A Serious Question for the Fish?

Whoson1st · Nov 4, 2005

I was reading in another forum where some guy said "Americans are ignoring the law"......and continue to place wagers offshore. He is trying to get some new law passed which would have more enforcement" . ??? I tried several times to ask exactly which law "Americans are ignoring", when plaing wagers offshore. I got no response at all and asked if he was referring to the "wire act" and if so that I thought that law was aimed at bookmakers not players, because of the language. "the business of". Again I got no response...so am assuming the guy is wrong or just doesn't know.
As one who's opinion I value.....do you know what law "American's are ignoring" by placing offshore wagers?

Fishhead · Nov 4, 2005

Whoson1st said:
I was reading in another forum where some guy said "Americans are ignoring the law"......and continue to place wagers offshore. He is trying to get some new law passed which would have more enforcement" . ??? I tried several times to ask exactly which law "Americans are ignoring", when plaing wagers offshore. I got no response at all and asked if he was referring to the "wire act" and if so that I thought that law was aimed at bookmakers not players, because of the language. "the business of". Again I got no response...so am assuming the guy is wrong or just doesn't know.
As one who's opinion I value.....do you know what law "American's are ignoring" by placing offshore wagers?

I am presuming he is speaking of the "WIRE ACT" as you so mentioned, which in todays computor age, has no merit.

The only thing I can think of that would give his statement some merit would be the laws some STATES have issued on internet gambling.

Whoson1st · Nov 4, 2005

Ok--I guess the WIRE ACT was what he is referring to. But regardless of the computer age.......the WIRE ACT still contains the words..."whoever is in the Business of". Only a bookmaker would meet that defination....unless one was placing wagers for any other person. Has any FEDERAL Court ever convicted any player for placing a wager offshore? Or a better question have the Courts ever defined "in the business of". Doesn't seem to be complicated to me so I don't know what law he is referring to when he says "Americans are ignoring the law". (Not referering to any particular state). Maybe WildBill and JC might chime in later.

Thanks

Fishhead · Nov 4, 2005

Whoson1st said:
Ok--I guess the WIRE ACT was what he is referring to. But regardless of the computer age.......the WIRE ACT still contains the words..."whoever is in the Business of". Only a bookmaker would meet that defination....unless one was placing wagers for any other person. Has any FEDERAL Court ever convicted any player for placing a wager offshore? Or a better question have the Courts ever defined "in the business of". Doesn't seem to be complicated to me so I don't know what law he is referring to when he says "Americans are ignoring the law". (Not referering to any particular state). Maybe WildBill and JC might chime in later.

Thanks

Correct!

MoneyManager · Nov 4, 2005

I have been watching for many years now and have seen no evidence of a "player" being prosecuted for gambling either online or thru a local. It has apparently been deemed a very difficult case to win. Also, the possibility of political loss in the public eye, by the political people involved, would be to great.
P.S. Cover your ass by paying your taxes if you win.

Whoson1st · Nov 4, 2005

Thanks MoneyManager, Your thoughts are mine exactly. I have become paranoid about turning in my winnings for this year to the people that do my taxes. But going to do as you say and COVER MY ASS.

Fishhead · Nov 5, 2005

Whoson1st said:
Thanks MoneyManager, Your thoughts are mine exactly. I have become paranoid about turning in my winnings for this year to the people that do my taxes. But going to do as you say and COVER MY ASS.

Who--You do not have to tell anybody WHERE you made your money gambling when you file your taxes.

All that is needed is a $$ figure on line 21, and a $$ figure for the deductions on Schedule A.

The only time you would need to present something is if you received a W-G from a win..........for example, a video poker/slot payout of over $1200.

Whoson1st · Nov 5, 2005

Fishhead said:
Who--You do not have to tell anybody WHERE you made your money gambling when you file your taxes.

All that is needed is a $$ figure on line 21, and a $$ figure for the deductions on Schedule A.

The only time you would need to present something is if you received a W-G from a win..........for example, a video poker/slot payout of over $1200.

Fish---why in the hell does the Jackson Hewlett agent(s) that do my taxes ALLWAYS ask me for YouBet's address when I report my gambling winnings from the last 2 years? :icon_conf

Fishhead · Nov 5, 2005

Whoson1st said:
Fish---why in the hell does the Jackson Hewlett agent(s) that do my taxes ALLWAYS ask me for YouBet's address when I report my gambling winnings from the last 2 years?

I have no idea, you would have to ask him.

But this is certainly not required.

-Fish-

Fishhead · Nov 5, 2005

Fishhead said:
I have no idea, you would have to ask him.

But this is certainly not required.

-Fish-

Some individuals that pay their taxes on their gambling winnings have income from 50+ offshore sportsbooks............do you honestly think they list all 50+ on their returns?

Again, this is not required.

Now again, this is only my personal opinion..............ALWAYS seek as much information as you possibly can from qualified professional tax accountants.

Whoson1st · Nov 5, 2005

Fishhead said:
Some individuals that pay their taxes on their gambling winnings have income from 50+ offshore sportsbooks............do you honestly think they list all 50+ on their returns?

Again, this is not required.

Now again, this is only my personal opinion..............ALWAYS seek as much information as you possibly can from qualified professional tax accountants.

Your point is well taken.....But I can ASSURE you they (professional tax preparers -Jackson-Hewlett DO ask). When I didn't know the address of YouBet, the last 2 years the accountant type it in the Internet and copied it from there.
Fish---Could you do me a BIG favor and ask someone...when you get the chance, why they ask for this..
Much Appreciated.

Fishhead · Nov 5, 2005

Whoson1st said:
Your point is well taken.....But I can ASSURE you they (professional tax preparers -Jackson-Hewlett DO ask). When I didn't know the address of YouBet, the last 2 years the accountant type it in the Internet and copied it from there.
Fish---Could you do me a BIG favor and ask someone...when you get the chance, why they ask for this..
Much Appreciated.

Maybe it is a Jackson-Hewlett requirement............never heard of such before.

Personally, my personal accountant is with HR BLOCK EXECUTIVE tax service.

Whoson1st · Nov 5, 2005

You are right-- (a jackson Hewlett requirement I don't know) had never even thought of THAT... Humm. I'll ask a rep. from H and R before next tax season.

Thanks---I over looked the obvious!

Fishhead · Nov 5, 2005

Whoson1st said:
You are right-- (a jackson Hewlett requirement I don't know) had never even thought of THAT... Humm. I'll ask a rep. from H and R before next tax season.

Thanks---I over looked the obvious!

Why even tell your tax accountant how or where you won the money.

You just tell them you won such and such amount and want to report it.

Whoson1st · Nov 5, 2005

Fishhead said:
Why even tell your tax accountant how or where you won the money.

You just tell them you won such and such amount and want to report it.

That seems like a very good idea, Fish. I don't know why I even told them the winnings were from YouBet. But I do KNOW that once you tell them the company name---They ask for the address. Now--if I just walk into the J-H office with my regular W2's and say--I would like to report my gambling winnings---you are telling me---they don't ask "where". So probably my fault for telling them YouBet....But that is the name which shows on my bank statement for transfers. Whereas as with offshore--it shows Neteller. Maybe I've been giving too MUCH information.Except for one thing---if there is EVER an audit---They have to go with me....So back to square 1.

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