Weird- The casinos won't answer over the phone. They say ask in person & bring ID. Will prob make smaller bets of the same thing, going under a potential $600 win.
I have a high payout parlay, where $20 would pay $3,500. I'll prob lose, but think the actual chances are much better than the odds.
Thanks. I just found out the same $1,200 at a small casino bar. So will make multiple smaller bets accordingly.
What I don't like is, to DEDUCT gambling losses, you have to itemize & have lots of job expenses (where it falls under). And even then, it's only the portion above $2K you can deduct. But likely, you will not be able to deduct anything.
1200 is for slots. Different games have different rules. Table games is based on multiple of bet. I think sports books are the same. I contract my Sportsbook online so don’t remember the exact rules. I think keno is 1600 less the bet. On slots it’s 1200 but you can’t subtract the bet.
I won 2700 on Keno and they gave me a tax form. But if you get a tax form you can also claim gambling losses to balance it out. slits you get a form but table games like blackjack and craps you don’t and sport books you don’t pay taxes on those winnings. Not sure exactly why and what the difference is but I won over 3g on the rose bowl and didn’t have to pay anything at MGM grand.
Not true. Blackjack and craps W2Gs are based on the odds not the amount of money. Sports is the same I believe. I think table games are 30 to 1 or 30 for 1. I know there’s some debate which one it is.
Weird- The casinos won't answer over the phone. They say ask in person & bring ID. Will prob make smaller bets of the same thing, going under a potential $600 win.
I have a high payout parlay, where $20 would pay $3,500. I'll prob lose, but think the actual chances are much better than the odds.
600 is for 1099s.
Your payout is less than 300:1. You won't get any tax forms. Although its still taxable technically.
I know that if you win over $1,200 at casino games they have you fill out the W2G. I would guess sportsbook is the same but I don't know.
Thanks. I just found out the same $1,200 at a small casino bar. So will make multiple smaller bets accordingly.
What I don't like is, to DEDUCT gambling losses, you have to itemize & have lots of job expenses (where it falls under). And even then, it's only the portion above $2K you can deduct. But likely, you will not be able to deduct anything.
As for deducting gambling losses, you're right that it can be complex, often requiring itemization and meeting certain thresholds. It's a nuanced aspect of tax law that can vary depending on individual circumstances.
Thanks. I just found out the same $1,200 at a small casino bar. So will make multiple smaller bets accordingly.
What I don't like is, to DEDUCT gambling losses, you have to itemize & have lots of job expenses (where it falls under). And even then, it's only the portion above $2K you can deduct. From my understanding, in-person sportsbooks in Las Vegas typically require filling out paperwork for higher winnings, especially if the amount exceeds a certain threshold. However, the specific requirements may vary depending on the sportsbook and the amount won. For more detailed information, it might be helpful to reach out directly to the sportsbook you're planning to visit or consult with experienced bettors familiar with the local regulations. By the way, if you're interested in exploring American sports betting sites online, I recommend checking out the options listed on https://siticasinononaams.com/siti-scommesse-americani/. They provide a comprehensive selection of reputable platforms where you can enjoy a wide range of sports betting options from the comfort of your home. Happy betting!But likely, you will not be able to deduct anything.
As for deducting gambling losses, you're right that it can be complex, often requiring itemization and meeting certain thresholds. It's a nuanced aspect of tax law that can vary depending on individual circumstances.
This post was edited 6 minutes after it was posted.