Attention Druff or any sports bettors/futball fans... Possible sick parlay payout advice needed.

[vegas1369]

At the risk of jinxing myself and friends I need a question answered. Here's the scenario...

So this Italian guy I work with asked me and 6 other friends to put in $10 a piece on an 8 team parlay on Italian Series soccer games. Regardless of how ridiculously hard it is to hit an 8 teamer we all got in on it. Well, today we went 7/7 and the last game is played tomorrow at 11:45am PST. Inter vs Fiorentina, we have the favorite Inter. The ticket is for $80 to win $32,227. Being in a good spot here with the favorite I went and made a small hedge for me and the Italian for $200 at +290 for Fiorentina to win, and $200 at +245 for a draw. While I was at the book I asked the guy how it would work if we won the parlay as far as taxes are concerned. He couldn't tell me anything other than to look on the net. So here I am looking on the net.

Question is, if we actually do win this, how do we split the share of the taxes? Whoever picks up the money will have to fill out a W-2 for the entire amount, so the tax burden is on that one person, not all 8 of us. What is the best way to handle this? Have you ever heard of the casino taking the taxes out on the spot?

BTW, the way games 5 and 6 played out were ridiculous. Both came down to the final minute of the game and we were losing both, one by two goals and we needed a draw. They ended up tying with seconds left, game 6 ended on a penalty kick with no time left for the win. Been a fun ride so far. Go Inter!

[DirtyB]

At the risk of jinxing myself and friends I need a question answered. Here's the scenario...

So this Italian guy I work with asked me and 6 other friends to put in $10 a piece on an 8 team parlay on Italian Series soccer games. Regardless of how ridiculously hard it is to hit an 8 teamer we all got in on it. Well, today we went 7/7 and the last game is played tomorrow at 11:45am PST. Inter vs Fiorentina, we have the favorite Inter. The ticket is for $80 to win $32,227. Being in a good spot here with the favorite I went and made a small hedge for me and the Italian for $200 at +290 for Fiorentina to win, and $200 at +245 for a draw. While I was at the book I asked the guy how it would work if we won the parlay as far as taxes are concerned. He couldn't tell me anything other than to look on the net. So here I am looking on the net.

Question is, if we actually do win this, how do we split the share of the taxes? Whoever picks up the money will have to fill out a W-2 for the entire amount, so the tax burden is on that one person, not all 8 of us. What is the best way to handle this? Have you ever heard of the casino taking the taxes out on the spot?

BTW, the way games 5 and 6 played out were ridiculous. Both came down to the final minute of the game and we were losing both, one by two goals and we needed a draw. They ended up tying with seconds left, game 6 ended on a penalty kick with no time left for the win. Been a fun ride so far. Go Inter!

You can ask the casino, but I doubt they want to be involved. The casino may have a policy, but it might also be up to the Sports Book Manager to decide. I searched for "W2G splitting prize", and found this reference-

"If the person receiving the winnings is not the actual winner, or is a member of a group of winners, see Specific Instructions for Form 5754"

Gambling losses can be written off against gambling winning (but not regular income). It is a known thing for people to collect losing sports betting slips off the floor to claim as losses. I'm not advising that you do that, but it is a fairly common thing.

[cmoney]

At the risk of jinxing myself and friends I need a question answered. Here's the scenario...

So this Italian guy I work with asked me and 6 other friends to put in $10 a piece on an 8 team parlay on Italian Series soccer games. Regardless of how ridiculously hard it is to hit an 8 teamer we all got in on it. Well, today we went 7/7 and the last game is played tomorrow at 11:45am PST. Inter vs Fiorentina, we have the favorite Inter. The ticket is for $80 to win $32,227. Being in a good spot here with the favorite I went and made a small hedge for me and the Italian for $200 at +290 for Fiorentina to win, and $200 at +245 for a draw. While I was at the book I asked the guy how it would work if we won the parlay as far as taxes are concerned. He couldn't tell me anything other than to look on the net. So here I am looking on the net.

Question is, if we actually do win this, how do we split the share of the taxes? Whoever picks up the money will have to fill out a W-2 for the entire amount, so the tax burden is on that one person, not all 8 of us. What is the best way to handle this? Have you ever heard of the casino taking the taxes out on the spot?

BTW, the way games 5 and 6 played out were ridiculous. Both came down to the final minute of the game and we were losing both, one by two goals and we needed a draw. They ended up tying with seconds left, game 6 ended on a penalty kick with no time left for the win. Been a fun ride so far. Go Inter!

You can ask the casino, but I doubt they want to be involved. The casino may have a policy, but it might also be up to the Sports Book Manager to decide. I searched for "W2G splitting prize", and found this reference-

"If the person receiving the winnings is not the actual winner, or is a member of a group of winners, see Specific Instructions for Form 5754"

Gambling losses can be written off against gambling winning (but not regular income). It is a known thing for people to collect losing sports betting slips off the floor to claim as losses. I'm not advising that you do that, but it is a fairly common thing.

Awesome, good luck.

How does a Draw work? If they draw do you lose the whole parlay or does it move down to a 7 out of 7 parlay? I dont know much about soccer betting

[vegas1369]

You can ask the casino, but I doubt they want to be involved. The casino may have a policy, but it might also be up to the Sports Book Manager to decide. I searched for "W2G splitting prize", and found this reference-

"If the person receiving the winnings is not the actual winner, or is a member of a group of winners, see Specific Instructions for Form 5754"

Gambling losses can be written off against gambling winning (but not regular income). It is a known thing for people to collect losing sports betting slips off the floor to claim as losses. I'm not advising that you do that, but it is a fairly common thing.

