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+---- Thread: Managing Sportsbetting Taxes (/showthread.php?tid=6261078)
Managing Sportsbetting Taxes - SportsArb - Jan 14, 2024
Depending on where you live, you're going to have to pay taxes when you win at the casino.
Here is what I do:
At the start of every year I put in 15% of my prior years profit into an ALLY savings account that currently gets 4% APY.
I wait until the savings account has what is needed to pay taxes in the new year, and then I add 30% of my biweekly profit into it to save for taxes.
This way, I earn some interest on the money that I will need to use to pay taxes on at the end of the year. I also pay quarterly taxes on it so that I don't hit the 90% rule and pay a penalty at the end of the year.
You could also put the money in a market account and buy low term US Treasury bonds that are 5%+ rn, but thats requires more brain power which I have not done.
Do you guys have strategies you use when managing your gambling taxes?
RE: Managing Sportsbetting Taxes - Nemo5 - Jan 23, 2024
I've never done that. But my strategy would be
exploring offshore accounts or trusts. And to shield gains from unnecessary taxation I would try to leverage strategic partnerships with financial advisors who specialize in wealth management.
RE: Managing Sportsbetting Taxes - SportsArb - Jan 23, 2024
(Jan 23, 2024 04:49 AM)Nemo5 Wrote: I've never done that. But my strategy would be
exploring offshore accounts or trusts. And to shield gains from unnecessary taxation I would try to leverage strategic partnerships with financial advisors who specialize in wealth management.
I would not advise doing this. Not a good idea.
RE: Managing Sportsbetting Taxes - Nemo5 - Jan 23, 2024
Assessing the risk and weighing the potential consequences is a wise approach. Then adapt your strategies to align with your risk tolerance.