Tax Season...

RageWizard · 02-28-08, 05:52 PM

Originally posted by willyback

The online sportsbooks don't report you earnings/losses to the IRS. Given that you're not depositing checks of $10,000.00 or more into the bank, how would the IRS ever know that you have a second income? Is it a "rule of thumb" not to report you e-gaming income to the feds?

(I think so)...

I don't but then again I rarely take a payout. I put a couple of grand a year into my account at Pinny and it sits there. Right now it stands at about 13,000. Last year it was at 25,000 so I had a crappy year. If it ever gets to 50,000, I'm going to slowily take 25,000 out so as to not alarm any agency.

MrX · 02-28-08, 06:56 PM

If it's a large amount and you're doing anything other than burying the cash in the back yard, you could be in trouble if you get audited. If you're life-style doesn't match your income you'll have some explaining to do.

durito · 02-28-08, 07:07 PM

You can take out $100,000 at a time or $12 at a time, it doesn't matter.

If you made a profit gambling last year, you have a tax burden and you need to report it. The $10,000 # is a misunderstood rule.

You may not get caught, but you are still breaking the law. If say you get pulled up on an audit in a few years for an unrelated item -- they will get your bank statements, and you will have to pay back taxes and interest.

willyback · 02-28-08, 10:49 PM

Freakin' IRS... The US government passes UIGEA - makes it almost impossible for me to load up my betting accounts. Then when I earn money (handicapping: harder work than your average 9 to 5), the US government wants a piece of my action. Screw that - swiss banking here I come.

durito · 02-28-08, 10:55 PM

Originally posted by willyback

Screw that - swiss banking here I come.

If you really want to attract the attention of the IRS -- open a Swiss Bank Account.

It's not 1980 anymore.

willyback · 02-28-08, 10:59 PM

True... I heard that Singapore and Panama are the new off-shore banking destinations. The European Union has been putting added pressure on Switzerland's banking system.

willyback · 02-28-08, 11:04 PM

I'll pay some, but never all. I'd rather give the money to a good tax attorney and fight it out in court. You want my money then send BIll Frist.

purecarnagge · 02-28-08, 11:45 PM

your not going to take a large gambling sum of monies and just go invest it in a 401k mutal funds/stocks etc. Your going to end up blowing it on vacation/gambling in vegas, cruises things like that. Pay debt/student loans, help your kids out etc etc..things like that.

if your JJ
-buy a new identity
-stop buying hookers with aids/stds
-make sure the hooker is legal
-make sure you have a burial/bought and paid for, the way you lose money your going to need it
- buy a real car, that van shit just ain't good enough
- dispute all maternity tests

HAPPY BOY · 02-29-08, 05:46 AM

www.freedomtofascism.com educate yourself america or keep being sheep.