I saw this posted on another forum... Bascially, if I'm reading it correctly, it says you have to add up all different online accounts at their high mark and if the total is over 10 dimes in a year you have to report all accounts to IRS (on your Schedule B) and then report again to Department of the Treasury on Form TD F 90-22.1? Anyone have anymore information on this as I thought that there was no reporting like this required unless one account reached the $10,000 mark...
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Interesting. Why is this author an expert on taxes? I pay a lot of money for tax advise, and I have not been advised to report internet sportsbooks/casinos (although I did have to declare neteller).Comment -
Are you telling us that the mentally astute justin7 is not familiar with current tax law that requires the declaration of offshore accounts of over $10K?Originally posted by Justin7
Maybe you better stop getting your taxes done at Jackson Hewitt and H& R Block and hire a real professional.
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I'm VERY familiar with the law requiring reporting of offshore FINANCIAL accounts over 10k. I also know when to trust other people's expertise on complex issues in which I do not specialize. I paid 5k last year for tax preparation, and I assure you it wasn't at H&R Block or Jackson Hewitt. My lawyer/CPA did not even mention reporting sportsbook balances (although he is very familiar with my occupation - he is a gambling tax specialist).Originally posted by JBC77Are you telling us that the mentally astute justin7 is not familiar with current tax law that requires the declaration of offshore accounts of over $10K?
Maybe you better stop getting your taxes done at Jackson Hewitt and H& R Block and hire a real professional.
Don't take my opinion though - only a paid opinion will give you "safe harbor".Comment