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Sportsbook win for $900

Discussion in 'The Sports Book' started by WinterTJ, Feb 22, 2015.

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  1. WinterTJ

    WinterTJ Tourist

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    is there a tax on this win from a CET property?
     
  2. SH0CK

    SH0CK Stylin' and Profilin' Quasi Tech Admin

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    I believe the only time you would get a W2G on a $900 payout is if the odds were 300-1 or better for the bet.

    As for the question, you are supposed to declare any gambling win minus any DOCUMENTED losses on your taxes.
    See this thread for some good info on this subject.
     
  3. Rush

    Rush High-Roller

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    Mail it to me, and I'll look it over for you.........
     
  4. Sinatraatthesands

    Sinatraatthesands Low-Roller

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    If its not for horse racing no. Sports they just hand you the cash. Horses I think its every $70 won for every $1 bet over a certain amount. At least it used to be years ago.
     
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