I am thinking about gambling professionally in Vegas?

Question

I am pretty good at picking sports winners.... so anyone try this or doing this? Any advice?

Is it true if you win $10,000 casinos make u fill out a W2-G form and send to IRS?

Answer 1

If you can beat the 11-10 odds on bets then it is a hard way to make an easy living.

If you are going to bet $10,000 on any one game, then you do not need advise on gambling, but you do need advise on money management.

Casino's will fill out a form with the government is there are any transactions for $10,000 or more within a 24 hour period or any suspicious activities even if it is for less money.

Answer 2

A way to beat the IRS forms is to simply spread out smaller bets at several sports books instead of just one.

Answer 3

You need to give more information for a valid answer.  I am a tax professional and rising poker player.  If you win more than $1,299 on a slot machine, then you will have to fill out tax papers.  Now, in non-tournament table games, you can walk away winning $50,000 and not have to claim it on your taxes.  The reason being, the casino has no way to know, nor are they obligated to check, how much money you put in to win that $50,000.  Technically, you could have started with $100,000 in chips at a holdem table or blackjack, lost half and walked away to cash out.  Obviously, to most, it will look like you had a good pay day, when in actuality, you lost $50,000.  Because the casino does not keep track of monies in from individual players at tables, they are not required to inform the IRS.  Now, if you win the money in a tournament, then you will have to fill out forms and pay taxes on it.

Now, also, the casino, much like a bank, will inform the IRS if there is anything suspicious looking.

Answer 4

Actually if you win over $2000 they make you do that.

Sports Betting is a good way to test your skills in Prediction.

If this seems like something you pretty good at I recommend making some serious $$$$ at my favorite website:

www.sportsbook.com or you can call them.

Or you can check out Bodoglife.com and click on Sports!

Answer 5

I don't know what kind of "tax professional" rohnertparkpoker is, but he's on his way to an audit and indictment for tax evasion if he thinks you can win $50,000 at a poker table and not claim it on your taxes.

Technically, every penny you win gambling is taxable, and you are required to report it to the IRS. Obviously, it's very unusual for anyone to claim small winnings. Transactions involving cash at casinos are just like banks. Any time a transaction is made involving more than $10,000, they are required to report it to the IRS.

In general, if you decide to make your living gambling you need to plan on reporting to the IRS. If you think you can report zero income every year and not go to jail, I hope you intend on renting from somewhere that will let you pay in cash (like a weekly rental slum place), driving a junker or no car at all, and never making any significant purchases for the rest of your life. Otherwise, you need to find a competent accountant (i.e., not rohnertparkpoker) that can help you properly keep track of you income for tax purposes.

Answer 6

Try and get a 900 number and give advice.  If your really good at making picks, this will get you more money then you actually placing bets.  Plus the vig on the sports book in vegas is too much.  Much better to go with an online Sportsbook.