Announcement

Collapse
No announcement yet.

Vegas questions...

Collapse
X
  • Filter
  • Time
  • Show
Clear All
new posts

  • xHeroOfTheDayx
    started a topic Vegas questions...

    Vegas questions...

    I'm planning a trip to the mecca soon, and just had some questions. I know a lot of you have been there before.

    I have searched high and low for these answers, and all I get is speculation, and different answers. So if anyone can shed some light, it would be great.

    The lone reason I am going, is for sports betting, obviously. What is the situation there regarding taxes? I have read multiple win limits regarding on when you have to fill out paperwork, to some books not issuing anything at all regardless of the amount.

    If there is a certain limit, what if you just spread out your bets? --- I don't know, i'm a complete novice when it comes to Vegas.

    Any insight would be appreciated.

  • NevadaJay
    replied
    Good luck out there...what are you planning to bet on? I think it's just MLB and WNBA at this point....don't know if they are offering lines on individual WWC games though....I took Brazil at 4-1 before the tourney started.

    Great stats on soccer btw.

    Leave a comment:


  • akatdrake
    replied
    When are you heading out there?

    Leave a comment:


  • xHeroOfTheDayx
    replied
    It helps very much so! Thanks a million. I really appreciate it.

    Leave a comment:


  • akatdrake
    replied
    While I'm parusing through forums and sites, it looks like most will not give you a W-2G in sportsbooks, similar to table games. However, any future bet that pays over 300-1+ or when you risk/win $10k plus gets a CTR (Currency Transaction Report) sent to the IRS...

    It's similar to the form sent when you deposit or withdrawal over $10k in cash at a bank. Similar to that situation, the $10k only applies to cash - so if you had a $10k ticket - 8k in cash, and 2k in chips would prevent that CTR being sent. Keep it under the $10k mark then, and you should be fine, though keeping it too close like $9900 and a black chip will be suspicious activity and probably forthcome questions.

    Hope this helps??

    Leave a comment:


  • akatdrake
    replied
    Hero, here is a little tidbit from one of those LasVegas4Newbies sites to help:

    There are some things you should know if you are lucky enough to win. The Internal Revenue Service (IRS) requires all casinos in certain instances to withhold federal taxes if you win over a certain amount. The percentage withheld ranges between 25 and 30 percent depending on how you won. Here is how it works.

    If you had gambling winnings, the casino is required by the IRS Information Reporting rules to withhold 28% as income tax if you do not provide a documented TIN (Taxpayer Identification Number, that is, your Social Security Number.) We have heard of cases where it is withheld no matter what. The withholding tax is 30% if a foreign gambler. The tax rate is 25 percent if the amount is over $5,000 (except for non-resident aliens.)

    When your winnings exceed a specified threshold and/or tax is withheld, the casino will give you an IRS Form W-2G showing the amount you won and the amount of tax withheld. Report (and take credit for the tax you paid) on your IRS Form 1040 tax return at the end of the year. (Only use Form 1040 if you had gambling winnings; you cannot use any other form.) IRS Form W-2G

    Generally, gambling winnings are reportable to the IRS if the amount paid is (a) $600 or more and (b) at least 300 times the amount of the wager. This requirement primarily applies to lotteries, sweepstakes and other big winnings from small bets. It does not apply to winnings from bingo, keno, and slot machines.

    Casinos report gambling winnings for these games to the IRS when a player wins $1,200 or more from a bingo game or slot machine or if the proceeds are $1,500 or more from a keno game. When you exceed these amounts, the casino may withhold taxes and will provide you with IRS Form W-2G. They keep the original and give you two copies of the form. (If state income tax withholding is required on gambling winnings in your state, additional taxes may be withheld.)

    The rules are different for table games (such as blackjack, baccarat, craps, roulette or other spinning wheel games.) Since Nevada casinos do not know the amount you started with, they are not able to determine how much you won (...your taxable gain.) As a result, federal law provides that there is no withholding or even reporting of table game wins to the IRS. It therefore follows that table game winners probably do not report their gambling profits to the IRS.

    *****I would gather, Hero, this is not the case with sportsbetting since there is a defined taxable gain.*****

    You not only pay taxes on gambling profits, but you can also claim gambling losses as an itemized deduction as well. But you must keep some kind of documentation (such as a diary or tickets) to substantiate the amount and nature of the losses. In any event, you cannot claim gambling losses that exceed your winnings.

    Leave a comment:


  • xHeroOfTheDayx
    replied
    I most definitely do pay my taxes. I'm looking for information on the procedure the books take in Vegas.

    Leave a comment:


  • ChicagoEmpire
    replied
    Just pay your taxes and save yourself the heartache.

    Leave a comment:

Working...
X