Two Plus Two Older Archives  

Go Back   Two Plus Two Older Archives > Internet Gambling > Internet Gambling

Reply
 
Thread Tools Display Modes
  #1  
Old 12-08-2005, 01:32 AM
Guest
 
Posts: n/a
Default Reporting $$ from sports betting

Long time lurker, first time poster here. Have a question.
I'm a medium limit poker player, with around a $10k b-roll. Don't really withdrawl money all that often.

But I will be getting into the 'big boy' league of sports betting in the next 6 months. Should be making $20k + next year, betting $500-$1,000 a game (knock on wood that I have a winning season). I'll probably be withdrawling at $5k a clip.

Online poker and sports betting are both illegal in the US. Do I still report these earnings ? Is online poker winnings and sports betting earnings both teh same ? Aren't checks over $6,000 automatically reported to teh IRS ? SO if i show a bank a check of $6,000 that says "pinnacle sports betting" won't that raise a red flag ?
Reply With Quote
  #2  
Old 12-08-2005, 03:10 AM
StacysMom StacysMom is offline
Senior Member
 
Join Date: Sep 2004
Location: THX BARN!
Posts: 214
Default Re: Reporting $$ from sports betting

Not to rain on your parade. How is it that you are sure of 20k to the green from sports betting next year? Im v. skeptical as thats double your current bankroll...
Reply With Quote
  #3  
Old 12-08-2005, 03:11 AM
StacysMom StacysMom is offline
Senior Member
 
Join Date: Sep 2004
Location: THX BARN!
Posts: 214
Default Re: Reporting $$ from sports betting

you might try the sports betting forum.
Reply With Quote
  #4  
Old 12-08-2005, 03:44 AM
swiftrhett swiftrhett is offline
Member
 
Join Date: Jul 2005
Posts: 61
Default Re: Reporting $$ from sports betting

When people think they're going to make money by gambling, aren't they usually right like 90% of the time? Especially this guy. He's even taken the forethought and preparedness to work out this tax prediciment ahead of time.
Reply With Quote
  #5  
Old 12-08-2005, 03:51 AM
tonypaladino tonypaladino is offline
Senior Member
 
Join Date: Jun 2005
Location: props to Stuey for fixing my avatar
Posts: 498
Default Re: Reporting $$ from sports betting

[ QUOTE ]
you might try the sports betting forum.

[/ QUOTE ]

Contrary to popular belief, this is the Internet Gambling forum, not the Internet Poker forum.
Reply With Quote
  #6  
Old 12-08-2005, 09:03 AM
AcmeSalesRep AcmeSalesRep is offline
Junior Member
 
Join Date: Aug 2004
Posts: 25
Default Re: Reporting $$ from sports betting

[ QUOTE ]
Online poker and sports betting are both illegal in the US.

[/ QUOTE ]

Not true.


[ QUOTE ]
Do I still report these earnings ?

[/ QUOTE ]

You have two choices: report the earnings or break the law.


[ QUOTE ]
Is online poker winnings and sports betting earnings both teh same ?

[/ QUOTE ]

Almost all earnings are the same.


[ QUOTE ]
Aren't checks over $6,000 automatically reported to teh IRS ?

[/ QUOTE ]

No. But you can be sure this type of activity would be reported...


[ QUOTE ]
SO if i show a bank a check of $6,000 that says "pinnacle sports betting" won't that raise a red flag ?

[/ QUOTE ]

Red flag for what? That you may owe taxes -- yes. That you are smuggling coke -- no.

Acme
Reply With Quote
  #7  
Old 12-08-2005, 01:29 PM
Guest
 
Posts: n/a
Default Re: Reporting $$ from sports betting

[ QUOTE ]
Not to rain on your parade. How is it that you are sure of 20k to the green from sports betting next year? Im v. skeptical as thats double your current bankroll...

[/ QUOTE ]

I only have 10k in Stars. I have roughly around 35k skattered in a few different sports betting sites. Each bet I risk 2% of my roll. Everything is worked out quite nicely. And no, I'm not guaranteeing I will make money. But in the past 4 years, I've won 55-61% of my bets. There's no reason to think I shouldn't next year as well.

I just heard in a few sports betting forums on other sites different tax filing advice than what I hear in the 2+2 poker forums. I am acquainted with how you all file your poker earnings, but in other sports betting sites, they think you'll get in trouble with teh IRS either way, whether u report or not.
Reply With Quote
  #8  
Old 12-08-2005, 02:33 PM
Guest
 
Posts: n/a
Default Re: Reporting $$ from sports betting

[ QUOTE ]
Aren't checks over $6,000 automatically reported to teh IRS ?

[/ QUOTE ]

I think the number is 10k and the form is filed with the Treasury Dept. technically. IRS, IIRC, comes under Treas.

Depending on the size of the bank, if you make a deposit in the ATM machine outside, the night shift processing the checks probably aren't paying much attention to who the check comes from. Just the amount, does it look legit, etc. And large banks run the things thru a machine.
Reply With Quote
Reply

Thread Tools
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off

Forum Jump


All times are GMT -4. The time now is 07:22 AM.


Powered by vBulletin® Version 3.8.11
Copyright ©2000 - 2021, vBulletin Solutions Inc.