Well does the IRS have records to the transactions in your neteller account? I have had large transactions to and from neteller but I do plan on claiming the income coming into my real bank account which is real income that I take and spend. Is there a certain amount to keep deposits into your bank account at so that you aren't "red flagged" ?
My worst nightmare is an audit and having to hire a tax professional.
My worst nightmare is an audit and having to hire a tax professional.
YES, report all gambling winnings offshore and here in the USA. Remember gambling is not illegal. report what you win and lose and you will be fine. let them audit away.
i keep a log of every game, in a not book. at the end of the year i put all the papers of my win/loses in a box. if i get audited...."here you go mr. IRS, plug away. they will have over est. 15-20,00 bets to go through....HAVE FUN!
i keep a log of every game, in a not book. at the end of the year i put all the papers of my win/loses in a box. if i get audited...."here you go mr. IRS, plug away. they will have over est. 15-20,00 bets to go through....HAVE FUN!
<BLOCKQUOTE class="ip-ubbcode-quote"><font size="-1">quote:</font><HR>Originally posted by Tekari:
SRMUNY,
are you sure of this? IRS can look at the records of everysingle neteller transaction? Or only if they audit you?
Where can you find info like this?<HR></BLOCKQUOTE>
Tekari,
I don't think this applies to any transfers within your NETeller account. Just deposits from NT to your bank and vise versa.
SRMUNY,
are you sure of this? IRS can look at the records of everysingle neteller transaction? Or only if they audit you?
Where can you find info like this?<HR></BLOCKQUOTE>
Tekari,
I don't think this applies to any transfers within your NETeller account. Just deposits from NT to your bank and vise versa.
<BLOCKQUOTE class="ip-ubbcode-quote"><font size="-1">quote:</font><HR>Originally posted by Tekari:
Well does the IRS have records to the transactions in your neteller account? I have had large transactions to and from neteller but I do plan on claiming the income coming into my real bank account which is real income that I take and spend. Is there a certain amount to keep deposits into your bank account at so that you aren't "red flagged" ?
My worst nightmare is an audit and having to hire a tax professional.<HR></BLOCKQUOTE>
Tekari-
Neteller is in Canada so I wouldn't expect that they have a relationship with the IRS. Your bank account is safe unless the IRS decides to audit you. There are no red flags per say unless you are depositing cash and at that point the bank has to file a suspicious transaction report if you walk in with 10k and try to deposit it. If you deposit smaller amounts in cash you would be "structuring" and that is illegal.
As they say, pay your taxes and you'll have no problems. If you want to avoid paying taxes, you'll have to get creative.
Well does the IRS have records to the transactions in your neteller account? I have had large transactions to and from neteller but I do plan on claiming the income coming into my real bank account which is real income that I take and spend. Is there a certain amount to keep deposits into your bank account at so that you aren't "red flagged" ?
My worst nightmare is an audit and having to hire a tax professional.<HR></BLOCKQUOTE>
Tekari-
Neteller is in Canada so I wouldn't expect that they have a relationship with the IRS. Your bank account is safe unless the IRS decides to audit you. There are no red flags per say unless you are depositing cash and at that point the bank has to file a suspicious transaction report if you walk in with 10k and try to deposit it. If you deposit smaller amounts in cash you would be "structuring" and that is illegal.
As they say, pay your taxes and you'll have no problems. If you want to avoid paying taxes, you'll have to get creative.
I plan on paying taxes since I do withdraw money from neteller to my bank account to pay for things etc.
The problem is I have had very large balances at sportsbooks/pokerooms and had to withdraw all at once into neteller then back into the book etc.
I dont want to have to claim this as income each time i withdraw from a book etc. and I am worried if it's large amount then it will set of a red flag and i will get audited.
I plan on claiming my real income but not shuffles around in neteller.
The problem is I have had very large balances at sportsbooks/pokerooms and had to withdraw all at once into neteller then back into the book etc.
I dont want to have to claim this as income each time i withdraw from a book etc. and I am worried if it's large amount then it will set of a red flag and i will get audited.
I plan on claiming my real income but not shuffles around in neteller.
TEKARI what are you hiding. you are sweating nothing.
JUST FILE WHAT YOU WIN AND YOU WILL BE FINE
you can get a CPA to do it for you if you turn in all your wins/losses. this will give it a more professional look.
you have got plenty of answers above, what else are you looking for??
JUST FILE WHAT YOU WIN AND YOU WILL BE FINE
you can get a CPA to do it for you if you turn in all your wins/losses. this will give it a more professional look.
you have got plenty of answers above, what else are you looking for??
<BLOCKQUOTE class="ip-ubbcode-quote"><font size="-1">quote:</font><HR>Originally posted by Tekari:
........The problem is I have had very large balances at sportsbooks/pokerooms and had to withdraw all at once into neteller then back into the book etc......<HR></BLOCKQUOTE>
I don't think you have any worries here since Neteller is Canadian (unless the IRS goes knocking on Neteller's door looking for a favor)BUT.........
For non-professional gamblers...
Your "income" is not the money that you transferred from Neteller to your bank. I'm pretty sure this was already stated but essentially your gambling "income" is your wins minus your losses. If you've lost more than you've won (which I doubt
) you cannot take those losses against your income. Gambling losses can only be offset against your wins. The IRS will treat your net winnings as income.
If you have not kept accurate records of wins and losses then you will have some issues should you be audited.
........The problem is I have had very large balances at sportsbooks/pokerooms and had to withdraw all at once into neteller then back into the book etc......<HR></BLOCKQUOTE>
I don't think you have any worries here since Neteller is Canadian (unless the IRS goes knocking on Neteller's door looking for a favor)BUT.........
For non-professional gamblers...
Your "income" is not the money that you transferred from Neteller to your bank. I'm pretty sure this was already stated but essentially your gambling "income" is your wins minus your losses. If you've lost more than you've won (which I doubt
If you have not kept accurate records of wins and losses then you will have some issues should you be audited.
The IRS site is a good place to get information regarding tax law. They have a search function which works reasonably well.
Here's a search for ya:
http://www.irs.gov/newsroom/article/0,,id=108277,00.html
BTW, if this is really a major concern, your wins/losses are sufficiently large, and you want to pay 100% of what you owe, you should consult a tax professional.
Here's a search for ya:
http://www.irs.gov/newsroom/article/0,,id=108277,00.html
BTW, if this is really a major concern, your wins/losses are sufficiently large, and you want to pay 100% of what you owe, you should consult a tax professional.
