No W-2G from bookie

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Hello everyone,

I just got into the online sports betting business. I'd like to know how it works if the IRS doesn't receive a W-2G form from my bookie BODOG.com Does anyone know if I just put it as other income?

Thanks
 

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You don't get a W2G from any bookie offshore or in the US unless you hit a big payoff. Still have to fill out your tax forms for any wins and offsetting losses.
 

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I think i've read its 21. I was planning on paying taxes too but everytime i read something it says fill out the form that was given to you. But I have to find it online. Also what if I have a big payoff but keep it online and wait until the tax deadline passes? Would that be illegal? For example I keep all my earnings in the account online for 2 years, would I get reported or not?
 

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No one is going to report you period. The feds and IRS will have no idea when and what you won. They might figure out though you aren't reporting your wins, especially if you take withdrawals and then spend it. Still they will have no idea what you won because no offshore will share info with them. To be completely legal though, you have to report the wins in the year you get them. If you keep them in your account it doesn't matter, you still have to report them in the year you get them.
 

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GTS4Eva,

This will be the first year that I claim income from gambling winnings (from offshore) (first year that I've had any) and have to say...I'm a little scared. But the alternative is worrying about the income that has gone into my bank account should I be audited. I don't exactly know or understand the laws for not reporting income and actually don't want to find out about them "the hard way". WildBill is a very knowledgeable person about the industry as a whole and I enjoy his writings. But he has no clue HOW FAR the Federal Gov. will go if they want income information. For instance, just suppose UNCLE SAM told Neteller to send them a list of all US accounts. The dollar figure gained in income could possibly FAR exceed the expense to The IRS... So don't let anyone tell you it can't happen. And somehow (in my mind at least) as long as taxes are paid to the government....that is one less worry and makes our activity more enjoyable. Bottom line...Isn't that the reason we even bother with playing, next to WINNING hopefully?
 

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NetTeller is headquartered in the Isle of Man, so any request made by the IRS can be placed in File 86. For tax purposes, I get all offshore pay outs via cashier's check, make a copy of the check for Big Brother perusal, then deposit the check.For deposits, I use Western Union, then store the receipt. This is more cumbersome than other methods like NetTeller but it creates a clear and verifiable paper trail for income and losses (if that's what you want).
 

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That's a good system. I simply print out my plays from Pinny for Uncle, if needed.

But I highly doubt The Isle of Man's Government shakes fear in the US--If our government is willing to ignore the WTO---then when the Isle of Man's "powers that be" whoever that is are told of a simple US request---what would you do?
 

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Wild Bill has it correct. NO ONE will be reporting you. The only case where I could see you getting in trouble is if you have seperate deposits OVER 10k in your US bank account. I believe 95% of us don't deal with those type of accounts.
 

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