At the end of March, Jacqueline Davis went to MGM in Detroit to get a 0,000 advance on her winnings. She was given 0,000 in cash. Then she went back the next day to get more money but she says MGM told her no, and that she was not getting any more money.
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Sports betting taxes explained by a CPA (Certified Public Accountant). This is NOT tax advice you should use to independently file your return. As we state clearly in this video, you still should hire a CPA to do your taxes as a sports bettor.
Data runs the world – it should run your sports betting accounts, too.
Randall sits down with Jason, a licensed CPA from Illinois, to discuss how to approach handling taxes and sports betting.
Jason gives a summary of the 2021 tax laws for gambling income and losses. He explains what is taxable, what you can deduct if you itemize, the tax rate and the difference in the Federal vs State taxes. Jason discusses how sportsbooks calculate the gains and losses for each sports bettor and the importance of W2G or 1099.
Jason goes into detail on how you can plan for your taxes in advance and what steps you can do to avoid different penalties. Jason utilizes the OddsJam low holds page to help balance his sportsbooks. With two months left in the year, it is important to get this information in order now and not later. Keep track of your results, gather info, and ask the sportsbooks for information you need to correctly file your taxes. For 2022, there are no major changes coming to the taxes.
Jason strongly encourages everyone to talk to a CPA in your state and get the proper advice you need.
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Video Rating: / 5
She knew their was a glitch
If there was in fact a glitch on that particular game that would mean the casino is liable for returning the money to everyone that played that exact round of roulette regardless of if they had the winning number. It sounds like a bunch of bull anyway they're just angry that someone actually won a large amount of money at a casino for a change.
I pray she got her money
Wow what a scam! Pay this woman her money!!!
Ever since this the games have been totally rigged
A glitch! The glitch is because they are only allowed to let people win 1000 here and there. So rigged.
Did she win her case
Bet mgm cash app money 10000
If you beat the house they won’t pay you
Fucking crooks im done with MGM after this. Even I pay my debts and friendly bets
Shes awesome give her her money MGM!
STOP GAmblinggggggg
There not bad when it comes to low amounts, I joined and used the $25 account bonus to get $2000 from infinite blackjack before I even deposited. I deposited $10 and they let me withdraw everything to my bank. I doubt I’ll ever win a jackpot
MGM, Pay the lady💰
Beautiful Black Woman black skin glow Brown Skin Girl older looks good on black people
There not even trying to pay me my $1200 I won on my 50 parlay bet
MALFUCTION VOIDS ALL PAY AND PLAYS. ITS IN THEIR TERMS OF SERVICE. STOP BEING IDIOTS.
Did she get her money?
So basically she's been winning and losing for 5 days straight and no glitch-auditor found the glitch although they're there to spot it 24hrs annually and didn't.. but the moment she collects, they give her a 100 grand advance on her winnings. But when she tries to collect a second time they deny her. 🤔 lol. They seen she was black and was like ain't no way we're paying this smh. No other explanation.
That’s been happening for years. Every time someone wins a large prize they always chuck it up to a glitch
Like & subscribe! Email us questions about sports betting to contact@oddsjam.com. This is not personal tax advice, and many states have different regulations. You should consult your own CPA.
Any advice on a tax firm or person in New Jersey that specializes in sports betting taxes.
When reporting your year end winnings do you include the wager in that number? I am seeing a lot of websites saying that you’re supposed to, but that doesn’t make much sense at all when it comes to sports betting
Any thoughts on how bets placed in 2021 but settled in 2022 are treated? Could potentially be a way to reduce winnings in the current year.
Hi Guys, would you mind sharing a similar excel sheet?Thanks
I was a little confused, in which way is it beneficial to balance the sportsbooks? I understand the use of low holds, but is the goal to lose more than you win on another book? I have 11 books in Michigan, and am profitable overall, but this tax situation may be a bear to get through.
Thanks for the info guys 👍