might be more than a limit bet. Good luck on your game
It does depend on what are you gonna play, wagers have the lowest taxable minimum - $600. You'll be issues with W-2G form when reaching so. If your overall income from gambling will be greater than 10k, so you'll be issued with the form 1099-MISC: https://1099-misc-form.pdffiller.com/ Something like this
