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Old 03-05-2019, 02:06 PM   #1
Gallagher_
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Sports Betting Apps in Vegas - Tax Forms?

Can someone fill me in on the rules for the sports betting apps in Vegas? Do you get a tax form if you profit over $600 or is it some other threshold?
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Old 03-06-2019, 04:27 PM   #2
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Re: Sports Betting Apps in Vegas - Tax Forms?

it probably comes in under the amount required for notice, so it will be up to you to self report it as additional income and be ready to show proof if audited.

*not a tax attorney or professional accountant
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Old 03-07-2019, 03:22 AM   #3
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Re: Sports Betting Apps in Vegas - Tax Forms?

Only if you hit something that pays 300 to 1 or something like that. You do give them your SSN when you sign up. They won't report anything unless you are making big deposits/withdraws or several medium size deposits/withdraws, etc and you get a CTR or SAR.

But guess what, you will never know you got a SAR put on you and it will likely get looked at, so if you are not reporting any income, it could be trouble.
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Old 03-07-2019, 11:51 AM   #4
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Re: Sports Betting Apps in Vegas - Tax Forms?

Quote:
Originally Posted by parisron View Post
Only if you hit something that pays 300 to 1 or something like that. You do give them your SSN when you sign up. They won't report anything unless you are making big deposits/withdraws or several medium size deposits/withdraws, etc and you get a CTR or SAR.

But guess what, you will never know you got a SAR put on you and it will likely get looked at, so if you are not reporting any income, it could be trouble.
+1

OP - I'd listen to this guy. he seems to know what he's talking about.
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Old 03-10-2019, 09:53 PM   #5
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Re: Sports Betting Apps in Vegas - Tax Forms?

Quote:
Originally Posted by parisron View Post
Only if you hit something that pays 300 to 1 or something like that. You do give them your SSN when you sign up. They won't report anything unless you are making big deposits/withdraws or several medium size deposits/withdraws, etc and you get a CTR or SAR.

But guess what, you will never know you got a SAR put on you and it will likely get looked at, so if you are not reporting any income, it could be trouble.
i disagree that a sar is likely to get looked at. with the new reporting requirements, virtually everyone in a casino who transacts in any amount of money in the four digit figure or higher will run afoul of these reporting thresholds. if a casino is strictly adhering to the reporting requirements (nearly impossible) they'd be filing hundreds or even thousands of sars a day. if
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Old 03-10-2019, 10:20 PM   #6
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Re: Sports Betting Apps in Vegas - Tax Forms?

I am not sure where I saw it online, but recently I was deep into researching a ton of things to do with taxes for the year and saw an article that said the majority of CTR's do not get looked into in Nevada but every SAR does get looked at.

That doesn't mean full investigation and being contacted, maybe they just use common sense and see that it doesn't look serious and throw into a less serious pile.

Sportsbooks do internal reporting at 3k to keep track and make sure nobody is going over 10k for the day. But a SAR may be filed on any transaction of 5k or more or aggregate of 5k in a short period that looks like it may be structuring, or if they believe the money is from illegal source, or anything suspicious, even if its over a few days.

Obv CTR is 100% if you go over 10k.
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