Awesome, good luck.

How does a Draw work? If they draw do you lose the whole parlay or does it move down to a 7 out of 7 parlay? I dont know much about soccer betting

Thanks! And thank you Barry.

Draws are actually a bet, so if it's a draw the parlay is dead. Three of the seven picks were actually for a draw. That is what makes this to me even more ridiculous. It's tough enough to pick winners, this guy's nailing draws too...lol

[lewfather]

Kind of confused about the tax thing, if one guy goes and picks it up and fills the form out why can't the rest of you figure out what an equal share would be and give it to the guy picking up the money?

gl

[BeerAndPoker]

[DirtyB]

Wesley Snipes went to jail because he fraudulent amended a bunch of previous years' taxes asking the government to give him back millions of dollars. His previous tax attorney told him it was illegal and that he would probably go to jail if he tried it. A new tax attorney convinced him that it involved a legitimate interpretation of a tax regulation when it was clearly bullshit. Wesley went to jail because he was an idiot.

Plenty of people have just not paid taxes, like George Carlin and Willie Nelson. They just had to pay the back taxes plus interest.

[BeerAndPoker]

Wesley Snipes went to jail because he fraudulent amended a bunch of previous years' taxes asking the government to give him back millions of dollars. His previous tax attorney told him it was illegal and that he would probably go to jail if he tried it. A new tax attorney convinced him that it involved a legitimate interpretation of a tax regulation when it was clearly bullshit. Wesley went to jail because he was an idiot.

Plenty of people have just not paid taxes, like George Carlin and Willie Nelson. They just had to pay the back taxes plus interest.

Okay I really am not sure now if your leveling me or what but everyone knows Snipes went to jail sir. He got bad advice along the way but clearly was retarded.

As for this situation Vegas describes it's peanuts in dollars compared to Wesley Snipes BUT regardless this is like a WSOP event where say eight people have a percentage of someone who cashes for a big amount of money. I'm not sure of the exact forms that are required to fill out but I'm sure a google search would probably be informative.

[neveragain39]

Question is, if we actually do win this, how do we split the share of the taxes? Whoever picks up the money will have to fill out a W-2 for the entire amount, so the tax burden is on that one person, not all 8 of us. What is the best way to handle this? Have you ever heard of the casino taking the taxes out on the spot?

Looks like the casino needs this 5754 statement completed by the person from the group who collects on the bet.
All the winners must get their information on the statement before anything gets paid by the casino.

Also, everyone in the group should hold a copy of the 5754 for preparing their own taxes next year.

http://www.irs.gov/pub/irs-pdf/f5754.pdf

GL today, TID, obv.

[Hockey Guy]

Well, today we went 7/7 and the last game is played tomorrow at 11:45am PST. Inter vs Fiorentina, we have the favorite Inter. The ticket is for $80 to win $32,227.

Well, I guess I know what I'll be watching this afternoon in my control room.

I'm an Inter fan today. Good luck vegas1369.

[mulva]

i've cashed over 10k tickets before.

what i like to do is pay somebody to cash it 10% and let the onus fall on them.

living in vegas i'm sure you know somebody, or a friend of a friend does that will do this. most of these people are off the grid or have fraudulent documentation.

[Dan Druff]

Question is, if we actually do win this, how do we split the share of the taxes? Whoever picks up the money will have to fill out a W-2 for the entire amount, so the tax burden is on that one person, not all 8 of us. What is the best way to handle this? Have you ever heard of the casino taking the taxes out on the spot?

Looks like the casino needs this 5754 statement completed by the person from the group who collects on the bet.
All the winners must get their information on the statement before anything gets paid by the casino.

Also, everyone in the group should hold a copy of the 5754 for preparing their own taxes next year.

http://www.irs.gov/pub/irs-pdf/f5754.pdf

GL today, TID, obv.

Amazing that you have won 7 out of 7 so far. Good luck in today's game.

neveragain is correct in that the best way of doing this is to give the 5754 form (filled out by everyone) to the casino.

Alternately, you can collect all of the momey, temporarily have the casino put you down as the only one with the tax burden, hold all of the money until you get W-9 forms from each of the winners, and then send them 1099 forms for their part. Once you've sent out the 1099s, you are legally allowed to deduct their winnings from your income, and the tax burden for those portions becomes their problem. This is the method I used for my WSOP winnings, as I didn't want to burden people with filling out 5754 forms if not necessary, and there wasn't time to do this when I actually did cash big in one event.

[Dan Druff]

Here is a pretty good article about gambling winnings and taxes by I. Nelson Rose:

http://rose.casinocitytimes.com/arti...s-watching-977

[neveragain39]

The ticket is for $80 to win $32,227. Go Inter!

Hopefully you win and then go do something about that shitty old boat parked in your front yard, ffs.

[simpdog]

Why aren't you hedging more than that to lock in more profit? I would at least want to lock up 2-3k.

Best of luck.

[snake_in_the_ass]

The score is 1-1....few minutes left!!! Good luck.

[snake_in_the_ass]

The score is 1-1....few minutes left!!! Good luck.

2-1 Inter !!!

[simpdog]

game over

:moneytruck

[bukowski72]

[shortbuspoker]

Good luck on that shit man. I made it to the final game of a 10 team parlay back in 2001. I had $50 on it at 700 to 1 and on the final game I had Ole Miss -6.5. It was that damned 7 overtime debacle where Arkansas won by 2.