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Will sports betting be taxed? - pcm0103 - 05-14-2018 10:44 AM
I know that you have to report your winnings win you file taxes. But now that sports betting is legal in the states will the gov't put a tax on betting before you win? In not sure how taxes work in regards to this.
Supreme Court strikes down sports betting law https://es.pn/2KkbH06
via @ESPN App http://es.pn/app
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RE: Will sports betting be taxed? - Kronke - 05-14-2018 10:51 AM
I'd imagine it will be vary state by state, but in Vegas, no, you aren't taxed when you collect, and are responsible for tracking your wins and losses.
RE: Will sports betting be taxed? - BadgerMJ - 05-14-2018 10:52 AM
(05-14-2018 10:44 AM)pcm0103 Wrote: I know that you have to report your winnings win you file taxes. But now that sports betting is legal in the states will the gov't put a tax on betting before you win? In not sure how taxes in regards to this.
Supreme Court strikes down sports betting law https://es.pn/2KkbH06
via @ESPN App http://es.pn/app
Sent from my SM-G955U using Tapatalk
In typical government fashion, I'm sure they will.
What it will probably look like is a "transaction fee" to place the bet then regular tax on any "income" you make.
RE: Will sports betting be taxed? - stinkfist - 05-14-2018 10:56 AM
I’ll simply stick with my guy who uses a service and settles up off the grid....
if want to bet sports, go find that guy to stay off the grid....
RE: Will sports betting be taxed? - Dasville - 05-14-2018 10:58 AM
(05-14-2018 10:52 AM)BadgerMJ Wrote:(05-14-2018 10:44 AM)pcm0103 Wrote: I know that you have to report your winnings win you file taxes. But now that sports betting is legal in the states will the gov't put a tax on betting before you win? In not sure how taxes in regards to this.
Supreme Court strikes down sports betting law https://es.pn/2KkbH06
via @ESPN App http://es.pn/app
Sent from my SM-G955U using Tapatalk
In typical government fashion, I'm sure they will.
What it will probably look like is a "transaction fee" to place the bet then regular tax on any "income" you make.
Agree. Big news for TIF funded locations though.
RE: Will sports betting be taxed? - Dasville - 05-14-2018 11:08 AM
(05-14-2018 10:56 AM)stinkfist Wrote: I’ll simply stick with my guy who uses a service and settles up off the grid....
if want to bet sports, go find that guy to stay off the grid....
If you want to help the City and local market, bet legally. That Irish bar(or whatever) near a stadium/arena depends on traffic. This helps the Tifs?
RE: Will sports betting be taxed? - 49RFootballNow - 05-14-2018 11:09 AM
If it breathes, tax it! If it doesn't, tax it too!
RE: Will sports betting be taxed? - MemTigers1998 - 05-14-2018 11:10 AM
(05-14-2018 10:56 AM)stinkfist Wrote: I’ll simply stick with my guy who uses a service and settles up off the grid....
if want to bet sports, go find that guy to stay off the grid....
this this and this
RE: Will sports betting be taxed? - stinkfist - 05-14-2018 11:16 AM
(05-14-2018 11:08 AM)Dasville Wrote:(05-14-2018 10:56 AM)stinkfist Wrote: I’ll simply stick with my guy who uses a service and settles up off the grid....
if want to bet sports, go find that guy to stay off the grid....
If you want to help the City and local market, bet legally. That Irish bar(or whatever) near a stadium/arena depends on traffic. This helps the Tifs?
piss on that....my guy is a long time friend that uses the service only as a means to not have to answer the phone all day...
I have a 5k credit line, we only settle monthly if >1k, and he drives to collect or pay....he lives 120 miles from the ‘burg...
it’s easily best method...
RE: Will sports betting be taxed? - usmbacker - 05-14-2018 01:27 PM
Mark Cuban: Supreme Court just doubled my team’s value
RE: Will sports betting be taxed? - Dasville - 05-14-2018 01:51 PM
(05-14-2018 11:16 AM)stinkfist Wrote:(05-14-2018 11:08 AM)Dasville Wrote:(05-14-2018 10:56 AM)stinkfist Wrote: I’ll simply stick with my guy who uses a service and settles up off the grid....
if want to bet sports, go find that guy to stay off the grid....
If you want to help the City and local market, bet legally. That Irish bar(or whatever) near a stadium/arena depends on traffic. This helps the Tifs?
piss on that....my guy is a long time friend that uses the service only as a means to not have to answer the phone all day...
I have a 5k credit line, we only settle monthly if >1k, and he drives to collect or pay....he lives 120 miles from the ‘burg...
it’s easily best method...
This should not impact your relationship. It will open things up to a new market and actually benefit the city and neighborhoods surrounding certain venues. Perhaps I am biased living near a track.
RE: Will sports betting be taxed? - stinkfist - 05-14-2018 03:27 PM
(05-14-2018 01:51 PM)Dasville Wrote:(05-14-2018 11:16 AM)stinkfist Wrote:(05-14-2018 11:08 AM)Dasville Wrote:(05-14-2018 10:56 AM)stinkfist Wrote: I’ll simply stick with my guy who uses a service and settles up off the grid....
if want to bet sports, go find that guy to stay off the grid....
