Online sports books, banks and taxes

[jbreez]

Ok guys help me out with a question.

Straight up.

Lets say you are a US player, you make a few thousand or so every once in awhile from your online book site. You get your checks and you deposit to a us bank account.

First off: is it possible that a bank could see these offshore transactions from random international companies and get suspicious and report it. if they do report it, do they report it to the IRS or do they report to the authorities?

Can you get in trouble or do they just want some tax money?

Also, if you make your deposits and pay taxes on your winnings by filing, do they care at all that it is from some online sportbook?

Just hoping some people with experience could offer their insight. Thanks

[Hareeba!]

Tax authorities don't care about the legality of your earnings as long as you report them.
Exception in some jurisdictions: money laundering, terrorist funding, drugs where they can report you to law enforcement agencies

Banks and other financial institutions including bookies are required to report suspicious transactions in regard to the above to law enforcement agencies. Not sure if that might include suspected illegal gambling transactions in the US though. They are also required to report cash transactions over a certain limit ($10K?) to a separate government agency but generally that doesn't go anywhere but is simply a record for tracing in the case of a law enforcement interest in the individual.

[5mike5]

bottom line is they dont care or people been in the game 15+ years like me would know by now

im sure there is a rare case here and there, but the short anwser is VERY RARE

unless ur involved in other things, they dont give 2 shits....

[John Dough]

Consult an accountant or tax attorney.

Short answer: Pay your taxes and relax.

[fsutomahawk]

The biggest mistake would be to not pay your taxes on your winnings. Don't piss off the IRS.