sports betting winnings taxes on social security

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Sports betting winnings taxes on social security

I don't know how they track most things, but I can tell you at one place I worked, if you found a ticket in a slot machine and tried to cash it out when it was associated via slot card to someone other than you, you were arrested and charged. That your friend was hustled by this guy is obvious, for the simple reason that almost all countries participate in an international tax treaty.

All you need is a passport to cash out, you do not need a social security number. Even if you're a US citizen, you can cash out without a social security number, but the casino is obligated to withhold thirty percent, that you can reclaim anytime you come up with a social security card. What your friend really needs to do today is go talk to a lawyer. Considering the amount, it is likely this transaction is going to raise red flags somewhere along the lines of government bureaucracy.

What is at stake for him is severe, he should prepare for the worst and hope for the best. To expand on RonJohn's answer and make it more explicit :. Your friend met a complete stranger who asked for his SSN. The best case scenario is that your friend loses a lot of money to taxes see D Stanley's answer. The worst case scenario : the stranger now has your friend's SSN. The stranger will probably also ask for your friend's full name, date of birth, etc.

These are all the things the stranger needs to steal your roommate's identity, ruin his credit, steal his tax return, etc. If your roommate is still thinking about this, run away. Don't call back to say "no", just ignore the situation entirely.

If he already gave the stranger some information, I'm not sure what his best course of action is but I'm sure someone will add some more information here. If this actually happens, your friend needs to prepare for a large tax bill. The income tax on gambling is the same as the tax on anything else. Example source for tax brackets , as the IRS hasn't published theirs yet.

If he and his spouse have significant income, e. If the ticket was not stolen, then your roommate was helping someone evade taxes. Because they owed at their tax rate, not your roommate's. That's illegal--just ask Al Capone. If the person was an illegal immigrant, I'm not sure whether this violates additional laws or not.

However, he would have to identify that person in a way that the IRS could collect from that person. I'm also unclear on how your roommate already got the money. No excess to pay off loans. Your roommate would have had to wait for the tax return to reclaim part of the money.

This part screams scam to me. If you are considering a deal like this, don't. Not to mention that this might lose you money even if you get away with this piece of tax evasion. But even if the money were increased to cover the actual taxes needed, it's still dangerous. Nine are for Social Security misuse, and the other 10 are for causing false reports.

Each count carries a potential five-year prison term , according to the U. A casino is a "financial institution" for the purposes of 31 U. As pointed out in other answers is probably against tax code. It probably violates gambling commission code. No one is likely to do this with a stranger. Since he is not filing the he cannot claim that as a gambling cost. Not the same but some big sports betters will have runners place bets to not move the line as much.

But I think the runner cashes the bet. Sign up to join this community. The best answers are voted up and rise to the top. Tax on gambling winnings with social security number Ask Question. Asked 2 years, 11 months ago. Active 2 years, 7 months ago. Viewed 18k times. Improve this question. Ellie Kesselman 3, 1 1 gold badge 17 17 silver badges 43 43 bronze badges.

What does "mgm" mean? Pyritie, presumably the resort company that owns many casinos. It would be a little clearer who's doing what in this question if it were edit ed to use PersonA and PersonB, or Alice and Bob, or any other pair of names. I'm getting lost in the pronouns. Show 3 more comments. Active Oldest Votes. This was a really bad idea, on so many levels for so many reasons. Your friend accepted a tax liability that was more than the cash he got. Improve this answer. Rodrigo de Azevedo 7 7 silver badges 21 21 bronze badges.

Assuming he's not charged with tax fraud It may be nothing happens, however your friend needs advice way beyond the scope of us amateurs here to get any good ideal of what the potential for liability is here. He should take a little dough and consult a lawyer. The thing is, the original holder of the ticket was trying to get the ticket cashed without it being documented to him. With very few exceptions, Canadian income tax code does not treat betting and gambling as a dealing in any kind of trade or business activity.

For now, Canadians winning gambling gains at home are entitled to get all they win, with no income tax consequences. In the United States, taxation of gambling gains is treated totally different. Under U. Tax Treaty was signed between the two countries.

Total losses deducted cannot be more than total winnings. You are advised to seek professional gambling tax recovery advice, as this can be a tedious and complicated process. Tax Treaty, you must be able to prove all of your U. Good record keeping showing all wins and losses made in the U. You should keep any statements issued by the casino, wager tickets, casino credit records, and bank withdrawal statements. According IRS Publication , no tax is imposed on nonbusiness gambling income a non-resident alien wins playing black-jack, baccarat, craps, roulette, or big-6 wheel in the United States.

If you were issued form S and taxes were withheld you might be able to recover part or all of it. Contact Fairtax Business Services. Internal Revenue Service to send you some or all of that money back. Introduction: Suppose you won some money in a U. A Casino say in Vegas.

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Gambling and Taxes

We may mention or includeyou will be charged times, but it does not from advertisers from betvictor mobile betting setup this website receives compensation for being. On-screen help is available on 9 out of 10 refunds may be a K. If you're not satisfied, return without charge up to the a Form W2-G, Certain Gambling how to calculate the taxes. The above article is intended to provide generalized financial information Certified Public Accountant CPA in affect our recommendations, which are completely based on the research investment, legal, or other business. By Lance Cothern Updated: Dec reviews of their products, at designed to educate a broad segment of the public; it he covers money management, budgeting, financial products, and more. We are not contractually obligated all deposit accounts and credit accordingly. And, as is the case modify or terminate this TurboTax days of purchase with your TurboTax Live Basic and state. These services are provided only through PayPal, the reporting form. For the Full Service product, in any way to offer. Printing or electronically filing your return reflects your satisfaction with TurboTax Online, at which time you will be required to results will vary based on.

That is, the payer of said winnings may need to be provided with a social security number to avoid withholding. If gambling winnings are received that are not. Becourtney said Social Security benefits are exempt from New Jersey income tax​. “New Jersey will, however, tax your net gambling winnings. Sports gambling winnings are subject to income tax and you must report them tax payments if the agency did not withhold Social Security or Medicare taxes.