Your bank account is much easier to trace than an atm from a canadian company, when I said you are screwed I did not mean you are going to go to jail or something, what I ment was and I say this again, us citizens residing in the USA are not allowed to gamble on sports online( any money made from gambline on sports online is illegal money by law), now I will say this that this certainly is not high on the list for the IRS nor does the government care enough about it to prosecute any one for it) no one has ever spent a day in jail in the u.s for placing an illegal bet, however if your income is thought to be illegal income( which it is by law, because placing sports bets is illegal almost everywhere in the u.s) then they can take that money away from you. You can not have income from an illegal activity in the u.s. however, that being said I would not worry much being that it would be way too much hassle for the government to prosecute any one, and it just wouldn't be worth it, reason being is that any one can say well I took that money and lost it at the local casino, and the government would have no way of proving anything.
As an Attorney and Bond trader in the ATL I asked the legal dept. down stairs and the fact of the matter is....You can claim gambling losses up to $500 without having to document them......If you claim gambling winnings from an offshore sports book you are admitting to a crime....which may or may not be a future topic. We should hope not. If you win in Vegas or any other casino you are required to providea SS# if your winnings are above the 1499 limit. Neteller is doing a great job and protecting their Canadian incorporation charter....pay the 2 bucks or 15 or whatever...WU is incorporated in US so their loyalties are not with anyone but thier coward attorneys.
Neteller is a good company...going through some server-software upgrades....I have no problem paying their fee or being Certified member. Ofcourse you have to be able to have a bank account to get certified...which I suspect alot of people in this hood are on the CHEXsystem list.
Neteller is a good company...going through some server-software upgrades....I have no problem paying their fee or being Certified member. Ofcourse you have to be able to have a bank account to get certified...which I suspect alot of people in this hood are on the CHEXsystem list.
Hey Fish, General...
Fishhead, General:
I became a "Professional Gambler" full time a little before January of last year...All of my income is from Gambling Offshore (I have never placed a bet with a bookie in my life)...
So with the year coming to an end, the tax issue is in my head...I am not stupid and realize that all of the International bank wires coming into my checking account are EASILY traced and I NEVER once gave a single thought to not reporting my income this year...
I looked online and it seems as though as long as you have a record of all of your winning bets and losing bets, and report the totals of both (but have the records in case of an audit) I should be ok...
I was wondering though, since this is my only source of income and I am not paying into Social Security and not paying into the local, state and federal coffers all year long, how hard should I expect to get hit come tax time??...What will be the IRS's "cut"??...
Also, since I obviously won't have a w4 this year, is there any special form I need to report my taxes with this year??...What do you list as your occupation?...I was going to put Professional Gambler...
I already know this is going to be an intriguing year for me when it comes tax time, I am starting to fret a little, so I am looking for some advice from people who have been there before me...
If you prefer not to discuss this in the forum, then ask me for my email and I'll post it...
Thanx...
Fishhead, General:
I became a "Professional Gambler" full time a little before January of last year...All of my income is from Gambling Offshore (I have never placed a bet with a bookie in my life)...
So with the year coming to an end, the tax issue is in my head...I am not stupid and realize that all of the International bank wires coming into my checking account are EASILY traced and I NEVER once gave a single thought to not reporting my income this year...
I looked online and it seems as though as long as you have a record of all of your winning bets and losing bets, and report the totals of both (but have the records in case of an audit) I should be ok...
I was wondering though, since this is my only source of income and I am not paying into Social Security and not paying into the local, state and federal coffers all year long, how hard should I expect to get hit come tax time??...What will be the IRS's "cut"??...
Also, since I obviously won't have a w4 this year, is there any special form I need to report my taxes with this year??...What do you list as your occupation?...I was going to put Professional Gambler...
I already know this is going to be an intriguing year for me when it comes tax time, I am starting to fret a little, so I am looking for some advice from people who have been there before me...
If you prefer not to discuss this in the forum, then ask me for my email and I'll post it...
Thanx...
Glaken:
If this is in fact a "crime" then a huge percentage of the male population is "guilty"...
I Absolutely, positively am going to report all of my winnings (earnings), but am wondering from Fishhead and General just what the best way is to report it...