If you want to help the City and local market, bet legally. That Irish bar(or whatever) near a stadium/arena depends on traffic. This helps the Tifs?
piss on that....my guy is a long time friend that uses the service only as a means to not have to answer the phone all day...
I have a 5k credit line, we only settle monthly if >1k, and he drives to collect or pay....he lives 120 miles from the ‘burg...
it’s easily best method...
This should not impact your relationship. It will open things up to a new market and actually benefit the city and neighborhoods surrounding certain venues. Perhaps I am biased living near a track.
it will have zero impact on me.....hell, my guy is licking his chops relative to opportunity.....we discussed thingys today....
it'll suck in the little guys with a higher vig rate that don't have my advantage...and the states will wear 'em out a new one like they always do....
Cuban's right.....the additional interest created by passing this easily increased the overall value of any pro team....
don't kid yourself, when the next phase of cfb realignment happens, this will easily weigh into how that one plays out too....
RE: Will sports betting be taxed? - usmbacker - 05-14-2018 07:48 PM
A part of this I had not thought of....
Mobsters will lose ‘core business’ thanks to legal sports betting: experts
Quote:The mob’s gambling racket is about to sleep with the fishes.
The US Supreme Court’s sports-betting ruling dealt a losing hand to organized crime in the New York area, legal experts said Monday.
Gambling and loan-sharking have traditionally been the mob’s “bread and butter,” and the decision will “significantly reduce” its clientele, former federal prosecutor Thomas Seigel said.
“They will definitely lose a regular source of predictable income,” said Seigel, who ran the Organized Crime and Gangs Section of the Brooklyn US Attorney’ s Office.
Keep reading here
RE: Will sports betting be taxed? - stinkfist - 05-14-2018 09:15 PM
(05-14-2018 07:48 PM)usmbacker Wrote: A part of this I had not thought of....
Mobsters will lose ‘core business’ thanks to legal sports betting: experts
Quote:The mob’s gambling racket is about to sleep with the fishes.
The US Supreme Court’s sports-betting ruling dealt a losing hand to organized crime in the New York area, legal experts said Monday.
Gambling and loan-sharking have traditionally been the mob’s “bread and butter,” and the decision will “significantly reduce” its clientele, former federal prosecutor Thomas Seigel said.
“They will definitely lose a regular source of predictable income,” said Seigel, who ran the Organized Crime and Gangs Section of the Brooklyn US Attorney’ s Office.
Keep reading here
this article and the 'experts' have zero clue what they're fk'n talking about....
it doesn't provide a single reason (duh, I wonder why)
it will only increase those that require a loan shark (duh, I wonder why)
and those that set a credit limit will never see anything but an increase in demand (duh, I wonder why)
bs article from a bs pub(l)ic-ation
RE: Will sports betting be taxed? - HeartOfDixie - 05-15-2018 07:46 AM
I think there will just be a raft of new laws designed to restrict this activity.
I will support those. While I don't have a problem with the idea of betting it has proven to be a tax on the poor and the stupid.
RE: Will sports betting be taxed? - fsquid - 05-15-2018 08:00 AM
(05-15-2018 07:46 AM)HeartOfDixie Wrote: I think there will just be a raft of new laws designed to restrict this activity.
I will support those. While I don't have a problem with the idea of betting it has proven to be a tax on the poor and the stupid.
I have an offshore account and I'm only one of those things you say.
RE: Will sports betting be taxed? - TigerBlue4Ever - 05-15-2018 08:10 AM
(05-15-2018 08:00 AM)fsquid Wrote:(05-15-2018 07:46 AM)HeartOfDixie Wrote: I think there will just be a raft of new laws designed to restrict this activity.
I will support those. While I don't have a problem with the idea of betting it has proven to be a tax on the poor and the stupid.
I have an offshore account and I'm only one of those things you say.
We'll leave it to the viewers to decide which
RE: Will sports betting be taxed? - fsquid - 05-15-2018 08:16 AM
(05-15-2018 08:10 AM)TigerBlue4Ever Wrote:(05-15-2018 08:00 AM)fsquid Wrote:(05-15-2018 07:46 AM)HeartOfDixie Wrote: I think there will just be a raft of new laws designed to restrict this activity.
I will support those. While I don't have a problem with the idea of betting it has proven to be a tax on the poor and the stupid.
I have an offshore account and I'm only one of those things you say.
We'll leave it to the viewers to decide which
It's sweeps week and I need the ratings.
RE: Will sports betting be taxed? - Crebman - 05-15-2018 09:18 AM
(05-14-2018 10:44 AM)pcm0103 Wrote: I know that you have to report your winnings win you file taxes. But now that sports betting is legal in the states will the gov't put a tax on betting before you win? In not sure how taxes work in regards to this.
Supreme Court strikes down sports betting law https://es.pn/2KkbH06
via @ESPN App http://es.pn/app
Sent from my SM-G955U using Tapatalk
Does a bear sh!t in the woods?? The thing that will be the decider on if a state chooses to allow sports betting will be visions of $$$ signs dancing in politicians heads and little else.
RE: Will sports betting be taxed? - Ohio Poly - 05-15-2018 07:15 PM
(05-14-2018 10:51 AM)Kronke Wrote: I'd imagine it will be vary state by state, but in Vegas, no, you aren't taxed when you collect, and are responsible for tracking your wins and losses.
Pretty sure the casinos are required to withhold part of a "large" winnings payout.