What's the deal with these w9 forms (casino/sportsbook)?

[StackinGreen]

I have read that these aren't sent to the IRS after a $600 win, usually just some local or state law (Indiana for example claims to check for delinquent child support payments) ... but I never recall this happening in horse racing for any reason, even though an odds implication of the dumb 300-1 or $600 was there, how changed entirely with the new laws for horse racing withholding.

I'm just asking because tracking is annoying and it just seems more creep of the loss of a free society we once had. It seems like it is state oriented since I've hit horse bets WPS type that paid more than $600 and they just handed the money over to me, no questions asked, in different states/places. Filling out a form for a $600 win in a sportsbook in this day and age seems beyond ridiculous, ticky tacky tedious, and invasive.

Thanks.

[Shifty]

They want your SS# in case you bet or collect over $10,000 in one day. Nothing to worry about.

[littlekona]

the new horse racing formula is great. its near imposible to get have a "signer" now unless u hit a low budget monster super pic 5 or 6. you would think they would carry that over to casino and sports but I think they did not

[Optional]

As more states legalize pressure should come to drop the tax on gambling winnings.

[newton0038]

I have read that these aren't sent to the IRS after a $600 win, usually just some local or state law (Indiana for example claims to check for delinquent child support payments) .

I like how the book would seek out a delinquent payment investigation (IRS) AFTER a win. Maybe they need to check BEFORE the deadbeat dad's plays down baby mamas rent. 🙄

[StackinGreen]

As more states legalize pressure should come to drop the tax on gambling winnings.

Let's hope you are right. But Opti, there is a confiscatory tax culture from broke governments ... how would they be willing or allow for it? You think congressmen will want to induce more action at their casinos and claim that by doing away with those, more people will engage?

[StackinGreen]

I like how the book would seek out a delinquent payment investigation (IRS) AFTER a win. Maybe they need to check BEFORE the deadbeat dad's plays down baby mamas rent. 

Right, there is zero part of this that makes sense, but transfer payments to loose women from other men is also just as to blame for the so called stiff. Remember, the government is just taking money from other men to give single moms a living, one that they "earned" by basically being a slut.

[Optional]

Let's hope you are right. But Opti, there is a confiscatory tax culture from broke governments ... how would they be willing or allow for it? You think congressmen will want to induce more action at their casinos and claim that by doing away with those, more people will engage?

I think as states legalize they will start to see federal tax on gambling as directly affecting their income streams. More states come online, more pressure should build up.

Things like the cost of administration for what is essentially a barely enforced lame duck tax law, as well as states realizing "evil" things like if they make their laws just a little easier to get around for bettors using black-money than surrounding states they will increase revenue in a big way for no cost, will drive it I think.

But you're right that in a country where lottery winnings are (double)taxed like it's somehow earned income and people accept it, I may be being a bit optimistic.

[StackinGreen]

Good discussion, we shall see Opti my friend

Let's HODL bitcoin (-:

[StackinGreen]

Hey guys, wondering if you hit a $5k bet in any state, if that triggers reporting because of the FED rules. Specifically, I wanted to know if I put a sports bet on in Michigan or Illinois, what could my max wager be so as to avoid all reporting - they just hand me the cash and I leave. As I put in another post, Indiana doesn't necessarily report, but anything over $600 they make you fill out paperwork to check if you are a deadbeat dad. I'd rather no paperwork, for any reason, whatsoever. For obvious reasons - why even have an paper trail for nothing. You're already supposed to report by law.

[Shifty]

Hey guys, wondering if you hit a $5k bet in any state, if that triggers reporting because of the FED rules. Specifically, I wanted to know if I put a sports bet on in Michigan or Illinois, what could my max wager be so as to avoid all reporting - they just hand me the cash and I leave. As I put in another post, Indiana doesn't necessarily report, but anything over $600 they make you fill out paperwork to check if you are a deadbeat dad. I'd rather no paperwork, for any reason, whatsoever. For obvious reasons - why even have an paper trail for nothing. You're already supposed to report by law.

$5000 won't be reported unless you collect $10,000 or more. Collecting $10,000 in cash triggers a currency report. Nothing to worry about. If you don't want a currency report filed then ask for a check. Hitting a 300-1 odds or higher triggers a 1099.

[Judge Crater]

It only matters if you value privacy