I'm having a large balance on my account and was wondering if I have to pay tax on it. I was having a hot streak at sportsbetting. Will I get into any trouble later on? Does the government get suspicious about the checks coming into my bank account?
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damned if you do, damned if you don't
next time I recommend losing to avoid this dilemmaComment -
Yes
Pay your taxes
Or give up your fruit cocktail in jailComment -
Sure it is, but offshore books dont report anything to the IRS.Originally posted by sync2Comment -
they wouldn't have known since there are 320 million people in the u.s. and only about 10 agents. now they can subpoena sbr for your info since you let the cat out of the bag. don't ask, don't tell.Originally posted by sync2Comment -
You're a gambler, gamble again and not report it. FukemComment -
Paying on balances or cash withdrawals is silly, if you put a bunch of checks in your bank you need to be more carefulComment -
Wouldn't checks from other countries considered as gifts? And from my knowledge; gifts are tax-free.Originally posted by rm18Comment -
money transfers are gifts but it looks more like income on checks imo especially if they are coming every few weeks or month.Comment -
Yes & No Mr. Federal agent.Comment -
Best of luck in jail...when you get out let us know how it went...you know...soap on a rope etc.Originally posted by sync2
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pay your taxes.........its that simple......don't be a scum bag.....Comment -
I don't have to worry about taxes becuase I loseComment -
Gifts are gratuitous transfers. The sportsbook is not sending you money because they are fond of you. They are sending it because you earned it and the owe it. It's income.Originally posted by sync2Comment -
Claim your losses Otters and let us know what happensOriginally posted by Otters27
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The Boss doesn't pay. Why should the citizens?Originally posted by PhilmillComment -
rule here is simple....... ACTUAL RULE: OF COURSE IT IS....
RULE IN APPLICATION: IF YOU DON'T GET A 1099, IT DIDN'T HAPPEN.......
kinda analgous to a tree falling in the forest makin' noise if noone is there to hear it.....
if it didn't result in a 1099, no taxable event occurred......Comment -
I know Jayvegas420...... this guy that started this thread has to be 5-0..........or his f8king a dumbbunny asking that kind of question.....bahahahaOriginally posted by Jayvegas420Comment -
can you imagine if the irs checked everyone's bank account to see if there was an uneven flow of deposits into it. it would take them 20 years to just do rhode island. no 1099, no worry.Comment -
About the best advice you'll get here.Originally posted by Auto DonkComment -
what is 1099? I don't want to pay tax since I might lose all the money back in the future. I'm just worrying about the amounts of foreign checks coming into my bank accounts.Originally posted by Auto Donk
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You really don't have to declare points on your taxes.Originally posted by Otters27Comment -
Sharp...Originally posted by Jayvegas420Comment -
Donk and krk best responses hereComment -
This.Originally posted by Otters27Comment -
If you withdrawal you need to pay taxes on net winnimgs. Problem is offshores dont report to irs. Or send you or give you proper tax documents to do your taxes. This is the gamblers dilemna.Comment -
Hope that helps. I try to stay accurate. But hell. How many hands of bkackjack or poker do u play. Impossible for player to track. So estimation is needed. As a practical matter.Comment -
wtf? do you report your gambling losses too then? because if you don't then you're getting ripped off...Originally posted by Philmill
would never report my gambling winnings.Cause Sleep is the Cousin of DeathComment -
If you report your gambling winnings you are a square plain and simple
Most places in the world don't even have income tax
Don't be stupid and gullibleCause Sleep is the Cousin of DeathComment -
1 person out of 1000 people report gambling winnings on their offshore winnings. The people in this thread saying to do so, don't do it themselves.Comment -
Illegal, not taxable.Originally posted by sync2
Collect it and pretend it never came in. If you get audited come clean and pay the piper. If you live in a low income zip code it doesn't matter what you do.Comment -
Originally posted by Auto Donk
Guess you're not a tax lawyer.
Per IRS.gov--
Gambling winnings
Gambling winnings are fully taxable and must be reported on Form 1040.
Gambling income includes, among other things, winnings from lotteries, raffles, horse races, poker tournaments and casinos. It includes cash winnings as well as the fair market value of prizes such as cars and trips.
Even if a W-2G is not issued, all gambling winnings must be reported as taxable income regardless of whether any portion is subject to withholding. In addition, taxpayers may be required to pay an estimated tax on the gambling winnings.
Losses may be deducted only if the taxpayer itemizes deductions and only if he or she also has gambling winnings. The losses deducted may not be more than the gambling income reported on the return.
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wouldnt it be self incriminating if online gambling is not legal in your state?Comment -
what are you allowed to receive, $5000 in gifts from one identity per year?
next year post your plays and say here is a free gift...Jacksonville rivermen -3Comment
