just reading another thread here where coachv made 50k and said "i pay my taxes" got me thinking:
what is to be gained from paying taxes?
*you're just throwing 15-20k away to the federal/state government, who spends it all on the 2 dumbest things to spend money on (war and interest). and if you lose 50k in the following year, tough shit you can't claim a net loss on gambling. so over a 2 year period you are breaking even on gambling and still down 15-20k in taxes.
*you're giving them a huge red flag and asking for an audit.
*you're asking for a letter requesting all the fbar reports you never filed and saying you are subject to criminal charges for not reporting your overseas gambling money.
what is to be gained from paying taxes?
*you're just throwing 15-20k away to the federal/state government, who spends it all on the 2 dumbest things to spend money on (war and interest). and if you lose 50k in the following year, tough shit you can't claim a net loss on gambling. so over a 2 year period you are breaking even on gambling and still down 15-20k in taxes.
*you're giving them a huge red flag and asking for an audit.
*you're asking for a letter requesting all the fbar reports you never filed and saying you are subject to criminal charges for not reporting your overseas gambling money.