Legality/taxes of offshore payouts?

[JEFF]

I'm sure this question has been hashed out many times, so please bear with me. I have been doing pretty well th epast few months with my book (pinnacle) and have cashed out about 2 large like 4 times -- once by having them send a check, the other times by having them wire the cash into my prepaid ATM account.

My question is, does the gov't monitor all such wires/payments because they are from overseas, and if so what do I need to do about paying taxes on it. And is it technically illegla for me to be accepting these payments.

I love the action and the profits, but not enough to go to jail. Any info is appreciated. Thanks.

Jay

 

[BleedDodgerBlue]

and have cashed out about 2 large like 4 times

Jay

you have nothing to worry about. the money although nice is miniscule. even the feds have bigger fish to fry

you certainly aren't going to jail

theres always a risk with anything in life. but there are millions wagering online everyday. you really do have nothing to worry about

gl

 

[JEFF]

I understand I'm a small fish, but my concern is that with the increase in homeland security the feds may look at int'l wires a lot more closely, or that my prepaid ATM company (visa wired plastic may have to report suspicious activity.

Maybe paranoid, but better safe than sorry. Thanks for the feedback though. Anyone else with specific info would be appreciated.

 

[BleedDodgerBlue]

the increase in homeland security has been going on since 2001.

i and millions others haven't had a problem

i've cashed out plenty of times and amounts that you have posted. never had a problem

the feds aren't stupid. they know when you get a wire from a book that it's coming from a book and not a terrorist. they just don't care right now.

 

[Hard Times]

Pinnacle is mob money. Hugh book. They take action so big that 2 dimes is nothing. But to be real save don't cash out more than ten dimes at one time,or ten dimes total in 3 months.Banks could red flag your account.

 

[JEFF]

What about taxes? Does anyone actually pay them on offshore winnings?

And shit, I've already cashed out about 6k in a month or so...

 

[johnny00]

In terms of taxes, online sportsbooks don't divulge that information to your government. They say that it is up to you.
I don't think it's a problem.

Jay I'd be interested to know what you bet on that wins you so much? send me a PM please

 

[Iowa Child]

If you're not a professional gambler, your net winnings for the year should be claimed as "other income" on your tax return.

 

[BuffaloBill]

I wouldn't worry about a thing.

As for the legality part, you have nothing to worry about. This shit has been going on for years and no one cares enough to do anything about it.

Besides, how could they enforce this anyway?

You have millions and millions of people wagering every day on all kinds of shit.

You have old lady's addicted to online bingo and all sorts of other shit like that.

Hell, they have this shit advertised all over the damn radio, magazines and even billboards when you are driving on the highway.

Do you think this would be allowed if anyone cared?

You don't see signs saying "hey everyone I deal drugs on 29th street and Smith avenue, come get it while you can."

This doesn't happen because authorities care about this shit. They don't want drug dealers out there.

Offshore has never been a problem and it never will be a problem.

In addition to this, if you ask a lawyer who specializes in this stuff, he will tell you that the legal issue has nothing to do with offshore, but it has to do with the state that you live in.

Yes, this surprised me too, but it is true.

Gambling is governed locally, not overseas.

Some states say that is not illegal to place a bet.

For example, in the state of New York, it is not illegal to place a bet. So technically, here you would be fine.

But, I know that in Florida it is illegal to place a bet, so here it would be technically illegal.

Either way, don't sweat it. Even if you are in a state where it is illegal, no one gives a shit.

As far as the taxes, if you are moving very large amounts of money, I would consult an accountant or lawyer to figure out the best way to do it.

If it is small amounts, I wouldn't even sweat it.

If you do decide to declare, you must have specific records of all wins and losses, and you can only write off your losses against your winnings.

If your losses exceed your winnings, you cannot write that off. You just have to eat it.

Bottom line, no one is watching you, so stop being paranoid. I was once like you, so I did some investigating, and now I realize that it was a waste of time.

I was being paranoid too. No one cares about this shit. Don't sweat it.