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Professional Gambling & Taxes Questions? - 9/26/2002 10:18:10 PM   
Jefe

 

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Have a couple of questions for anyone that knows the correct answers.

1. When do you have to pay taxes on your winnings? in CA and NV?
2. What is the estimated percentage the governemnt takes out?
2a. Does the casino have to turn in your winnings to the government?
3. How do you get around those taxes? Suggested methods?
4. If you start your own company and your company is the betting institution is there a difference in the above?
5. Does the owner of the company get the standard benefits of owning a company?
6. Does anyone have any experience starting a company that invested in sports gambling? Positives and Negatives? Things to watch out for?

Thank you for your time.

Jefe
Post #: 1
RE: Professional Gambling & Taxes Questions? - 9/27/2002 1:29:32 PM   
cinpls081

 

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From: Watertown Ma.
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1. You have to pay taxes when you win money for the year. (come on now)
2. it is taxed like income. You make 100K you are in the 100K tax brack
3. If you win a certain amount, I have never won so I don't know what it is something like 20K if you cash in they will take it out. Casino's have bank that you can but chips in if you win alot that you can go back and take out a little each day.
4. An llc is just like another person they pay taxes etc.
5. yes
6. no experience


(in reply to Jefe)
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RE: Professional Gambling & Taxes Questions? - 9/27/2002 1:47:26 PM   
TonyTT

 

Posts: 211
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From: Lima
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Jefe,
I cashed in $6000 worth of winnings from Sportsbook.com earlier this month (the most I'd ever won)....then logged onto the irs site and downloaded a quarterly payment statement. Using a formula they had and estimating what my overall liability may be for the entire year ....I wound up sending Uncle Sam 750 bucks, which for this quarter I think was due by Sept 16. I did happen to notice that the next quarterly payments arent due until Jan.
Hope this helps,
TT

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TonyTT

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RE: Professional Gambling & Taxes Questions? - 9/27/2002 9:17:17 PM   
rufusss


Posts: 672
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From: smithfield
Status: offline
You should also be able to file your losses..................

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Time to make some Dough---Nuts

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Post #: 4
RE: Professional Gambling & Taxes Questions? - 9/27/2002 10:03:52 PM   
THE UNDERTAKER

 

Posts: 273
Joined: 8/19/2002
From: Philadelphia
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TONYTT, You gave Uncle Sam $750 of your winnings!


What kind of an idiot are you?


A typical idiot, a dumb idiot, or a stupid idiot. :)


Screw Uncle Sam! :)


Hell will freeze over first before those cock sucking faggots ever see one sticken penny of my winnings. ;)


HAVE A SUPER COOL DAY!




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Post #: 5
RE: Professional Gambling & Taxes Questions? - 9/27/2002 10:54:12 PM   
TonyTT

 

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From: Lima
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Undertaker.....

One that wants no trouble from Uncle Sam. WHAT, you're screwing Sam out of his cut of the action? Now that's just asking for trouble....and irs troubles I dont need.
TT

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TonyTT

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RE: Professional Gambling & Taxes Questions? - 9/28/2002 2:03:02 AM   
THE UNDERTAKER

 

Posts: 273
Joined: 8/19/2002
From: Philadelphia
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TONYTT, Uncle Sam's cut of what action?


ARE YOU KIDDING ME!


Uncle Sam Doesn't deserve a damn penny of any action in the past, present or future! IF YOU LOOK AT UNCLE SAM'S REPUTATION OVER THE LAST 200 YEARS, UNCLE SAM IS NOTHING BUT A CROOK, A LIER, AND A THIEF.


99.99 % OF SPORTS GAMBLERS END UP LOSING MONEY OVER THE LONG HAUL, SO THEY'RE ALREADY SCREWED, SO NOW UNCLE SAME WANTS TO SCREW THAT 1 TENTH OF ONE PERCENT, THAT DID MAKE IT.


MAYBE IN THE LOTTERY AND INVESTING IN THE STOCK MARKET UNCLE SAM CAN SCREW YOU! BUT WHEN IT COMES TO INTERNET SPORTS GAMBLING, THEY HAVE NO CONTROL, WHICH EXPLAINS WHY THOSE COCK SUCKERS HAVE BEEN TRYING TO BAN INTERNET SPORTS GAMBLING FOR THE LAST 10 YEARS NOW. BECAUSE THEY KNOW FOR THE MOST PART, NO ONE IS DUMB ENOUGH TO REMEMBER AND REPORT THEIR WINNINGS, EXCEPT MAYBE 1 OUT OF PERHAPS 1000 SPECIAL CASES LIKE YOU.


AND WHY IN THE WORLD WOULD UNCLE SAM DESERVE A CUT OF OUR WINNINGS, WHEN ALL THOSE COCK SUCKING BASTARDS HAVE BEEN TRYING TO DO FOR THE LAST 10 YEARS IS BAN AND TAKE AWAY A GOOD THING FROM US. IF THEY EVER SUCCEED THEY FIGURE WE'LL ALL HAVE TO GO BACK THE LOTTERY AND INVESTING IN THE STOCK MARKET, THINGS THEY KNOW THEY CAN SCREW US OVER, AFTER THEY TAKE THEIR 50% CUT. ;)


HAVE A SUPER COOL DAY!

(in reply to Jefe)
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RE: Professional Gambling & Taxes Questions? - 9/28/2002 4:14:07 AM   
Jefe

 

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Joined: 9/22/2002
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Besides the fact that you hate uncle sam... do you have any suggestions for these questions:

1. When do you have to pay taxes on your winnings? in CA and NV?
2. What is the estimated percentage the governemnt takes out? (normal or different becuase it is a casino)
2a. If you were to win $2000 from the casino, does the casino take the governments cut at that moment?
3. How do you get around those taxes? Suggested methods?
4. If you start your own company and your company is the betting institution is there a difference in any of the above?
5. Does anyone have any experience starting a company that invested in sports gambling? Positives and Negatives? Things to watch out for?

(in reply to Jefe)
Post #: 8
RE: Professional Gambling & Taxes Questions? - 9/28/2002 6:35:27 AM   
rufusss


Posts: 672
Joined: 7/19/2002
From: smithfield
Status: offline
There are very few in acutally file taxes,but never deposit large sums of money into your account at one time,Like 15,000 20,000. I have deposited 5,000 never draws any attention. i have been told by someonhe else who never deposits any of his winning in the bank,he buy's gold coins with it and keeps it at home. It's very easy to to turn gold coins back into cash whenever it is needed. The best coins are the canadian maple leaf when ar .999 pure. Gold is a better investment these day's then stocks too.

_____________________________

Time to make some Dough---Nuts

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Post #: 9
RE: Professional Gambling & Taxes Questions? - 9/28/2002 9:49:13 AM   
tall cotton

 

Posts: 118
Joined: 10/1/2000
From: Houston, TX USA
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I remember a guy at my job in the 80's that pretty much had the same attitude, "Screw Uncle Sam on the taxes". It was pretty commical the way they were garnering his wages and leaving him barely enough to eek by on for an 8 month stretch. His problem didn't stem from gambling, but his attitude was the same. You're messing with the wrong dog when you tell Uncle Sam to screw himself.

T.C.

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Post #: 10
RE: Professional Gambling & Taxes Questions? - 9/28/2002 9:57:17 AM   
cinpls081

 

Posts: 1449
Joined: 9/18/2002
From: Watertown Ma.
Status: offline
Undertaker I'm with you 100%. honest abe, I mean tonytt I wouldn't give them a penny and besides when you loose you can't write it off and don't tell me you always win all the time.

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Post #: 11
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