las vegas and sportsbets

[greggraffin]

what is the rule regarding reporting any winnings?

more specifically, am i obligated to report any winnings from vegas sportbets?

 

[freelancc]

nothing at all.. :SIB

if you regularly wager 20K or more in a day, then you might have different things to consider.. but if you stay below 10K per day nothing to report or withhold.:SIB

 

[greggraffin]

nice, thanks.. i was hoping that was the case

 

[hedgehog]

20K on a game:scared

 

[ferdville]

Some casinos are touchier than others and they wlill ask you to fill out a form when you have used 10k in cash. But they don't want to do it because it obviously affects business. If you are a regular at a particular casino they will happily print your record for the year so you can show that your losses exceeded your winnings, if indeed that is the case. The IRS will also accept a ledger type document. But the others are right, this is very seldom enforced.

 

[$portsInvestor]

u win 10k n up on a sporting event and u gotta fill out forms,simple as that :0074