All this stuff going on with online gaming sites is crazy, wow.
Anyways, i have a question on how this could affect players who did not report some of their winnings for taxes. About 4-5 years ago I won a few thousand dollars throughout 2 years ALL on sportsbook.com. I was young and stupid and still in college making barely any money so it didnt even cross my mind that I should pay taxes on these winnings.
Obviously no one has come after me since then but I was just wondering is Sportsbook.com gets siezed by the goverment if they will get records of all players winnings and if they will actually go back and check if they paid taxes on them. I dont know if sportsbook.com will even get seized and if it does if the government can or will take the time to see all players winnings and check them for taxes.
I doubt they would be able to do this or would want to pursue this, as sb.com doesnt requeire players to provide a ssn. Would the government even get records of payouts?
Anyone have any insight or tips on what I should do?
It would be too big of a process for the government to bother doing an audit in this way. You would be fine. If the income is under $20,000 and given it is at the five year threshold (usually audits are done within 3 years) you would be fine.
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