Questions For U.S. Residents

[CAP5]

1) Since gambling is illegal in the U.S., how much can I withdrawl from my account at one time without having to worry about claiming my winnings on my tax return? I asked my book this same question, and it told me to consult my local tax office. Obviously I'm not going to do that since online gambling is illegal.

2) Should I be worried about the MoneyGram deposits I have made into my account over the years? In order to make a MoneyGram deposit, you must give the person your name, home address, and phone number. The phone conversations are recorded.

3) What's the penalty for getting caught? I'm not a high roller. My standard deposit is $250. Do I have anything to worry about?

I'd like to hear from a few people who have done research on these issues. I love online sports gambling, but I will stop if I think I'm at risk. Thanks in advance!

 

[hedgehog]

the one good thing about Obama taking over is that he will not be too concerned with people gambling online, hell he even does or so he says, I would not give it another thought, jmo

 

[hedman]

The trigger for the IRS with regars to any deposit into a bank account is $5000.00

Keep it under that for withdrawels.

The deposits are nothing to worry about, the US only cares about collecting on your winnings.

In my opinion.

 

[UGA12]

I guess there is always a risk of some sort, but imo you are a small fish in a big pond that they would find more trouble than your worth. I've always been told anything under 10,000 the bank does not have to report. Maybe someone here can varify that again. Regardless I wouldnt worry too much, if their going to get you they probably have already traced yor computer anyway


Edit: I see above that 5000 is the limit.

 

[CAP5]

Thanks for responding hedgehog. How much can I withdrawl from my account without having to report my winnings? What's the maximum in Vegas? Does it work the same way?

 

[CAP5]

The trigger for the IRS with regars to any deposit into a bank account is $5000.00

Keep it under that for withdrawels.

The deposits are nothing to worry about, the US only cares about collecting on your winnings.

In my opinion.

Hedman, so I could make endless withdrawls for $5,000 or less and have nothing to worry about? The checks the book would send to me would not be traceable?

 

[CAP5]

Another question, I noticed my book is no longer allowing U.S. residents to sign up. I signed up a long time ago, so I'm assuming I have been grandfathered or something like that. How come they haven't canceled my account if it's illegal?

 

[THE KOD]

Another question, I noticed my book is no longer allowing U.S. residents to sign up. I signed up a long time ago, so I'm assuming I have been grandfathered or something like that. How come they haven't canceled my account if it's illegal?

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they are waiting patiently for the worm to turn