Help in betting one game heavy in Vegas

[pake]

If you win 10K or more on ONE cashed ticket, then you are
required to fill out tax form !

As previously suggested, spread it out to avoid this.

[Art]

Thanks to everyone.

I may chicken out - will decide soon in order to get favorable air travel arranged.

I will later release my pick on this forum before the game.

If I reveal that I went to Vegas and placed the bet, then bet against my pick because I will lose. If I reveal that I chickened out and didn't go to Vegas then bet my bet as it will win.

[gumby1]

They changed the $10,000 rule a few years ago. You used to be able to bet $9999 and did not have to fill out a tax form, now if you collect more than that you must fill one out. Unless you think there might be a big line move why not fly in Sat. morning spread the bets around, go to Cheetahs for a few hours then cash the tickets and fly home Sat night.

[frankb03]

They changed the $10,000 rule a few years ago. You used to be able to bet $9999 and did not have to fill out a tax form, now if you collect more than that you must fill one out. Unless you think there might be a big line move why not fly in Sat. morning spread the bets around, go to Cheetahs for a few hours then cash the tickets and fly home Sat night.

Gumby, where have you been. You joined BC in Feb 2003. This is your first post?

[gr8whtnorth]

Gumby, where have you been. You joined BC in Feb 2003. This is your first post?

He must be really shy...

[Art]

They changed the $10,000 rule a few years ago. You used to be able to bet $9999 and did not have to fill out a tax form, now if you collect more than that you must fill one out. Unless you think there might be a big line move why not fly in Sat. morning spread the bets around, go to Cheetahs for a few hours then cash the tickets and fly home Sat night.

I don't understand. If I bet $8,800 to win $8,000, and win, then I will collect the $8,000 I won, plus the $8,800 I put up, for a total of $16,800. I only won $8000 but the return transaction is for $16,800.

Do I have to report that to my favorite government agency, the IRS?

[SteinDallas]

it didnt use to be like that but if Gumby is right just get 4400 a small bet like that wont change the line so you could just bet it twice at the same book.

[BettorsChat]

I don't understand. If I bet $8,800 to win $8,000, and win, then I will collect the $8,000 I won, plus the $8,800 I put up, for a total of $16,800. I only won $8000 but the return transaction is for $16,800.

Do I have to report that to my favorite government agency, the IRS?

Yes, it will get reported by the Casino themselves as I believe you have to fill something out.

[tech fan]

this thread seems dumb to me now

[pake]

I thought the tax form you must fill out is ONLY if your winnings is 10K or more and not on how much total is
collected ?????????
Come to think of it, I cashed a parlay ticket(not a
straight) worth close to that amount and did not
have to fill out a form.

[knowlez]

Aw dude I hope you win if your not filling everyone here full of shit. Thats alot of money to risk unless you know something no one else does. anyway good luck even if you are pulling are chain.

[Art]

Aw dude I hope you win if your not filling everyone here full of shit. Thats alot of money to risk unless you know something no one else does. anyway good luck even if you are pulling are chain.

Why do you think this is BS?

I told you I was getting cold feet and may not go to Vegas and bet large - will let you know if I go before the game, and what I am betting on.

Another alternative is to bet less ($10,000) but online.
I am also thinking of betting the moneyline on the game I am interested in, if it is offered. However, one site I considered limits NCAA moneyline bets to $2,000.

That would mean I would need multiple accounts to bet $10,000 total on a moneyline bet.

Anyone know of good sites with large limits please let me know.

P.S. Just went to my old net teller account and found out it is gone now. I don't want to fund with a credit card as they may charge cash advance fees and interest. How to fund quickly? Cashier's check via Fed Ex?

[Chado1]

Is this thread actually for real?

[jcindaville]

Is this thread actually for real?

I think it is, but dont ask me why.

[Art]

I chickened out.

Decided not to go to Vegas and bet large on one game.

Opened online accounts - sent 3K in cashier's checks. Decided not to risk any more than that.

Thanks for the info anyway. Didn't know about the IRS rule change where any collection of money layed plus money won is reported if the total is 10 K or more.