Online use

JBC77 · 02-25-09, 06:49 PM

If you get audited and you've paid it things will go smoother. It's probably a good idea to report it if your big time and are doing it for a living. The rec players don't really need to do it. Wins at the casino over $500.00 get 1099'd in CT. My accountant told me, for those of you who play state lotto (scratchies or #'s) if you save your tickets, just archive them, you can write a certain amount of that gambling off, don't know what the ceiling on that is.

Live4bet · 02-25-09, 06:53 PM

Yes you must pay taxes on all of it. Please send me the payment at the end of the year and I will take care of the rest.

JBC77 · 02-25-09, 07:06 PM

One possible nightmare scenario would be a major offshore book getting taken down by the DoJ. Gambling records and databases are seized. Historical payment info linked to U.S players is examined by the IRS. A determination is made that pursuing the players for unpaid taxes cumulatively would be profitable for the Gov, maybe some flashy headlines in the media.

There is a story on UBS bank right now. The short end of it is they were hiding client money in illegal tax shelters (if thats want you want to call it). Anyway, they were fined and now the IRS is going after UBS records to catch the banking clients who owe taxes. So far UBS has resisted them, but it doesn't look good for the tax cheats.

If your pulling down serious coin offshore you might want to do the smart thing and report it. The IRS is not something to f!@# with. I've seen documentaries, they can make your life a living hell. If you have a good accountant they'll find creative write offs to let you keep most of it.

TribeTime24 · 02-25-09, 08:31 PM

Thanks for the info im only 18 so im trying figure this shit out. Im in ohio were i believe its illegal so if i file income tax wont i find trouble with the gov because its illega?

durito · 02-25-09, 08:34 PM

Originally posted by JBC77

One possible nightmare scenario would be a major offshore book getting taken down by the DoJ. Gambling records and databases are seized. Historical payment info linked to U.S players is examined by the IRS. A determination is made that pursuing the players for unpaid taxes cumulatively would be profitable for the Gov, maybe some flashy headlines in the media.

There is a story on UBS bank right now. The short end of it is they were hiding client money in illegal tax shelters (if thats want you want to call it). Anyway, they were fined and now the IRS is going after UBS records to catch the banking clients who owe taxes. So far UBS has resisted them, but it doesn't look good for the tax cheats.

If your pulling down serious coin offshore you might want to do the smart thing and report it. The IRS is not something to f!@# with. I've seen documentaries, they can make your life a living hell. If you have a good accountant they'll find creative write offs to let you keep most of it.

1) Nothing happened after Neteller cut their deal with DOJ -- at least not yet.

2) The people smart enough to make money doing this do pay their taxes