i placed a $170 wager online for a team to win the championship, and the payout is $25,000 if they win it all. it might be unlikely, but if i do win will the large deposit draw the attention of the irs? it's an offshore online sportsbook. if so, what are some suggestions to receive the funds without drawing attention? i know it's illegal to wager online, same as those who download mp3's..
2007-04-19 08:09:12 · 14 answers · asked by Anonymous in Business & Finance ➔ Taxes ➔ United States
that is true, i could've done something more worthwhile with the money i used to wager, but it was with money that i've already won. the money used to win with the money won in the first place was with fun and recreation money, much like the ipods and mp3 players bought by those who download thousands of illegal music. btw i don't do that either =P
2007-04-19 10:50:13 · update #1
that is true, i could've done something more worthwhile with the money i used to wager, but it was with money that i've already won. the money used in the first place to win with the money won was with fun and recreation money, much like the ipods and mp3 players bought by those who download thousands of illegal music. btw i don't do that either =P
2007-04-19 10:54:39 · update #2
Transfer your money between five bank accounts to someone you trust such as family
2007-04-19 09:57:25 · answer #1 · answered by G Dirty 2 · 0⤊ 3⤋
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2016-06-09 20:12:35 · answer #2 · answered by ? 3 · 0⤊ 0⤋
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2016-12-23 20:39:16 · answer #3 · answered by Anonymous · 0⤊ 0⤋
If you make your hit, you may have some REAL problems getting your hands on "your" money. For one thing, most of those off-shore gambling sites will no longer transfer funds to a US bank. They're tired of having their corporate officers being arrested for violating US gaming laws when they arrive on US soil for a family vacation or an otherwise legal business trip. And all US banks are barred from accepting transfers from those gaming companies so there's a double whammy against you.
Any financial transaction of $10,000 or more is automatically reported to the Treasury Department -- of which the IRS is part of, by the way. This is primarily for tracking potential money laundering or other illegal activities and illegal gaming income is part of what they're looking for. Since 9/11, aggregate transactions over a short period of time that add up to $10k or more are reported under the same rules. Since on-line gaming is illegal in the US and is illegal for US citizens to take part in, you do run a real risk of having the funds confiscated if they manage to get around the rules on transfers from off-shore gaming companies.
If you do manage to get custody of the money, do keep in mind that it's fully taxable in the US as ordinary income.
2007-04-19 08:35:09 · answer #4 · answered by Bostonian In MO 7 · 5⤊ 0⤋
The other answers are correct in that you must report and pay tax on this income. It may require you to pay estimated tax payments, assuming that the amount is large enough compared to your other earnings to require that.
It sounds like your real question is how does the IRS find out about these transactions. The answer is that there are three Acts that impose withholding obligations and/or (bank) reporting requirements.
Check out this IRS ruling for an over view of these Acts:
http://www.irstaxtrouble.com/tax-law/cca-200707001-2007/
Best of luck,
Kreig Mitchell
http://www.irstaxtrouble.com/longmont-colorado-tax-attorney.php
2007-04-23 04:21:32 · answer #5 · answered by colorado_tax_attorney 1 · 1⤊ 0⤋
Is simply to get at game betting with the Zcodes System that you will find here https://tr.im/B2nkT .
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2016-04-27 16:59:56 · answer #6 · answered by ? 3 · 0⤊ 0⤋
You are required by law to report gambling winnings, from legal or illegal sources, and pay income tax on them. I suppose you already know that.
A large deposit could trigger questions as to where it came from, assuming you're not reporting your gambling income. And if you are questioned, you're probably charged with tax fraud.
2007-04-19 14:15:40 · answer #7 · answered by Judy 7 · 0⤊ 0⤋
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2017-03-06 01:44:36 · answer #8 · answered by Hinshaw 3 · 0⤊ 0⤋
1-you are not going to win. 2-if you did win you would not get paid. 3-you can't take a tax write-off on the loss as it is an illegal activity and non-deductible. 4-spend it on beer and have a good time and quit wasting money on scams.
2007-04-19 09:55:31 · answer #9 · answered by acmeraven 7 · 0⤊ 1⤋
Sports betting systems are sets of events that when combined for a particular game for a particular sport represents a profitable betting scenario
2016-05-15 23:45:45 · answer #10 · answered by ? 2 · 0⤊ 0⤋
You won't be audited neccesarily but you will need to report your winnings at the end of the year and pay taxes. Your bank must report the deposit (i think they report anything over $999, I might be wrong about that dollar amount but I think that's it.).
2007-04-19 08:15:44 · answer #11 · answered by meanevilcarrot 2 · 0⤊ 3⤋