Neteller is trash and should be boycotted

[WorldRunner]

Brewers,

What's wrong with simply using neteller ATM? Then you don't have any trail. I don't see how it's a problem unless you make over $182,500 (or $365,000 depending on whether you get $500 or $1000) a year. I know it sucks to have to go pull $500 out of the ATM everyday but you don't have to do it for EVERY withdrawal... I just wouldn't send so many wires to your account. I've been in banking for a while now... I guess I just prefer to have as FEW wires as possible into my account. Anything substantial from an off-shore source is going to be questioned... And in some cases will be flagged automatically due to federal regs.

Obviously though if you're a large player then my option doesn't work for everyone...or if you can't stand to have your money in Neteller for that long. I understand.

 

[TheGeneral+]

Having just spoke to my tax adviser, based on 10k in winnings for 2004, I will pay the state tax of 3.4%± and I will pay a Federal tax of 12.4%± for all income in 2004 including the gambling winnings and it will be reported as casino and horse winnings. Now, that is somewhat of a tale, but you are paying and it would take just pure bad luck to get audited while paying your taxes and keeping your bank account deposits under the radar.

 

[poopah]

what is this $500 crap, you can only put $1000 a day to your atm neteller card, but you can withdraw $2500 a day from the atm, so all you have to do is go to the atm 10 times a month and get 25 dimes, and if you even mention the withdrawl fees being a problem then you definitley are not making enough money to even worry about any thing.

 

[brewers7]

I've never used an ATM machine in my life and don't know anything about NetTeller ATM, but I am interested now...

I'm NOT a big "player" yet and with 2 months 2 go in the year, if, God willing, I maintain my current pace, I will make a little bit more money this year than I did at my previous computer job before I got laid off...

It's not huge money, but it IS a living...I use bank wires because it seems like the easiest way for me to get the money...I only recently opened a NeTeller account (about 7 weeks ago), so I don't know all the ins and outs of it...

I guess my question is, if I have SportsBooks pay me through NetTeller, and I use NeTeller ATM to withdraw my $$$, how is there "no paper trail"??...

I appreciate this input...Thanx...

 

[TheGeneral+]

There is always a trail, unless you use cash, handed to you. You cannot hide it. Claim it and sleep well.

 

[poopah]

brew

there is paper trail but much tougher to find than your bank account, when you get audited the irs goes straight to your bank account and checks out your deposits and withdrwals, they won't even know you have a neteller atm card, that's why it is much better, from the sound of it you don't make enough money to get red flagged, just list your occupation as somthing else and stop wiring money to your bank account, because that is the firsrt thing the IRS will do in an audit is bring up your bank statements.

 

[brewers7]

Thanx General...This is a GREAT site, by the way...

I do keep my bank wires under $4000 at all times and generally keep them in the $500, $1000 and $2000 range...I guess I report the income as "casino and horse" income and just hope there is no audit...Kinda sucks, but I am generally a very honest person, so I want to keep everything above board here...I just personally don't believe gambling is a crime, so if you want to call it a shady business, then it's the only "shady" thing I have ever done in my life, but I love it, I invest a lot of time into it, and it is now how I make a "living"...

But this tax stuff worries me, because I just simply refuse to not report this income...And I won't hedge, either, I will report every dime because I want to avoid trouble at all costs...

 

[TheGeneral+]

I assure you that there is an easy method to check all ATM transactions in your name if necessary. In this day of technology, don't be naive.

 

[truthteller]

Brewers,

What's wrong with simply using neteller ATM? Then you don't have any trail. d.

World,

I am sure this can be tracked.

 

[TheGeneral+]

As far as a form#, I am not sure as I have used taxcut the last few years and there are specific questions about gambling income, so i just fill in the blanks.

 

[brewers7]

Thanx poopah, your insight is helpful, very helpful, but I just cannot bring myself to NOT report my "income"...Can't do it...If I get audited, I get audited, that's life, I get a lawyer if I need to and go from there...

In my mind, I am not doing anything dishonest, so as long as I report all my income, like the General says, I can "sleep well"...

I am just looking for ways to make my tax statement look as legit as possible...I am married, so it will be a VERY interesting joint return this year...

 

[brewers7]

Thanx again General, you have been incredibly helpful here...I appreciate it...

 

[WorldRunner]

World,

I am sure this can be tracked.

I understand that it CAN be tracked....

 

[brewers7]

I've never heard of "taxcut" General, but I will look into it ASAP...

Thanx again guys...

 

[BaseballGuy]

Do you guys realize the chances of being audited??

It is something like 1 out of a million returns.

Pay taxes on any extra income. You don't have to list it as gambling income. Just pay your taxes and you will be fine.

I just wanted to make the point that the likelyhood of you getting audited are very very slim regardless.

 

[TheGeneral+]

http://www.taxcut.com/

File electronically right from your home.

 

[brewers7]

General:

You just saved me a trip to google...Thanx a ton...I owe you one...

I'm new to this site, but it is a VERY helpful site with a lot of good people sharing some good knowledge...I will try and contribute whatever I can to help here...

Thanx again General for a top-notch site and thanx to everyone else, too...

 

[poopah]

baseball guy

actually a little less than 3% of the population get audited every year, however, most of these are mail in audits and face to face audits, however by claiming you are a pro gambler you are certainly increasing this chance, and BREW, i did not say don't report your income, I just said change your occupation. Either way don't worry too much about the subject, like I said before the government has many other priorities over stopping gambling income. if you make alot of money you can always open a SWISS bank account.:coffeetim

 

[Glaken]

just sitting in a meeting that I could care less about...and reading this stuff......why don't you guys do what JJ does....claim your taxes from Wal-Mart and read the tax code? There is no gray area....if you say I made money gambling while a US resident an don't declare it you could go to jail or get fined.

 

[Glaken]

I also hate sitting in a room listenging to idiots with seniority after dark....good thing I'm not married.