Whats the amount of payout on your sport betting ticket where they require you to fill out tax forms
May 22nd, 2014 at 10:44:18 PM
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Whats the amount of payout on your sport betting ticket where they require you to fill out tax forms (Tax IRS forms)?
May 23rd, 2014 at 9:29:16 AM
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I believe they will only issue you a 1099 if the payout is 300 to 1 or greater. The amount you win doesn't necessarily trigger a 1099. If you bet $100k and win the bet for $100k no 1099 will be issued.
If you cash out a ticket more than $10k the casino will fill out a CTR form, but that isn't submitted to the IRS.
If you cash out a ticket more than $10k the casino will fill out a CTR form, but that isn't submitted to the IRS.
At my age, a "Life In Prison" sentence is not much of a deterrent.
May 23rd, 2014 at 9:48:12 AM
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I think that the question was asking if the amount reported includes the wager amount or not.
Edit: Actually, after re-reading the question, I don't think that that's what it was asking any more.
Edit: Actually, after re-reading the question, I don't think that that's what it was asking any more.
May 23rd, 2014 at 10:17:48 AM
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For horse racing, I was told $602. It doesn't seem it would be as low for sports betting or it would scare more people away than it seems. I've never heard of anything, so I would guess just CTR rules apply.
I am a robot.
May 23rd, 2014 at 10:36:50 AM
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Quote: onenickelmiracleFor horse racing, I was told $602. It doesn't seem it would be as low for sports betting or it would scare more people away than it seems. I've never heard of anything, so I would guess just CTR rules apply.
$602 is probably based on a $2 bet (which would be 300-1). If you bet more the limit probably goes up.
I have definitely cashed sports tickets for thousands of dollars and not had any forms.
May 27th, 2014 at 9:56:24 AM
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So if your sports ticket pays only like +200 or -200 you will never need to fill out any tax forms or provide Social Security numbers if the ticket pays out under $10,000???? What are the rules for over $10,000?? What is the purpose of the CTR form??
May 27th, 2014 at 10:15:37 AM
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Quote: IHMJackSo if your sports ticket pays only like +200 or -200 you will never need to fill out any tax forms or provide Social Security numbers if the ticket pays out under $10,000???? What are the rules for over $10,000?? What is the purpose of the CTR form??
Yes, that is true. The CTR just informs the government that someone has been issued $10,000 or more in cash. They like to track cash money in the fight against money laundering. At most sportsbooks you can choose to take your winnings in casino chips instead of cash. That will avoid a CTR.
At my age, a "Life In Prison" sentence is not much of a deterrent.
