I have net losses of 18k on fanduel this year in NJ and make $140k a year. This is the first year I gambled and have those massive losses. Any advice for me to say to my accountant who is one of my good friends? He’s going to be flabbergasted at those loses
So can somebody answer this ... What if I'm a high roller and I want to bet $500,000 on a football game and the games wins .... So I would have about $500,000 in winnings in that scenario But I also RISKED $500,000 of my own money to get that win So how would that be taxed ? I think there should be a law that reduces your taxes based on how much you RISK If I'm betting $500,000 of my own money I'm the one taking ALL THE RISK The IRS is not taking any risk at all so they shouldn't be able to tax my winnings 30 + percent Also 9 times out of 10 the money I'm risking at the sports book has already been taxed That is robbery
I worked at a race track for 17 years. We had to take classes on Title 31. Supposedly we were to keep track of people systematically betting under the limits or in increments ultimately equaling or exceeding the 10k limit and 3k too. It's called Structuring. I'm sure casino employees in Vegas take the same training. Nobody wants to fool with it. Just red tape BS.
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Hi i bet online on bovada and betway sports. So, if i win money do i need to pay tax. Usually i withdraw using bitcoin. So , do i have to pay tax and if yes , then how do the government know that i am gambling online, by the way i live in Canada.
This is the equivalent of setting up an underground casino using cash to evade taxes. It's not legal, and the IRS can definitely go after you for evading taxes if they find out Not sure if betting with bitcoin itself is illegal, but evading taxes certainly is
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Maybe an in depth show on taxes with a tax expert.
Excellent light covering of the rules!
Great video, this was about local Vegas casino but what about offshore implications
Thank you guys for your professional Insight on so much valuable information.
Important issues to know for serious gamblers!
One of my goals is to have to pay taxes on my wagering income. Not because I like taxes, but because having to pay taxes would mean I'm winning.
Excellent video. Any thoughts/advice on online gambling and taxes?
Great vid guys appreciate it
So if you are in Louisiana and use Twinspires in Kentucky do you file in both states?
I have net losses of 18k on fanduel this year in NJ and make $140k a year. This is the first year I gambled and have those massive losses. Any advice for me to say to my accountant who is one of my good friends? He’s going to be flabbergasted at those loses
What sport are you betting on? We started with $200 in week 12 in the nfl and just hit $1200 on Sunday.
So can somebody answer this ... What if I'm a high roller and I want to bet $500,000 on a football game and the games wins .... So I would have about $500,000 in winnings in that scenario
But I also RISKED $500,000 of my own money to get that win
So how would that be taxed ?
I think there should be a law that reduces your taxes based on how much you RISK
If I'm betting $500,000 of my own money I'm the one taking ALL THE RISK
The IRS is not taking any risk at all so they shouldn't be able to tax my winnings 30 + percent
Also 9 times out of 10 the money I'm risking at the sports book has already been taxed
That is robbery
Indeed, it's rather unconstitutional and why the IRS relies on "voluntary compliance" regarding personal income taxes.
I worked at a race track for 17 years. We had to take classes on Title 31. Supposedly we were to keep track of people systematically betting under the limits or in increments ultimately equaling or exceeding the 10k limit and 3k too. It's called Structuring. I'm sure casino employees in Vegas take the same training. Nobody wants to fool with it. Just red tape BS.
Thanks guys
Our pleasure! Make sure you're SUBSCRIBED to our channel and CLICK the BELL 🔔 to be alerted about all of our LIVE shows and EXCLUSIVE content. 👉👉 wt.buzz/tv
I've lost more than I won, do I get a tax refund ?
If you use a standard deduction and don't itemize, you get to pay taxes on everything in the win column.
sounds like
a capital loss - max you can deduct is like 3000 a year
$10,000 on bets or $10,000 in earnings . Or when the total is $10,000
A single bet
If I win 180000 on a team winning how much I'm paying in taxes
Bet with Bitcoin. Keep 100% of your winnings. Problem solved.
Hi i bet online on bovada and betway sports. So, if i win money do i need to pay tax. Usually i withdraw using bitcoin. So , do i have to pay tax and if yes , then how do the government know that i am gambling online, by the way i live in Canada.
Wait so you don’t pay taxes gambling with Bitcoin?
This is the equivalent of setting up an underground casino using cash to evade taxes. It's not legal, and the IRS can definitely go after you for evading taxes if they find out
Not sure if betting with bitcoin itself is illegal, but evading taxes certainly is
Great video. Very helpful