Tax question

[WileOut]

All other variables aside, if a player gets a payout for the sole purpose of sending it to another book, does he now owe taxes simply because the money hit his checking account?*

*The player is not using book to book transfer because he wants to take advantage of a promotion and they dont give promotions for book to book transfer.

On a side note, these books ought to start giving promotions and taking the all fees away from book to book transfers. A completely free-trade book to book environment would benefit everyone, books included. I don't understand why some books are so stubborn with this.

[capitalist pig]

Id guess the answer to your question is no.

later

[paul Mordeeb]

Income is income, legal or not. I personaly know "Message theropists" that file on every dime they whore out!!!

[SBR_John]

All other variables aside, if a player gets a payout for the sole purpose of sending it to another book, does he now owe taxes simply because the money hit his checking account?*

*The player is not using book to book transfer because he wants to take advantage of a promotion and they dont give promotions for book to book transfer.

On a side note, these books ought to start giving promotions and taking the all fees away from book to book transfers. A completely free-trade book to book environment would benefit everyone, books included. I don't understand why some books are so stubborn with this.

To the 1st question; no, simply transferring money is not a taxable event.

As to your sidenote; yes it would be great for the players but the books dont see it that way. Like the other day on the forum we had this; A player wanted to play at Jazz but they dont accept credit cards. OK no prob because Bookmaker does. He deposited at Bookmaker and transferred to Jazz. Great for Jazz but meanwhile Bookmaker cried foul. They ate the fees and used their people and resources soley to help out Jazz.

If and when processing becomes easier you could see a lot of transfers working. But no time soon.

[Starion]

As soon as you win a bet it's a taxable event technically. Here's the real answer you're looking for though. If you get audited and have to explain the funds being transferred to your checking account, the IRS will consider every deposit income. It will be up to you to prove that it isn't income.

If you're talking a few hundred bucks it's really not a big deal. If you're talking 5 figures then you might wanna be a little more careful and just do a book to book transfer.

[moneyplays]

Income is income, legal or not. I personaly know "Message theropists" that file on every dime they whore out!!!

Now, that's a dumb b1tch!

[WileOut]

Good info yall, 'preciate it.