legalized sports betting taxes

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NewEnglandHere
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legalized sports betting taxes

Post by NewEnglandHere »

do you have to pay taxes on over $600 in winnings? ive been to twin rivers in rhode island apparently not in rhode island a friend won 2gs cashed ticket no problem is it the same in ny nj other states?
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OcSleeper
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Re: legalized sports betting taxes

Post by OcSleeper »

Google it man :lol:
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Wiseguy
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Re: legalized sports betting taxes

Post by Wiseguy »

rphillips wrote: ↑Mon Aug 15, 2022 4:15 am do you have to pay taxes on over $600 in winnings? ive been to twin rivers in rhode island apparently not in rhode island a friend won 2gs cashed ticket no problem is it the same in ny nj other states?
$600 or more the gambler should get a 1099 or W2-G from the sports book. The IRS should also get a copy. On payouts of $5,000 or more most casinos will withhold federal taxes from winnings.
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TallGuy19
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Re: legalized sports betting taxes

Post by TallGuy19 »

I'm not a gambler myself, but I know my state will never pass up an opportunity to pick someone's pocket.
"A thug changes, and love changes, and best friends become strangers. Word up."
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