If you pay taxes on your offshore winnings...

Do you report withdrawls minus deposits (all of mine show on my bank statement), or do you report your actual winnings including increased balances?

Also, would the Neteller ATM card be traceable by the IRS?

1. Report JUST your overall winnings(easier to do if your keep a dairy and deduct your losses up to the amount of your winnings). Make sure you are accountable for ALL your deposits that hit a bank account, that is your main concern.

2. On the Neteller debit card, there is different fellings by the masses whether this is tracable by the IRS or not. My inclination is if they wanted to, they could find it so having said that I would play it safe rather than being sorry later on.

PLEASE TALK TO YOUR INDIVIDUAL TAX ACCOUNTANT ON THESE ISSUES.........AND MAKE SURE IT IS NO FLY BY NIGHT ACCOUNTANT.

Best of luck

The Neteller debit card is issued and administered by FSV. It is most assuredly trackable by the IRS -- but then so is any other debit card issued by any bank in the world, due to MLATs and the ongoing efforts of the OECD and FATF. There's precious little financial privacy left in the world today -- nothing Neteller could help unfortunately.


Phaedrus

What is FSV? MLAT? OECD? FATF?

Can IRS trace withdrawal by an atm card from a swiss bank acct?

<BLOCKQUOTE class="ip-ubbcode-quote"><font size="-1">quote:</font><HR>Originally posted by -=Scorpion=-:
What is FSV? MLAT? OECD? FATF?

Can IRS trace withdrawal by an atm card from a swiss bank acct?<HR></BLOCKQUOTE>

Maybe you should see the movie MIRACLE to refresh your memory.

The USA can do ANYTHING!!

1. Report JUST your overall winnings(easier to do if your keep a dairy and deduct your losses up to the amount of your winnings). Make sure you are accountable for ALL your deposits that hit a bank account, that is your main concern.



good advice...If it goes INTO your bank account I would report it as income..whether you use the IRS form for recieving Misc income OR the gambling income.. report it and pay the taxes...not worth worrying about, you will sleep better...I would keep your records of deposits and withdraws if you have losses that balance out the wins in the rare case you get an audit

posted by -=Scorpion=-:
<BLOCKQUOTE class="ip-ubbcode-quote"><font size="-1">quote:</font><HR>
What is FSV? MLAT? OECD? FATF?
<HR></BLOCKQUOTE>


FSV is, I believe, the company that administers Neteller's debit card program.

"MLAT" stands for "Mutual Legal Assistance Treaty" and is the tool used by the assorted nations of the world to fûck their citizens over, especially when it comes to matters of taxation (see this brief explanation at the State Department's website.)

The OECD and FATF are just two prominent examples of the many multi-national agencies in charge of making life difficult for the 99% of the world's population that are not terrorists, drug dealers, money launderers, kiddie pornographers etc., under the pretense (or even worse, the sincere but incompetently-implemented goal) of trying to do something about the 1% who are.

<BLOCKQUOTE class="ip-ubbcode-quote"><font size="-1">quote:</font><HR>
Can IRS trace withdrawal by an atm card from a swiss bank acct?
<HR></BLOCKQUOTE>

In most cases, yes. All Visa and MasterCard debit cards held by American citizens are reported to the IRS under a court settlement reached in 2002. While it is perfectly legal to have an offshore bank account, it is illegal to have one and use it to redomicile unreported foreign income (such as sports betting winnings), and even if you do not use it to redomicile cash, if the balance is over $ 10,000.00 you are required to report it (form 90-22.1)

Minor rail cards, such as Cirrus and Maestro, go under the radar a bit, but you're living dangerously if you think you can get too far with one and not get caught eventually. There are some great providers out there in privacy-oriented jurisdictions (I recommend Loyal Bank's excellent account domiciled in St. Vincent and the Grenadines)


Phaedrus

remember, all gambling winnings can be offset with gambling losses. a couple trips to the track should net you enough losing tickets to cover it!~

HINT- Contrary to popular belief, one can actually roll these losses over to the next year, if your sly.

fish, what you are getting into is illegal, be careful.

RPM, that has already been tried and the gentleman was denied his deductions. He was denied due to the fact, all his losing tickets had footprints on them.

I wouldn't mess with Sam - it's not worth risking getting yourself assigned a bunk with rapist Kobe IMO.