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Cashing a world series future

Discussion in 'The Sports Book' started by OK Pabst, Nov 9, 2018.

  1. OK Pabst

    OK Pabst Grinder

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    We are coming out there for Thanksgiving and I am taking a BIG world series future ticket with me from a friend. I know he knows that he can mail it in, but he wants me to cash it and play some football and basketball for him. Its under 5K ($300 paying 13-1), but I was wondering if there was any IRS involvement here.
    I just to cash and not get involved with any paperwork. Thanks
     
  2. Tex

    Tex High-Roller

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    I’ve cashed numerous bet slips for more than that over the years and never had any W2G paperwork
     
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  3. diplomatic

    diplomatic Low-Roller

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    Just a word of warning: I was once placing a bet for someone else and mentioned that, in just making small talk, to the ticket writer as I placed the bet. She gave me a hard time and threatened not to take the bet until I said I was joking and that I was placing the bet for myself. I don’t know the laws, and probably no one really cares other than this uptight ticket writer (at The Palms, btw) but you probably don’t want to advertise the fact that it’s someone else’s ticket when cashing.

    The bet lost, so the lady would have been doing us a favor if she hadn’t booked it. Oh well.
     
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    First time at the Dirty Bird
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  4. zoobrew

    zoobrew Low-Roller

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    Being a bookie is illegal and maybe you look like an undercover gaming agent or one was in the area.
     
  5. Emerson

    Emerson Low-Roller

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    My understanding is any win that nets you more than 1200 triggers the automatic withholding.
     
  6. SH0CK

    SH0CK Stylin' and Profilin' Quasi Tech Admin

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    That amount is on slots and video poker.

    It looks like as long as it's under $5K, you may be OK, but I'm going to defer to other sports bettors as I'm only going on info found on H&R Block's website:

    The payer must provide you with a Form W-2G if you win:
    • $600 or more if the amount is at least 300 times the wager
    • $1,200 or more in winnings from bingo or slot machines
    • $1,500 or more in winnings from keno
    • More than $5,000 in winnings from a poker tournament
    • Any winnings subject to a federal income-tax withholding requirement
    If your winnings are reported on a Form W-2G, federal taxes are withheld at a flat rate of 25%. If you didn’t give the payer your tax ID number, the withholding rate is 28%. Withholding is required when the winnings, minus the bet, are:
    • More than $5,000
    • At least 300 times the amount of the bet
    https://www.hrblock.com/tax-center/income/other-income/gambling-winnings-tax/
     
    • Wow! Wow! x 1
    • Informative Informative x 1
  7. remmerde

    remmerde VMB's Resident Cigar Sommelier

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    Honestly, you should refuse to do it. Although unlikely, if anything goes wrong, it will get ugly. There's a non-zero chance of the book figuring out that it's not your ticket and invalidating it. There is a non-zero chance of you losing the ticket and your friend asking you what you did with his money. There is a non-zero chance of the book screwing up the rules and insisting on issuing you a W2-G anyway, etc.

    Just mail the blasted thing in. I cannot understand why so many people (this exact situation comes up a lot here) are so opposed to or otherwise try to justify not mailing in tickets. It's madness.