After Margo destroys Pac do I have to pay taxes on my winnings?

Discussion in 'World Boxing Forum' started by Round1gymDC, Oct 28, 2010.

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  1. Round1gymDC

    Round1gymDC Boxing Addict Full Member

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    I stand to make a lot of money on this Pac fight after Margo kills him, but this will be my first time I'm betting legally in Vegas, the question I have is do I have to pay taxes on my winnings?

    I have lots of under the table bets, but this legally betting **** is new to me, please help


    By the way u should get in on it the betting odds are great!



    War Margarito!!!!!


    P.S If you live in NV,DC or MD and wanna bet let me know
     
    Round1gymDC, Oct 28, 2010
    #1
  2. Tackleberry

    Tackleberry The Reverse Somersault! Full Member

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    Just out of curiosity, what is "a lot"?
     
    Tackleberry, Oct 28, 2010
    #2
  3. igotJUIC3

    igotJUIC3 Boxing Junkie banned

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    if u dont pay up after Margo gets his ass handed to him....i gurantee there is tax you DONT wanna pay.:yep
     
    igotJUIC3, Oct 28, 2010
    #3
  4. Devildoc

    Devildoc Capo Di Tutti Capi Full Member

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    Don't bet your house. You don't want to tell the bank you couldn't pay your monthly payment because you lost to a *******. :lol:
     
    Devildoc, Oct 28, 2010
    #4
  5. Leon

    Leon The Artful Dodger Full Member

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    No, but you'll have to go work overtime to make up for the money you lost on marg.
     
    Leon, Oct 28, 2010
    #5
  6. tarugojones

    tarugojones Boxing Junkie Full Member

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    Ten million dollars?
     
    tarugojones, Oct 28, 2010
    #6
  7. kommieforniaglo

    kommieforniaglo Boxing Junkie Full Member

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    this +1
     
    kommieforniaglo, Oct 28, 2010
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  8. bandido

    bandido The Black Bandit Full Member

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    Winnings from betting are tax free.
     
    bandido, Oct 28, 2010
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  9. MrMagic

    MrMagic Loyal Member Full Member

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    You're a supposed high roller, but you don't even know about the gambling tax laws in states like Nevada?
     
    MrMagic, Oct 28, 2010
    #9
  10. saul_ir34

    saul_ir34 Obsessed with Boxing Full Member

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    You are very confident. But you might want to take that bet back.

    Teddy just picked Margo...
     
    saul_ir34, Oct 28, 2010
    #10
  11. spud1

    spud1 HAWK TIME!!!! Full Member

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    :lol:

    I wish, there is a tax free limit, anything after and you pay uncle sam.
     
    spud1, Oct 28, 2010
    #11
  12. FlatNose

    FlatNose Boxing Addict Full Member

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    Lets not forget Margarito flopping around on the floor at Shane Mosleys feet.
    Not to say that he doesn't have a chance, but considering what both have done lately , Margarito has a tough hill to climb.
    Some may consider a big bet on Tony brave or ballsy or showing guts. Some may imply they know something no one else does by making such a bet.
    Others may be just full of baloney and talking ****, while not betting a Goddamn thing.
    Who knows?
    But this IS an interesting fight. It's the battle of the two guys who made Mayweather run away like a schoolgirl.
     
    FlatNose, Oct 28, 2010
    #12
  13. PetethePrince

    PetethePrince Slick & Redheaded Full Member

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    No
     
    PetethePrince, Oct 28, 2010
    #13
  14. naldo marshal

    naldo marshal heavyweight champ Full Member

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    you and margo are dreaming, rite???
     
    naldo marshal, Oct 28, 2010
    #14
  15. JuiceFX

    JuiceFX cant stop..wont stop... Full Member

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    Damn, I was siding with Margo too...
     
    JuiceFX, Oct 28, 2010
    #15
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