Anyone pay US taxes using offshore sportbooks?

maddog · 02-20-06, 05:45 PM

Does anyone knows anybody who got audited because they didn't report their sports winnings?

datek23 · 02-20-06, 05:49 PM

I read an article that only 18 million dollars was collected or people admitted they won money on gambling last year. Take that with a grain of salt and open your mind a little.

maddog · 02-22-06, 01:32 AM

Any pro gambler for years have any experience on this issue?

isetcap · 02-22-06, 02:15 AM

Originally posted by datek23

I read an article that only 18 million dollars was collected or people admitted they won money on gambling last year. Take that with a grain of salt and open your mind a little.

That article must have been from the year 1804. In lottery winnings alone the government skims off billions. A small group of poker professionals alone could account for the 18 million number.

biggs · 02-22-06, 02:42 AM

i wouldnt risk it if i were in your shoes.......the irs has weird ways of going after different groups of tax cheats every year

in the past they have gone after laundry mats by checking their water bills, and then checking how much water it takes to run a wash and break the numbers down

look at willie nelson

GL

freebie · 02-22-06, 02:56 AM

fuking IRS, the most hated group on the face of this earth next to alqada

slacker00 · 02-22-06, 03:16 AM

Too bad Al Quaida didn't fly those planes into the IRS headquarters. lmao

imgv94 · 02-22-06, 03:20 AM

Did any of you ever see The Simpsons episode where
Homer drove by the IRS headquarters and yelled boo!!

Funniest shit! I laughed for 5 minutes, anyone see that one?

biggs · 02-22-06, 04:14 AM

Originally posted by freebie

fuking IRS, the most hated group on the face of this earth next to alqada

aint that the truth

Originally posted by slacker00

Too bad Al Quaida didn't fly those planes into the IRS headquarters. lmao

what a shame

these fukers are the first in line when a major dope dealer gets convicted to collect unpaid back taxes, meaning they get first dibs on seizing property

maddog · 02-22-06, 03:42 PM

so did anyone report their illegal sport winnings to the irs?

datek23 · 02-22-06, 03:52 PM

Originally posted by maddog

so did anyone report their illegal sport winnings to the irs?

Maddog are you are IRS auditor? Everything that you have mentioned is either taxes, Irs, and illegal. Asking questions and snooping around.

BigD · 02-22-06, 04:21 PM

Ya maddog seems shady to me none of his post are a sports or games he likes but if he is a auditor I never bet I lose to much

maddog · 02-24-06, 01:24 AM

No i am not, i'm just new to the online sport gambling and i just want to know more info. I just don't want to get in trouble.

CrazyHorse · 02-24-06, 02:33 AM

The IRS cannot give info on your tax return to the FBI. Pay your taxes. You won't get in trouble for it.

freebie · 02-24-06, 02:37 AM

Originally posted by datek23

Maddog are you are IRS auditor? Everything that you have mentioned is either taxes, Irs, and illegal. Asking questions and snooping around.

NARC on sbr forum? they can't seem to leave us along can't they?

JoshW · 02-24-06, 10:10 AM

CrazyHorse gives good advice. If you are concerned at all, just report it as misc gambling winnings. Is place for it on W2s.

isetcap · 02-24-06, 10:22 AM

Originally posted by CrazyHorse

The IRS cannot give info on your tax return to the FBI. Pay your taxes. You won't get in trouble for it.

Even high-level drug dealers pay their taxes so that the government can't prosecute them under those pretenses. The IRS cares not about your ethics or morality or lawfulness, they care only that you pay them their piece.

bookie · 02-24-06, 12:37 PM

maddog...The most recent and I think best guide to the issue of gambling taxes is Jean Scott's Tax Help for the Frugal Gambler.

As I see it if you bet any kind of money and have five figure success you're going to leave a paper trail so paying taxes is a good bet considering what a major hassle the IRS can put your through. If you're only talking about winnings of a few thousand than you might risk non-reporting since the worst case scenario will just be a fine that's not going to turn your life upside down.

The biggest hassle as I see it is state income taxes. State revenue divisions can be a lot more dogmatic about how "a gambling session" is defined, and there have been court cases of net losers who had to pay taxes on winnings they'd signed for (say at a casino) to their State but not to the IRS because of how obtuse local authorities can be about allowing for deductions of losses.

Bottom line advice: Keep good records and do what you will.