Hey Aces or anyone else regarding payouts question (IRS)

[GoBlue]

I see that Aces posted that you should keep payouts to 1k per payout. I generally deposit between $500 - $1000 western union - old school I guess. I then take out around 5k at a time in the form of live check or 2k per western union. I guess what you are saying I have things to worry about????

[isetcap]

It makes me laugh when the undercover IRS agents post here.

[mad]

LOL, I love getting big payouts and rolling around in all those crisp, ill-gotten, undeclared earnings. Never declare it, EVER!

[GoBlue]

Not Me!!!

I have been doing this for years - The truth is I have sent far more than I have recieved! I am just asking if I have much to worry about???

[isetcap]

I have been doing this for years - The truth is I have sent far more than I have recieved! I am just asking if I have much to worry about???

The IRS does not comprehend how individuals can produce income from gambling. This is because 99.99% of individuals who gamble do not produce income from gambling. You can not write off the losses except against winnings. If you can document that your losses during the course of the fiscal year exceed your winnings, then you are in the clear. If your winnings exceed your losses, then find a way to keep the delta offshore and you'll be fine.