[cmatth1326]

I just had two wire transfers of $9,800 wired into my account from my sportsbook 15 days apart. What are the rules for reporting this as income with the IRS?

[andrewaxia]

$9,800 each? That's a big time red flag. You better report all of that income

[big joe 1212]

the IRS is usually only notified on transactions of 10k or more

I wouldnt report it, because your book does not send them anything!

[joe361]

I would be very careful moving that amount of money around. Moving that amount of money around, just below the reporting threshold, could be classified a structuring, which is illegal. http://en.wikipedia.org/wiki/Structuring

[joe361]

I just had two wire transfers of $9,800 wired into my account from my sportsbook 15 days apart. What are the rules for reporting this as income with the IRS?

You are required to report your winnings, less losses. http://www.irs.gov/newsroom/article/...108277,00.html

[Boner_18]

All US gamblers are required to report all of their income from gambling as it falls under the definition of gross income. § 61 of the tax code broadly defines gross income as "all income from whatever source derived." There may be offsetting losses under § 165 of the code but you are still required to report the winnings.

[kingfish]

So, is it cool to report winnings from offshore sportsbooks even though they are not operating legally according to US law?

[Justin7]

CTRs - cash transfer reports - only apply to cash transactions. A wire is not a cash transaction.

A lot of sportsbooks seem worried about the 10k limit though. I'm not sure why.

Re: income. If you win money at sports, you owe income tax (at least in the US). The amount of the wire is irrelevant. A lot of wires do leave a paper trial though.

[big joe 1212]

to make myself clear, you are suppose to claim all income, whether legal or not. if you claim illegal income, then you are a moron! the IRS does not know about your income from offshore