Las vegas Sportsbook HELP Please --

[pake]

I got a Parlay ticket I need to cash.

1) What is the limit of the win, before you need to sign
those dreaded tax papers ?
2) If I got to get that tax paper, can I write off all other
sportsbook loses as well as table game markers ?

[griswold]

Unless the payout is over 300-1, you shouldn't have to sign anything.

How many teams is the parlay?

Or, how much did you bet and what is the payout?

[pake]

Its a 5 teamer
Put a nickel on it and it returned 9053 + the nickel

[DBURGH]

I always thought that if you cashed for more than $1500, the tax man came a calling..

[CMDawg]

I'm pretty sure limits vary based on the casino, but I could be very wrong on that. Either way, the casino will issue a 1099-G with the amount you won.

You can deduct gambling losses, but be careful with this. You have to itemize in order to do this, and you can only deduct losses up to winnings. You also have to be able to substantiate your losses; this can be hard to do sometimes with the government.

[Steortex]

I'm pretty sure limits vary based on the casino, but I could be very wrong on that. Either way, the casino will issue a 1099-G with the amount you won.

You can deduct gambling losses, but be careful with this. You have to itemize in order to do this, and you can only deduct losses up to winnings. You also have to be able to substantiate your losses; this can be hard to do sometimes with the government.

Yea they will on this because is not win for win they treat this just like the tack anything over like 1200 you bet1099..(only big parleys) win for win meaning if you beat 5000 and won you would get a 1099 even though its the same amount, because of the risk.. But any way to answer your Question wait until next week so you have all next year to worry about it

[Steortex]

Im drunk I meant to say if you beat 5000 and won you WOULDNT get a 1099

[pake]

So I guess mailing in the ticket is out of the question also.

Thanks for you inputs. I appreciate it.

[Ldawg]

So I guess mailing in the ticket is out of the question also.

Thanks for you inputs. I appreciate it.

Pake .... it should say on the back of your ticket how long you have to cash it in/ mail it in ....

If it's not close to the Drop Dead date I would wait until after the 1st also !

Why do you say mailing it in would be out of the question ?

Photocopy it ... sign it and mail it Certified or Registered. The Post Office can tell you which is appropriate ,based on the value !

gl .... we should ALL have problems like that ...

[pake]

If you need to get the tax paper, I would assume you need
to be present and provide an ID and sign.

[Jumpman23]

I always thought that if you cashed for more than $1500, the tax man came a calling..

Nadda....I bet $2200 on a game (payout $4200) at The Orleans last year and won and didnt get a tax form.

Not sure what the cut off is though for tax forms to be involved.

[SundevilSam]

I won $7700 in blackjack once in Vegas, and when I cashed in my chips they did not give me a tax form. May be different at the sportsbook.

[KippengWIN]

i suggest going to a race track and collecting losing tickets. That way you can write the whole thing off - and have proof if the IRS comes after you.

Nice hit!

[kbsooner21]

I won $7700 in blackjack once in Vegas, and when I cashed in my chips they did not give me a tax form. May be different at the sportsbook.

I thought you got a tax form once you hit the $10,000 mark. I believe you can win up to $9,999.99 and not have to fill out the tax form. Not positive on that though.

[CMDawg]

I thought you got a tax form once you hit the $10,000 mark. I believe you can win up to $9,999.99 and not have to fill out the tax form. Not positive on that though.

That's what I was thinking too KB, but I didn't want to say that and look like an ass if it was wrong.

The most I have ever won is around $1,500..