The whole legality issue is a topic for another day as I believe the United States SHOULD legalize gambling in this country so they can keep the billions of dollars that go offshore WITHIN our borders and TAX that money...
BIG-TIME money there...Billions of tax dollars for our coffers...Why won't they do it??...Morality issues??...Please...Just let these little islands take in billions then...Stupid...
I personally don't see gambling in offshore casinos or sportsbooks as a crime, I did it as a hobby for 7 years and now I have been doing it "full-time" for a year...
What, are you going to throw me in jail for trying to make a living??...I'm not selling dope, I'm not hurting anyone, I'm making a living...The Government needs to wake up and just legalize gambling in the U.S. and this whole offshore issue would be solved...
If this is in fact a "crime" then a huge percentage of the male population is "guilty"...
I Absolutely, positively am going to report all of my winnings (earnings), but am wondering from Fishhead and General just what the best way is to report it...
The whole legality issue is a topic for another day as I believe the United States SHOULD legalize gambling in this country so they can keep the billions of dollars that go offshore WITHIN our borders and TAX that money...
BIG-TIME money there...Billions of tax dollars for our coffers...Why won't they do it??...Morality issues??...Please...Just let these little islands take in billions then...Stupid...
I personally don't see gambling in offshore casinos or sportsbooks as a crime, I did it as a hobby for 7 years and now I have been doing it "full-time" for a year...
What, are you going to throw me in jail for trying to make a living??...I'm not selling dope, I'm not hurting anyone, I'm making a living...The Government needs to wake up and just legalize gambling in the U.S. and this whole offshore issue would be solved...
Hey brew
listing your occupation as a proffessional gambler is not a good idea, you will have a very high chance of getting audited, list your occupation as something else but state your income the same, you will pay %15 social security and %28 plus on taxes depending on how much income you are claiming, like I said before do not waste your time keeping track of losing and winning bets for IRS purposes, the second you do that you have admitted that your income is illegal, i say this to all the people here, if you admit to the government that your income is from online sports betting, your income is illegal and will be taken away. do not admit to anyone you make your money from betting sports online. there is a very easy way around it, say it is from poker.
listing your occupation as a proffessional gambler is not a good idea, you will have a very high chance of getting audited, list your occupation as something else but state your income the same, you will pay %15 social security and %28 plus on taxes depending on how much income you are claiming, like I said before do not waste your time keeping track of losing and winning bets for IRS purposes, the second you do that you have admitted that your income is illegal, i say this to all the people here, if you admit to the government that your income is from online sports betting, your income is illegal and will be taken away. do not admit to anyone you make your money from betting sports online. there is a very easy way around it, say it is from poker.
Thanx guys...I do play poker online occasionally, too...
Ok, so scratch calling myself a "Professional Gamber", so everyone, PLEASE forgot you heard that...I was wondering about the "poker" angle...But is playing poker online considered "legal"??...I can easily say that's what I do and I do davel in poker occasionaly...
Any other input from people on what I should do come tax time this year would be appreciated...
The "poker" thing though...Will the IRS buy it if ALL of my income is from International bank wires coming into my checking account??...
If people do not want to post how they report their winnings to the government in the forum, then maybe I can leave my email here and people can advise me privately??...
Bottom line is, I ain't f^cking with the Government...They can see the "paper trail" of $$$ coming into my checking account from bank wires overseas, so I plan to report EVERY DIME, just don't want to invite an audit if at all possible, that's all...
Thanx...
Ok, so scratch calling myself a "Professional Gamber", so everyone, PLEASE forgot you heard that...I was wondering about the "poker" angle...But is playing poker online considered "legal"??...I can easily say that's what I do and I do davel in poker occasionaly...
Any other input from people on what I should do come tax time this year would be appreciated...
The "poker" thing though...Will the IRS buy it if ALL of my income is from International bank wires coming into my checking account??...
If people do not want to post how they report their winnings to the government in the forum, then maybe I can leave my email here and people can advise me privately??...
Bottom line is, I ain't f^cking with the Government...They can see the "paper trail" of $$$ coming into my checking account from bank wires overseas, so I plan to report EVERY DIME, just don't want to invite an audit if at all possible, that's all...
Thanx...
