GAMBLING BILL WORSE CASE SCENARIO?

RPM · Jul 30, 2003

I was thinking about the worst case scenario if the gambling bill is passed, and what i came up with is that you could still deposit and recieve payment.

the thing is, you would have to do it through the regular mail. im thinking some type of money order would be the best solution since you can cash them at a lot of places besides your bank.

this is of course assuming that nobody thinks of a more technologically advanced way around the gambling act.

jjgold · Jul 30, 2003

Just get offshore bank accout and do wires.

oldmantime · Jul 30, 2003

RPM--Can you find out WHY WSEX and some others will not accept money orders Now??

They don't care if sent by regular mail or Overnight according to the language on their website.

oldmantime · Jul 30, 2003

JJ To me as far as a foreign bank account goes and I am sure to Most other small players like myself, that's not a solution.

When I have my taxes done and am asked

o you have a foreign bank acct.? (I want to feel safe and tell the truth, without ANY fears)

jjgold · Jul 30, 2003

Oldy small players can have offshore accounts also. They are handy to have and just tell your tax man you do not have one period. They will not trace it.

lander · Jul 30, 2003

Worse case scenario -

you open an offshore account, send money to books, get caught by the Feds, get convicted of money laundering & tax evasion, get put in the slammer, bunk with Kobe, get ass raped like that poor little Colorado girl

Fishhead · Jul 30, 2003

This is a good place to start.

www.offshoreinfo.com

oldmantime · Jul 30, 2003

lander; You are exactly right, plus they would add time for perjury (lying about no acct. as JJ suggests). Not worth the WORRY!

WildBill · Jul 30, 2003

Its not illegal to have an offshore account, just be sure that if you make any interest from it to report it. The IRS isn't the Justice Department, all they care about is that you report all income. They can't compel you to give them any records of the bank beyond a year-end summary of transactions and unless you are moving around your money a lot its going to look very normal and not raise any alarms. Best thing is to get one in Mexico and tell them that you have some friends or family living there and its your conduit account to send or receive money from them and since it costs a frickin fortune to send money to Mexico (after getting screwed on the exchange rate you end up paying almost 20% of your transfer in fees) that you feel this is an economical thing to do. Every account comes with an ATM card that you can use worldwide so once the account is up and running you can essentially use it like Neteller.

lander · Jul 30, 2003

Bill,
Do you work for a book?
As much as I look forward to your posts you are giving people advice that could land them in a slew of legal problems.

It seems you have a "gamble at ALL costs attitide" ... IMO it's just NOT worth it.

WildBill · Jul 30, 2003

Nope I work for a legal gaming company in Nevada

Hey come on Lander, what advice could anyone give on here that would be 100% legal? There really isn't much, there are local and state gaming laws that I can't keep track of that might make something I or someone else on here say be legal in one place and not another. As for what I suggested, there is absolutely nothing wrong with having a foreign account! If you want one just go into Mexico and take a utility bill of some sort, even from a US address, your passport, and some money in US$ and you can walk out with an account. I own a house in Mexico so I have to have an account there, but its not unusual at all to have one and most bank branches in tourist towns or along the border have at least one employee that speaks enough English to set you up. What you do with your money is none of the IRS business. They can't subpoena your bank information in Mexico without conclusive proof that you committed a crime and even then the Mexican authorities will protect you more than you think. Mexicans are very staunchly nationalistic and will go out of their way to prevent any abuse of power by the US or its citizens.

As for suggest to bet, well if I wanted to be 100% legal here I would just come out every day and say PEOPLE DON'T BET ON ANYTHING, YOU COULD GET INTO LEGAL OR PERSONAL TROUBLE FOR IT!!! Would that do any good on this site???

oldmantime · Jul 30, 2003

Good Points--But, I would still like to know why WSEX (and others supposedly too) will not take Money Orders. Can they not be cashed in Antigua or elsewhere. Waiting for one to clear is the same as waiting for Neteller to process a 4 to 5 day bank clearance. I just don't understand it--unless they can't cash it.

WildBill · Jul 30, 2003

My guess is that they don't do any client-related banking in Antigua and wherever their account is held charges a fat fee or doesn't accept money orders. Who knows for sure, maybe they just have a bad history with getting bad ones that bounced.

Amitightornot · Jul 30, 2003

Move to Canada or Europe (UK) and give up your US citizenship

jjgold · Jul 30, 2003

Lots of rookies here. Have a seperate account for gambling and have it in Canada or Belize or Swiss or Gilbraltar or wherever!!!! Simple!!!! Wires money sooooo easy, common guys your showing what rookies you really are. Make adjustments or be on the outside looking in.

Amitightornot · Jul 30, 2003

Which countries dont tax you for gambling?

scpnc · Jul 30, 2003

no gambling taxes in the uk, but stop worrying people, the irs is not intrested in your couple thousand dollars of income from gambling, just go to the race tracks and collect a ton of losing tickets, or you can always say you have lost as much in the casino, the irs has no clue how much you have lost or made in gambling, i know a few guys who have lived off of gambling and they all tell me the same thing, the last thing the irs wants to do is take someone to court on the charges that he did not report gambling winnings, simply because it is impossible for them to prove it, I go to casinos all the time and use their atm machines and pull out thousands of dollars and leave, i use the receipts as losses. you guys are giving the irs way too much credit, it is not worth it for them to mess with gambling income cause it is so easy to make the courts believe that you lost more than you won, and 99 percent of people do lose more than they win in their lifetime. So make some money and use your brains and stop worrying about the IRS.

Woody0 · Jul 30, 2003

Canada does not impose taxes on gambling winnings...unless you run it as a business. If you have a "real" job than gambling is probably a "hobby".

WildBill · Jul 31, 2003

Most of the world actually doesn't tax gambling winnings. The US just taxes anything and everything, that is the result of us depending on income tax and not a sales tax/VAT like much of the world. No other country taxes its citizens if they live in another country and earn income in another country, only the US gets away with that joke of a tax. I mean you go work in Europe with a good salary, where the tax rate is higher and then the US says "give me some too".

As for gambling, most of the world recognizes that its after tax dollars you are betting and its completely unfair to tax you on winnings. The Canadian rule sounds excellent and fair.

MaxValue · Jul 31, 2003

WildBill

Can you recommend a good bank that has a branch in TJ or close by?

I like your Mexican bank account suggestion.

I am Mexican American and live in Central Cal, so it would be very easy for me to drive down to TJ and open an account for "family fund transfers".
Just wish I could speak spanish

MV