When you receive a check from a sportsbook...

kinleyh69 · Aug 20, 2008

You deposit it in your bank account. How do you report this in taxes? DO you report this on your taxes? Any help would be greatly appreciated!

Vinnie · Aug 23, 2008

I have deposited checks in amount from 1K to 4.5K....never have to worry about it..

rollywood · Aug 23, 2008

kinleyh69 said:
You deposit it in your bank account. How do you report this in taxes? DO you report this on your taxes? Any help would be greatly appreciated!

as long as its less than 10k,you dont report it.unless you like to pay taxes.banks only report deposits over 10k.

kinleyh69 · Aug 23, 2008

What if I were to deposit 5 thousand one time... then a couple months later deposit another 6 thousand? Would that mean I need to put it on my taxes or do you mean if one SINGLE deposit is over 10K? Thanks guys!