anyone know when you have to pay taxes when u win a sports bet in vegas? anyone into sports betting in general?

 

I'm pretty sure if your winnings top 10k dollars they take the taxes out before the payout.

 

10k

 

Become a Canadian resident and I believe you get most, if not all of the taxes back :-)

 

Are you going to vegas with your $5600/mth of expendable income?

 

Any winnings are taxable, be it from gambling, raffles, lottery, bingo, etc. The proceeds would be figured into your annual tax return for the particular year when the winning occurred. You are suppose to be supplied with a form (W-2G) if the winnings exceeding $600 and the IRS asks that a 25% withholding occur for any winnings exceeding $5,000. Keep in mind that you can also deduct loses but to do this, you must file an itemized return. The amount that can be decucted is limited by your total winnings for that year.