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re: Week 14 NFL Betting Thread
Posted on 12/10/16 at 8:23 pm to Winston Cup
Posted on 12/10/16 at 8:23 pm to Winston Cup
hey I hope the steelers lose, I want them out of the playoffs haha my big pats bet depends on them and the chiefs being eliminated before they face new england!
Also question, the large bet I put on the pats, if/when I cash it, I think its taxable right? What is the threshold for taxable in the sports book? If so can I offset with the losing tickets I had from my recent trip if they win the super bowl? Even though the losing tickets were in 2016 and the winner in 2017 or no? I kept the losing ones just in case
Also question, the large bet I put on the pats, if/when I cash it, I think its taxable right? What is the threshold for taxable in the sports book? If so can I offset with the losing tickets I had from my recent trip if they win the super bowl? Even though the losing tickets were in 2016 and the winner in 2017 or no? I kept the losing ones just in case
This post was edited on 12/10/16 at 8:36 pm
2
Posted on 12/10/16 at 8:36 pm to dabigfella
That's really a question for a cpa. Basically you can only deduct up to value of the winnings as an itemized deduction. Various tax forms are required.
I would go to my accountant first. Pay him the money and make sure there are no issues. Especially if you get audited in your business.
I would go to my accountant first. Pay him the money and make sure there are no issues. Especially if you get audited in your business.
Posted on 12/10/16 at 8:42 pm to Winston Cup
ok ill just ask a CPA then so you dont know anything abt threshold taxable? I googled and didnt see much
This post was edited on 12/10/16 at 8:45 pm
Posted on 12/10/16 at 9:04 pm to dabigfella
I'm not an accountant but:
Over $10k and you have to do the 1098t/1099t. I can't remember which. I would think the casino makes you fill out before they cash.
Then it seems like you can deduct losses to cover taxes paid on this. (This may/may not be the case) tax code is 13,000 pages and changes every few years. I would let the bookkeepers handle.
From what I hear irs audit risk is very low for an individual. As in they have bigger fish to fry.
Over $10k and you have to do the 1098t/1099t. I can't remember which. I would think the casino makes you fill out before they cash.
Then it seems like you can deduct losses to cover taxes paid on this. (This may/may not be the case) tax code is 13,000 pages and changes every few years. I would let the bookkeepers handle.
From what I hear irs audit risk is very low for an individual. As in they have bigger fish to fry.
Posted on 12/10/16 at 9:11 pm to Winston Cup
Do you mean over $10k total counting what you bet or $10k net? This is the ticket in question
This post was edited on 12/10/16 at 9:15 pm
Posted on 12/10/16 at 9:14 pm to dabigfella
Wow. You can't help yourself.
Posted on 12/10/16 at 9:15 pm to Tiger Ryno
happy ryno? Im trying to ask winston something, dont want you to get your panties in a bunch tonight so i deleted it, dont wanna offend you cupcake
This post was edited on 12/10/16 at 9:19 pm
Posted on 12/10/16 at 9:43 pm to dabigfella
Maybe a better explanation in some of these replies
If nothing else, call the casino and just ask what the process is. I'm sure they can direct you to r&s. Not sure about but I think it is just the "to win" amount.
If nothing else, call the casino and just ask what the process is. I'm sure they can direct you to r&s. Not sure about but I think it is just the "to win" amount.
Posted on 12/10/16 at 9:50 pm to Winston Cup
I am by no means an expert. I usually do locally and rarely exceed $1000 on a single game. Cpa and someone in the r&s would be more qualified to answer.
Sorry I couldn't give a better answer. Hopefully I haven't led you down the wrong path.
Sorry I couldn't give a better answer. Hopefully I haven't led you down the wrong path.
This post was edited on 12/10/16 at 9:57 pm
Posted on 12/11/16 at 1:58 am to Winston Cup
G-Men +4
Ravens +7
12-12-2 ytd
Ravens +7
12-12-2 ytd
Posted on 12/11/16 at 3:38 am to dabigfella
Where did you make the bet? How much is it?
General rule of thumb, if it's over $10,000 ask for your winnings in $500 chips and cash them $1500 at a time.
Oh and first play I'm on is over 48.5 in the Carolina game.
General rule of thumb, if it's over $10,000 ask for your winnings in $500 chips and cash them $1500 at a time.
Oh and first play I'm on is over 48.5 in the Carolina game.
This post was edited on 12/11/16 at 3:49 am
Posted on 12/11/16 at 8:13 am to JG77056
Anyone taking the under in the GB/SEA game? At 44.5 right now on Bovada. Reports out already that the snow is pouring down over there.
Posted on 12/11/16 at 10:11 am to dualed
Took buffs +2 and Chargers in a pick
Posted on 12/11/16 at 10:38 am to dualed
Odds are actually in favor of overs in snow games believe it or not. Saw something last week (gb and Chicago games had snow) that ab 2/3 go over in snow. Although both games went under. This isn't it but similar:
Posted on 12/11/16 at 10:39 am to Winston Cup
Wouldn't need have guessed that. Though now I'm seeing that the snow may not be as bad as initially thought
Posted on 12/11/16 at 10:45 am to Winston Cup
that's just below 32, not snow right?
Posted on 12/11/16 at 10:49 am to crankbait
Browns get first win do we all agree?
Posted on 12/11/16 at 10:58 am to crankbait
Yea I couldn't find the snow graphic I saw last week. I did hear them say several times during the gb-hou game that lambeau is a heated field. Helps minimize accumulation.
gb traffic cams
Doesn't look like it is currently snowing, but is ground cover. May not be too much on the playing surface with the field heat. Storm is almost passed. About to hit buffalo head on.
Under in buff-Pitt may be the better play. Huge storm, middle of it hitting buffalo right at kick
gb traffic cams
Doesn't look like it is currently snowing, but is ground cover. May not be too much on the playing surface with the field heat. Storm is almost passed. About to hit buffalo head on.
Under in buff-Pitt may be the better play. Huge storm, middle of it hitting buffalo right at kick
Posted on 12/11/16 at 11:10 am to ChemE in the OP
Posted on 12/11/16 at 11:11 am to crankbait
Wind is the most important weather factor I use to determine if an Under is warranted.
Slow is somewhat overrated in slowing down the offense. I remember that snow game between Philly and Detroit a few years ago. I recall the snow being up to players' ankles. It was a 2k lesson that I had to learn. Thanks Shady.
Slow is somewhat overrated in slowing down the offense. I remember that snow game between Philly and Detroit a few years ago. I recall the snow being up to players' ankles. It was a 2k lesson that I had to learn. Thanks Shady.
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