Not as impressive as how much the IRS won in that same bet, and they didn’t have to risk a penny.
June 22, 2025
Not as impressive as how much the IRS won in that same bet, and they didn’t have to risk a penny.
6 comments
That is Macaulay Culkin
So Burrows Dad would NOT have received a W2-G because the wager and winnings didn’t meet the criteria….
1. Obtained $600 or more in another gambling endeavor, such as sports betting, and
2. the payout was at least 300 times the amount you put on the line.
But legally he would have been required to report the winnings as “other income”. I believe with gambling winnings only income tax would be paid not social security and other payroll taxes
6 comments
That is Macaulay Culkin
So Burrows Dad would NOT have received a W2-G because the wager and winnings didn’t meet the criteria….
1. Obtained $600 or more in another gambling endeavor, such as sports betting, and
2. the payout was at least 300 times the amount you put on the line.
But legally he would have been required to report the winnings as “other income”. I believe with gambling winnings only income tax would be paid not social security and other payroll taxes
https://www.nerdwallet.com/article/taxes/sports-betting-taxes
Crazy that winnings are taxed in the US
What even is the title of this post? lol
Yes, thats true with any other bet
Haha, taxes lol