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Making a large sports bet for a friend

Discussion in 'The Sports Book' started by NYPoker, Jan 8, 2013.

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  1. DaveP

    DaveP VIP Whale

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    If the bet wins, are you the one that's going to cash the ticket? If so, the tax implications are under your name/SSN. They're not going to put it under the name of someone who isn't even there. So for your tax cut, make sure you get enough to cover the taxes on the entire $15K (or whatever the win is).
     
  2. Auggie

    Auggie Dovahkiin

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    I suppose too one could consider that it is a fair bit of money, what if the win moves them in to a higher tax bracket?
     
  3. Gregsmt

    Gregsmt Low-Roller

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    If your concerned about taxes, have the guy sign the back and mail it in. Then your out of it completely .
     
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