I never had more than $5k in my betting accounts, ever, and never filed anything casino- or gambling-related, on my taxes.Regarding that Wimb Future, if it hits it would actually get subject to the 300-1, 24% tax hit.
Ironically would get reduced to my original 2.65M bet which never hit that 300-1 threshold. Wouldn't complain one bit regardless.
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Still, I find the idea of having to pay 24% on a 1-in-a-million shot, wrong.
Isn't there a better way to do this? Or are the only books you would trust to actually pay out 2-3 mln on a parlay like this, legal U.S. books? I mean you're getting such... poor... value, man.
It's the same reason I never spend more than $10 in a calendar year on any type of lottery. Because the govt takes half of the prize pool. I think we pay more than our fair share, as it is.
