Hello everyone I know Vegas will withhold 30% winnings on wins over $1200 on the slots I am wondering if they will withhold anything if I place a $5500 bet at say -110. Any help would be appreciated.
Sports-betting in Vegas Question
- Thread starter Bring_It_Home
- Start date
Good question....always wondered that myself.
I may be wrong, but I think 1199 is most you can cash out on slots without tax.
And I think you can go to the cage with 9999.00 in chips and not pay tax.
Not sure about sports wagers:shrug: If you wagered 5000 and won 5000 would you have to pay tax? Or if you wagered 5000 and won 10000 would you pay tax?
Also if you are in poker tourney in Nevada when do you pay tax:shrug:
I may be wrong, but I think 1199 is most you can cash out on slots without tax.
And I think you can go to the cage with 9999.00 in chips and not pay tax.
Not sure about sports wagers:shrug: If you wagered 5000 and won 5000 would you have to pay tax? Or if you wagered 5000 and won 10000 would you pay tax?
Also if you are in poker tourney in Nevada when do you pay tax:shrug:
for the average 'joe' you won't have to worry about 'taxes' at all. However sportsbook manager's are required to fill out a 'form 8300' for cash wagers over $10,000. Not all do it but most of the reputable books will have someone monitor those that routinely wager large amounts. If you place a wager i.e.; $16,500 to win $15,000 (for example Baltimore Ravens -3 :SIB )and if the ticket wins.. the sportsbook does NOT take out one penny for taxes. You will get $31,500 hard cash.
At the end of the fiscal year the book(s) will report to the IRS your wagering activity, wins and losses. They just report it, it's up to you to itemize it with your tax return. accountants will offset the wins with the losses along with the rest of your income/deductions. It's no different that declaring stock market gains or losses in a fiscal year.
for the recreational bettor just stay under $10,000 collectively for a 24 hour period and you should be fine. also move around to different shops
At the end of the fiscal year the book(s) will report to the IRS your wagering activity, wins and losses. They just report it, it's up to you to itemize it with your tax return. accountants will offset the wins with the losses along with the rest of your income/deductions. It's no different that declaring stock market gains or losses in a fiscal year.
for the recreational bettor just stay under $10,000 collectively for a 24 hour period and you should be fine. also move around to different shops
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it's just asking for name, address, phone number, proof of drivers license.. but it's not for tax witholding purposes:0008
