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do sports books issue tax forms?

Discussion in 'Sports Book' started by PackerBacker, Jul 25, 2020.

  1. PackerBacker

    PackerBacker Silver

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    if you win big in the sports book do they issue you a tax form when you collect?
     
  2. tringlomane

    tringlomane Theoretical Video Poker Addict
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    Iirc, only if the win is over $600 and the wager paid 300 to 1 or more.
     
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  3. 44inarow

    44inarow Cool Story Bro
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    Yes, this is correct. They'll file a CTR if you're talking more than $10k, but that's basically meaningless paperwork which goes into the circular file. Really the only way to hit the W-2G threshold is if you hit a 9-team (or more) parlay, or a few other wagers.

    EDIT: This just applies to the W-2G. Vegas follows federal rules. However, other states have much lower thresholds and there may be implications depending on where you are, such as having them do a child support intercept check, which could go to the IRS.
     
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  4. PACKER

    PACKER Las Vegas DEGENERATE! Are you?
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    I got audited in 2018 for 2015 taxes as a direct result of CTRs from Vegas. Not from the sports book though.
     
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