Very New to Gambling (questions on legality and taxes)

mikeh84

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• #1

I'm thinking about trying my hand in online sports gambling after years of doing well in those pick-em type contests. I have a few questions though, mostly surrounding the legality of online sports gambling. From what it on the net, sports gambling is illegal in the US (I live in NY), but most of these online sites are placed offshore (so I guess this is a way around the legality). Does this make online sports gambling okay?

My other question is about taxes. From what it seems, any earnings must be filed and claimed with the IRS.How strictly is this enforced?

Thanks in advance.

 

billhill999

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• #2

It's not illegal for you to place a wager offshore.

 

Dante

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• #3

mikeh84 said:

I'm thinking about trying my hand in online sports gambling after years of doing well in those pick-em type contests. I have a few questions though, mostly surrounding the legality of online sports gambling. From what it on the net, sports gambling is illegal in the US (I live in NY), but most of these online sites are placed offshore (so I guess this is a way around the legality). Does this make online sports gambling okay?

My other question is about taxes. From what it seems, any earnings must be filed and claimed with the IRS.How strictly is this enforced?

Thanks in advance.

Click to expand...

Mike welcome to the RX.... its still a gray area as Bill said but you should post this question in the main offshore forum for some more feedback.... good luck and again welcome to the RX


in fact ill copy this thread to the main forum for you to get more feedback

 

AFLGuru

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• #4

Technically, you're supposed to claim your earnings (and losses for that matter) on your tax return, but as long as you aren't playing with some immense amount of money, I wouldn't bother claiming it (I'm sure 95% of the people on here don't claim their gambling winnings and losses).

 

nhoj

Pro Handi-Craper My Picks are the shit

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Could that 95% of the people here don't win to have to claim. If you are doing bank transfers and you are winning you better have a good explaination of where that money is comming from if you were to get audited. Birthday gift from Uncle Louie in Costa Rico won't work. Good luck! You may want to read some of the threads on Money Management on here before you start playing. Theres a little more than just picking the right team too this.

AFLGuru said:

Technically, you're supposed to claim your earnings (and losses for that matter) on your tax return, but as long as you aren't playing with some immense amount of money, I wouldn't bother claiming it (I'm sure 95% of the people on here don't claim their gambling winnings and losses).

Click to expand...

 

AFLGuru

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• #6

Don't do bank transfers... Western Union harder to trace...

 

buddyboy

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• #7

first I'll tell you what you want to hear:

It's not illegal.
and
what the IRS doesn't know won't hurt them.

Now I'll tell you what you need to hear:

Call a lawyer that specializes in gambling law, and a tax lawyer that specializes in gambling tax law.

regardless of what you do only send (and keep) enough money at an offshore book that you can loose. It doesn't matter how big, how trusted or how long they have been around... shit happens and books do go under/get shut down. Some leave with all your money, some hold on to it for months and months, some pay it back asap.

good luck

 

zedisdead

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• #8

Gambling is illegal in the US. But

Each state has their own laws concerning gambling and you should look them up:

http://www.gambling-law-us.com/

The Feds are not after a typical bettor or on-line gambler. They want the bookie or on-line owners, The latest law (UIGEA) was passed a few months ago that uses the RICO act as a foundation to make on-line wagering illegal. This law was passed under a rider of the Safe Port act, and was passed by many legislators who did not bother to read the rider.

All the feds have done is make it more difficult to move you dollars into and out of a book. As stated above, only keep enough in a book you can afford to lose.

If you make a lot of money and don't report your taxes to the IRS or run a bookie service through your on-line book you are playing with fire. Go see a lawyer to discuss tax issues.

Who wants to stop you from gambling on line. The NFL, NBA and MLB thats who, and if you think the latest change to the gambling laws sumbitted by Frank are any better, watch out cuz they will kill all on-line gambling in the US as we know it.

 

Dante

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Zedi...welcome to the RX....good to have you here ...

 

zedisdead

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Thanks, thanks for having me.

In my opinion, the most important thing to do in being a safe-on line bettor, regardless of the US Fed and State laws that are in place, is to have a book that is safe and reliable.

Be careful of what rating guides you use, ask other on-line bettors which books are the best, and choose a book that suits your needs. I friggin love to bet on sports, and Vegas is too far to go. Ever since I got hooked on-line, I can see why the sports leagues want to shut this on-line thing down, but they will have to pry the keyboard from my cold dead hands before they force me to stop.

Oh, by the way, I would not draw attention to yourself when discussing your on-line betting habits (unless you know whom you are talking to.)

GL and may tis be a profitable year.

 

Gaz

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AFLGuru said:

Don't do bank transfers... Western Union harder to trace...

Click to expand...

I thought you had to give your SS for western union...how is that harder to trace?

 

Betallsports

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• #12

Gaz said:

I thought you had to give your SS for western union...how is that harder to trace?

Click to expand...

?????? You are Making a Joke here ? Right ??

No One Asks for a SS # from Western Union !!

 

lakerman34

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Hello! I'm new to Rx Forums, gotta say I LOVE IT! haha

Just curious, from what I gathered, if I make less than $5000/tax year in gambling, I don't really have to report and no repercussions?? I'm from PA.

 

festeringZit

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lakerman34 said:

Hello! I'm new to Rx Forums, gotta say I LOVE IT! haha

Just curious, from what I gathered, if I make less than $5000/tax year in gambling, I don't really have to report and no repercussions?? I'm from PA.

Click to expand...

Wrong.

 

lakerman34

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Gimme da scoop, festeringzit?

 

tanner12oz

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legal or not....dont be stupid and try to blend in as much as possible. thats sound advice for just about EVERYTHING