I know with $1000 or less there is no reporting required at all. You will notice that many of the prepaid debit cards on the market have a $1000 (or even less) loading limit per day, mainly so they won't ever have reporting headaches or money laundering worries. I guess this would be a good practice for those who use the check cashing outlets also. I know $1000 is small time for some here, but that figure will work for most.
I posted a thread last year describing a call received from a JPM Chase compliance officer advising me of the firm's disdain for online gambling activity. The only transactions involved 4 wires to and from Canbet (none exceeded $10k). This was a little unsettling, especially since they may have filed a suspicous transaction report. I agreed to follow company policy, even though NY does not criminalize the act of placing a bet. The silver lining in this tale is that it forced me to open a neteller account which is a quality service. I also doubt they reported me to a Government agency because they would never have called to tip me off that this was flagged.
btw, the recent article on the sac reports was from the wsj
btw, the recent article on the sac reports was from the wsj
Do you guys realize how many people are gambling offshore? There are hundreds of thousands of these sorts of wires going through monthly. Some get reported, some don't. The fact is though a transfer of money is no proof of a crime. If you pay your taxes or at least report both winnings and losses you have no risk, period. No DA is going to prosecute you for gambling and try to prove it by showing a record of wire transfers. The government assumes just about everyone loses gambling so if you put in something like $100k won and offset it with $100k lost and come up with a diary, no one from the IRS is going to find that unusual.
this topic usually come up about once a year..............many good answers in this thread....
one item i do remember is that.....the feds were able to determine that 9/11 terrorists all had transfers UNDER the 5k range....so the amount of money isnt as important in raising suspicions.......as the where, when and how.....
one item i do remember is that.....the feds were able to determine that 9/11 terrorists all had transfers UNDER the 5k range....so the amount of money isnt as important in raising suspicions.......as the where, when and how.....
WildBill said:
Bill --when I have claimed gambling winnings and losses from YouBet.com (horse racing), the accountant (Jackson-Hewlett) gets the address of YouBet off their internet website to put somewhere in records. How would this work for Pinnacle (with sports)? What I'm saying is somewhere it must read that you have to show WHERE the gambling winnings-losses came from.
Also when you say a "diary", isn't the printout that Pinnacle offers on their site the same thing?
What about this? Get to know the folks at your bank and open several on line stock trading accounts. Send huge bucks to them. Talk the market with the tellers and managers. Watch Jim Cramer follow his picks and pick up crumbs that the big boys have already feasted on and you'll lose a few bucks.
Of course sneek in a few other EFTS.
Of course sneek in a few other EFTS.
What about this? Get to know the folks at your bank and open several on line stock trading accounts. Send huge EFT bucks to them. Talk the market with the tellers and managers. Watch Jim Cramer follow his picks and pick up crumbs that the big boys have already feasted on and you'll lose a few bucks. Have that money coming and going.
Of course sneek in a few other EFTS.
Of course sneek in a few other EFTS.
The govy has the best of both worlds taxing winnings on gamblings. If you win during the year, you are taxed. If you lose, it is not deductible, nor can you carry that loss foward to gambling winnings in future years.
What kind of a deal is that? Its a bullshit deal.
For a long term player like myself, there is no way to avoid huge winning years and huge losing years. When you add it all up at the end of the decade, if I've cleared a small profit, I've done well and had a lot of fun. Just the way it works. But if I start paying taxes every year I win it is a fucking.
It would be paramount to going out and spending all the profits at the end of the year and then next year when I suffer the apology my bankroll dwindles to nothing when I should be breaking even.
Taxation of gambling profits simply isn't fair as it is currently set up.
The moral majority in control of law making believe that sports wagering is immoral. Yet, they allow losses to carry forward on every other kind of gambling, like the commodities futures markets. Tell me how going long or short on oil or wheat isn't gambling? I'm all ears.
Later,
Books Worst Enemy
What kind of a deal is that? Its a bullshit deal.
For a long term player like myself, there is no way to avoid huge winning years and huge losing years. When you add it all up at the end of the decade, if I've cleared a small profit, I've done well and had a lot of fun. Just the way it works. But if I start paying taxes every year I win it is a fucking.
It would be paramount to going out and spending all the profits at the end of the year and then next year when I suffer the apology my bankroll dwindles to nothing when I should be breaking even.
Taxation of gambling profits simply isn't fair as it is currently set up.
The moral majority in control of law making believe that sports wagering is immoral. Yet, they allow losses to carry forward on every other kind of gambling, like the commodities futures markets. Tell me how going long or short on oil or wheat isn't gambling? I'm all ears.
Later,
Books Worst Enemy
Whoson1st said:
WHO---You are not required to say WHERE your gambliing winnings come from on your tax return!
All that is required is TOTAL WINNINGS on LINE 21 and TOTAL losses on your deduction schedule.
If you are audited, then of course you will have to produce a diary to prove your wins and losses and where they occurred.......and a chance maybe not even then.
-Fish-
Books Worst Enemy said:
Very unfair, no doubt about it. I guess they figure everybody loses... and of course gambling is a sin so you should not be given any breaks. But, the IRS does want its cut in case you do win by some chance. This is viewed as both a revenue source and a punishment for 'sinning'.
It stinks to live in such puritanical times.
I still do NOT understand why Jackson-Hewlett asks where the gambling winnings came form and then proceeds to get the address! This is not for a 300 to one payoff, where paperwork is required. I've never been scared to tell them the moent came from YouBet---since that is EXACTLY what it says on my bank statement anyway. Then their accountant or whatever their title is get their address off the internet.
