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Old 05-30-2018, 08:15 AM   #1
Jetfanmack
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Winning large sums in Vegas

I hit a big futures bet this past season for about $11K, and I'm going to Vegas to play poker and cash that ticket next week.

What is my best plan of attack with this? Can I get it all at once, no questions asked? Are they going to have me fill out paperwork? Will any of the money be withheld? And could I get around any of this by rolling over some of the winnings onto other bets?

I'd appreciate any help. Thanks a lot, and sorry if this wasn't supposed to be its own thread (didn't see it any of the FAQs).
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Old 05-31-2018, 04:39 AM   #2
poker4jab
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Re: Winning large sums in Vegas

Yes, you'll get it all at once, no questions asked, but it will require paperwork. No money will be withheld, but expect to have to provide your name, address, and SSN and sign a form or two. IRS requires books to track all cash transactions >10K, and some books set their own internal tracking requirements on payouts as low as 3k. It's really not that big of a deal, but yes the IRS will technically be aware of the transaction.

This is based on my own experience cashing.
Not sure if rolling part of the payout into other bets would prevent the need for paperwork or not. My guess is no, but maybe someone else knows.
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Old 05-31-2018, 05:03 PM   #3
businessdude
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Re: Winning large sums in Vegas

Just curious - so if OP had broken his bet up into 2 separate tickets, maybe even at 2 separate sports books, the IRS is out of the loop?
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Old 05-31-2018, 05:56 PM   #4
Jetfanmack
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Re: Winning large sums in Vegas

Quote:
Originally Posted by businessdude View Post
Just curious - so if OP had broken his bet up into 2 separate tickets, maybe even at 2 separate sports books, the IRS is out of the loop?
From what I understand from looking into some research, that's correct. Obviously, I made a mistake not thinking about that when I made the bet initially.

That's also why I heard rolling over the ticket might be an option. If I'm winning 11K on my Villanova future, I wonder if I could then bet just over 1K on a baseball game or something to avoid that problem.
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Old 06-01-2018, 08:02 AM   #5
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Re: Winning large sums in Vegas

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Originally Posted by Jetfanmack View Post
From what I understand from looking into some research, that's correct. Obviously, I made a mistake not thinking about that when I made the bet initially.

That's also why I heard rolling over the ticket might be an option. If I'm winning 11K on my Villanova future, I wonder if I could then bet just over 1K on a baseball game or something to avoid that problem.
No this will not affect the IRS-required paperwork as it would be considered a separate transaction. Yes, splitting it up would have avoided this issue. Mo money, Mo problems.
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Old 06-01-2018, 09:43 AM   #6
SwoopAE
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Re: Winning large sums in Vegas

Out of curiosity if a person from a tax treaty country cashes a 10k+ ticket is it treated the same as if that person cashes a poker tournament in that no money is withheld and it's just sign forms and on your way? I assume so, just curious.
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Old 06-01-2018, 11:33 AM   #7
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Re: Winning large sums in Vegas

Ive never cashed a ticket over 10k but Ive heard that the books dont want to deal with the IRS paperwork anymore than you do so theyll work with you. Like you might be able to cash out 8k in cash and the rest in chips and avoid the paperwork altogether. Again this is just something I remember reading, could be completely false.
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Old 06-01-2018, 11:43 AM   #8
RhodyGuy
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Re: Winning large sums in Vegas

Quote:
Originally Posted by Like View Post
Ive never cashed a ticket over 10k but Ive heard that the books dont want to deal with the IRS paperwork anymore than you do so theyll work with you. Like you might be able to cash out 8k in cash and the rest in chips and avoid the paperwork altogether. Again this is just something I remember reading, could be completely false.
I don't know if this has been done but it is clearly illegal. I can't imagine any casino operator not following IRS protocol for a 10k+ cash. There is no benefit to them either so it makes little sense.
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Old 06-01-2018, 11:34 PM   #9
MrAdvantage
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Re: Winning large sums in Vegas

Quote:
Originally Posted by Like View Post
Ive never cashed a ticket over 10k but Ive heard that the books dont want to deal with the IRS paperwork anymore than you do so theyll work with you. Like you might be able to cash out 8k in cash and the rest in chips and avoid the paperwork altogether. Again this is just something I remember reading, could be completely false.
This is complete and utter BS. CHIPS = CASH
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Old 06-02-2018, 02:00 PM   #10
PokerHero77
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Re: Winning large sums in Vegas

I suggest OP read the IRS link below in regards to withholding/reporting:

https://www.irs.gov/instructions/iw2g
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Old 06-02-2018, 03:08 PM   #11
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Re: Winning large sums in Vegas

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Originally Posted by RhodyGuy View Post
I don't know if this has been done but it is clearly illegal. I can't imagine any casino operator not following IRS protocol for a 10k+ cash. There is no benefit to them either so it makes little sense.
I definitely read in some gambling book that sports books hate having to fill out those forms and will work with players not to, but like I said I have no experience with it so it could be completely false.
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Old 06-05-2018, 06:37 PM   #12
MrAdvantage
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Re: Winning large sums in Vegas

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I definitely read in some gambling book that sports books hate having to fill out those forms and will work with players not to, but like I said I have no experience with it so it could be completely false.
Link ?
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Old 06-05-2018, 08:42 PM   #13
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Re: Winning large sums in Vegas

I think it was that Justin7 book "attacking las vegas and wall street."

I honestly shouldnt have posted in this thread and regret doing so. You can safely disregard every comment Ive made in here.
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Old 06-07-2018, 03:39 PM   #14
MrAdvantage
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Re: Winning large sums in Vegas

Quote:
Originally Posted by Like View Post
I think it was that Justin7 book "attacking las vegas and wall street."

I honestly shouldnt have posted in this thread and regret doing so. You can safely disregard every comment Ive made in here.
Is that book worth a read?
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Old 06-07-2018, 03:43 PM   #15
DefNotRsigley
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Re: Winning large sums in Vegas

The most effective way I've found to avoid filling out a thousand forms is to just have your winnings deposited into your account at the sportsbook. I've only been issued a form when I withdraw from the account if it's above a certain amount.

It helps w/taxes too because then I can just request a transaction history of all my bets.

They don't accept big bets on mobile, but when you swipe your card during betting you can use the account balance to pay for the ticket.
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Old 06-08-2018, 05:41 AM   #16
MisterRodriguez
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Re: Winning large sums in Vegas

Yes its the best SB book,arguably
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