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I won last year though at Caesars online a couple times like this amount and i did not pay anything until i actually did my taxes. Although i do think that is what it is but in the end because i only cashed out $5000 them taking out that amount cost me. It just sucks to think like when i hit that 4 game parlay a couple weeks back they would have taken probably a big chunk of that. But since it was offshore i kept the entire thing.Comment -
You are the only one claiming they are going to gouge your 4 teamer. Other players have stated they aren’t taxing a sports wager unless it’s 300-1. Like 3 or 4 people in this thread have had excellent explanations of what happened with the hand pay and your just like “duuuurrrrrrrr something else happened at a different place and duuurrrrrrrrr my 4 teamer” good god you have such bad adult add it’s horrifying. Go take some adderol.Comment -
I never said they would for sure i never won a big amount sportsbetting at DK i was worried that it may happen because i have never had anyone take taxes out of anything i won before i actually cashed out. And i did say that it sounds like they are treating my win like a slot machine hitting because idk anything else that makes sense. But either way it really does not matter in the end because all that matters is they still took over $3000 and all i ever cashed out was $5000 so i still end up on the short end.Comment -
Can't you claim some of that back Cappy?.Comment -
I guess i have no clue i have never had this happen before. They are holding the money in limbo right now . See i am confused because one person tells me i have to fill out a form. But another tells me if i do not do anything they send it in for me after a certain amount of time. She told me on live chat it is anything over $600 and the 300xs thing but i know the Rocket game was not 300xs but maybe like the other ones said that is just for sportsbetting and the Rocket game is treated like a big slot machine win and taxed.Comment -
You must be close to Atlantic City in sugarhouse CasinoComment -
it is interesting capt cause i have friends who hit parlays and they don't lose anything when they withdraw. is it because of big casino hits?Comment -
Capt keep track of your losses and see a tax professional.
You can offset that witheld tax when it's time to file.
Talk to a tax pro about trying to get the money back before filing the year's taxes, it will take a long time, if at all, I mean like 6 months.
I suspect you'll be waiting until next year to get that back, if your tax situation even allows a refund. If you owe taxes, then of course it doesn't come back.
Try to offset the wins with losses when you file your taxes, you've (they've) basically already reported the winnings and you need to acknowledge it when you file your taxes.
Again, talk to a professional about your estimated taxes for the year.Comment -
Track some losses Cap, report them too and it will offset some of that withholding.
See a tax guy about all of this. NJ is pretty clear cut here. I just don't think it's practical to try and get some of that withholding back, if it's even possible, before you file.
Even simple 1040 tax filers a can report gambling income and offset it with losses. If you do that, then, in essence, what they withheld will basically go towards the rest of your tax bill, and not just the gambling income.Comment -
Personally, I always feel that I can do more with that money before I have to file taxes than just letting it sit there at the IRS being "withheld".
But that can just be a feel at times...lol.
Fact is, your going ot owe either way, so consider it a payment.
Too bad the IRS doesn't give interest on withheld funds...
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That is how i am looking at it but yea when i saw $2200 instead of $2800 it really sucked every time i thought i had more i had less .Personally, I always feel that I can do more with that money before I have to file taxes than just letting it sit there at the IRS being "withheld".
But that can just be a feel at times...lol.
Fact is, your going ot owe either way, so consider it a payment.
Too bad the IRS doesn't give interest on withheld funds...Comment -
UNFAIR advantage, alright........
almost as bad as Congo v. JJ Gold:
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Exactly that was my point. I want no part of giving the IRS an interest free loan for the year. They can get their money when its due and not a minute later. Plus with the right tax planning you can do much more with your money then it just sitting there with them.Personally, I always feel that I can do more with that money before I have to file taxes than just letting it sit there at the IRS being "withheld".
But that can just be a feel at times...lol.
Fact is, your going ot owe either way, so consider it a payment.
Too bad the IRS doesn't give interest on withheld funds...Comment -
That is how i feel especially since if you know me i like trying to reach a point to cashout. Like i have a whopping $7 in there now really not even playing with it just so i can go on and watch people play Rocket game. But if i ever got lucky and put the $7 in there and it miraculously made it all the way to the top that is $7000 . From there i would try for $10000 and cash out. But if they take taxes out that is probably putting me at $5000 if even that making me cash out there instead.That is a big difference.Comment -
I read great article
USA has been trying to shut down offshore pharmacies for 50 years and all usa pharmacy powers have 100000x more money and own politicians that tiny us gambling operators
He said it is not happening everComment -
Offshore bigger than everComment -
Business as usual. Thread overComment -
I remember the thread earlier in the year where people were insisting that they were going to get 1099s from US books-even insisting they were going to be taxed on every winning bet with no loss offset. Funny, I never saw one of these posters say if or when they actually got one at tax time.Comment -
FanDuel CEO Amy Howe said during a Thursday keynote panel that 25% of bettors who play with some offshore sportsbooks don't get paid.
I wonder if she thinks that really...
What she really needs to focus in is Fanduel paying winners and not banishing them so they do not need to look elsewhere..Comment
