HSBC Offshore bank $15/month or $10000 minimum

sean1 · Oct 19, 2006

http://www.offshore.hsbc.com/1/2/international/current-accounts/offshore-bank-account?HSBC_au=1&HSBC_ae=c&HSBC_ad=HBIB_2006_27_03_CAM0_OBA1

Seems you can open this account from anywhere in the world,

Sean

WildBill · Oct 19, 2006

I can tell you this Sean and anyone else considering this, using a big worldwide bank like HSBC assures the IRS will find out about this and unless you are a millionaire with business interests around the world your chances of an audit having an account like this skyrocket.

sean1 · Oct 19, 2006

I send the IRS a copy of all gambling deposits and withdrawals every year and pay my taxes.

If I need an offshore account, I will check off the box and send them a copy of my bank statements. They won't need to find out about the account because I will send a copy of it to them. I have no problem with paying my taxes and if they wish to audit me, they will already have the statements in hand.

Sean

WildBill · Oct 19, 2006

We should start referring to you as St. Sean!! haha

sean1 · Oct 20, 2006

Not a saint - I just prefer to stay out of jail and the best way to do that is to pay your taxes.

I am not looking to avoid taxes. I am looking for ways to keep using neteller or the like.

Sean

snoopol · Oct 20, 2006

WildBill said:
We should start referring to you as St. Sean!! haha

hahah that's a good one lmao

Bet-It-All · Oct 20, 2006

So what if you keep an offshore account to deposit with your bank account and just report it as winnings from gambling in vegas.

sean1 · Oct 20, 2006

You can report it as winning from online gambling. Online gambling is not criminal. The federal government can not make it criminal as it is a state issue. The federal government can only regulate the banks.

You can also report it as ecommerce if you believe that lowers you chance of being audited.

Sean

Mr.Smith · Oct 20, 2006

dont think just because you are innocent the IRS wont make you miserable or will not believe you are guilty of not paying all taxes.

IRS agents have to justify their time spent. They have bosses they report to like anyone else. They have to produce, like any other job holder. If their are too many cases assigned to them where they go back to their boss and say "Yeah I spent 240 hours investigating this guy, but turns out he did pay all of his taxes", that is 240 salaried hours they spent to generate zero income. that is bad for them and their career at the IRS.

your chances of audit do skyrocket. you "should" be OK if you pay all taxes. just dont believe you WILL be OK with the IRS, because you may not.

you send documentation of all wagers/deposits/etc, they think their are probably more and winnings you are omitting.

you somehow prove thats not true ( I dont think anyone can) and they will come after you for something else.

you got any Vegas winnings you didnt declare ( not saying you do, but they will start hunting elsewhere and elsewhere on your return)

bottom line-they dont like to spend a lot of time on an audit to come up empty handed.

know the risks if you are going to do this

BAGIANT · Oct 20, 2006

Show me one thing in the IRS manual that says you have to pay taxes! I know a guy that will pay you $100,000 if you can find a law that says you have to pay income tax! They use ATF liens to get you pay up on income taxes which is illegal!

BAGIANT · Oct 20, 2006

I haven't paid taxes since 1982!
!

Sugarbear · Oct 20, 2006

stuckinvegas said:
I haven't paid taxes since 1982!
!

Wesley Snipes in the house. Go...

Bet-It-All · Oct 20, 2006

stuckinvegas said:
I haven't paid taxes since 1982!
!

Ok I made the Call the IRS will be at your house in 2 minutes

Start shredding those papers while you can

uppy:

heatohio · Oct 20, 2006

sean1 said:
I send the IRS a copy of all gambling deposits and withdrawals every year and pay my taxes.

If I need an offshore account, I will check off the box and send them a copy of my bank statements. They won't need to find out about the account because I will send a copy of it to them. I have no problem with paying my taxes and if they wish to audit me, they will already have the statements in hand.

Sean

Why in the world would you do that??? The government screws you every which way and you go out of your way to give them more money? I don't understand.

vanzack · Oct 20, 2006

HSBC has brick and mortar branches inside the USA. Like in NY and FL.

I would be concerned that they will follow the US law because of this.

sean1 · Oct 20, 2006

Mr. Smith - I do not live my life in fear. I am not concerned about the IRS making up baloney. You can't prevent them from doing this if they like.... If need be, they can hall my ass to court and I'll prove it to a jury.

Heat - As much as I think the government sucks in regards to regulating morals, I do enjoy having highways, safe flights, national forrests, police when someone breaks into my house, etc etc etc. I don't have a problem with taxes and I think 15-38% is fair.

Sean

Data · Oct 20, 2006

sean1 said:
I send the IRS a copy of all gambling deposits and withdrawals every year and pay my taxes.

Actually, you are very close to anyone who does not pay any taxes on gambling winnings, sir. To be in compliance with their rules you have to pay taxes on ALL your winnings, not just net winnings.

Here is a simple math example. Say, you are in 35% tax bracket and you play -105 lines and went 30/20 hitting impressive 60%. All seems good. You net is 30-21=9 units and your "wishful" taxes are 3.15 leaving you with 5.85 units profit. That is not the way IRS wants you to pay. You have to pay 30*0.35=10.5 leaving you with -1.5 units after taxes. To sum up, a honest tax payer who hits 60% loses 3% of his every bet after paying taxes.

Hence, there is no point to pay taxes as you do and it is a very expensive hobby if you pay you taxes as per IRS.

sean1 · Oct 20, 2006

HBSC is based in Hong Kong. They have been an offshore haven for years. I guess they could change, but I highly highly doubt it.

I also highly doubt the US is gonna go after banks based elsewhere. They are gonna have a hard enough time enforcing it on banks here.

Sean

sean1 · Oct 20, 2006

Data - you are wrong.

You can file gambling as a business if you can show active activity as a business. As a business you can write off expenses (Losses) vs your winnings. The IRS has maintained this option for professional gamblers time and time again.

In your scenario, I think Id owe the IRS about $25 million.. I'll be surprised if I make $25M in my entire lifetime.

-Sean

vanzack · Oct 20, 2006

Data said:
Actually, you are very close to anyone who does not pay any taxes on gambling winnings, sir. To be in compliance with their rules you have to pay taxes on ALL your winnings, not just net winnings.

Here is a simple math example. Say, you are in 35% tax bracket and you play -105 lines and went 30/20 hitting impressive 60%. All seems good. You net is 30-21=9 units and your "wishful" taxes are 3.15 leaving you with 5.85 units profit. That is not the way IRS wants you to pay. You have to pay 30*0.35=10.5 leaving you with -1.5 units after taxes. To sum up, a honest tax payer who hits 60% loses 3% of his every bet after paying taxes.

Hence, there is no point to pay taxes as you do and it is a very expensive hobby if you pay you taxes as per IRS.

You sir, have very bad math and dont understand the tax code.

You are allowed to deduct all of your gambling losses up to the amount of your gambling wins. If you win a million and lose a million you dont pay a dime on that income.