Cashing out winnings in offshore books

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Hey guys,

Question: Have had some good fortune and won a significant amount of money in offshore book (Over 40K). Want to start cashing some of it out and wanted advice. Options are bank transfers or check via courier. How much to you recommend withdrawing at a time, with concern of tax implications. Any advice would be great! THANKS!
 
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This is Starting to be the Norm around here......Two Big Winners of $40K ??? in the Past Week :think2:

Maybe you should check out the Bookie Chit Chat, Looking under the Thread..........." I Need Help "
 

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Was thinking of making small withdrawals $2500-$5k couple times a month. Leaving $5k left to play with. Was told cashouts Under $10K at a time are not taxed....at least at Vegas casinos.....just not sure how the offshore ones operate.

As for my up/down over the years.....was down on the year this year approx $5k....had positive gains the previous two. Not a huge player here ....ave $50-$100 per play. Won large amount in online casino actually.
 

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Why should he? Probably has lots of losses over the years.

Those losses should have been reported in previous tax years and then carried over to this year.

Somone correct me if I am wrong.
 

hacheman@therx.com
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If I'm not mistaken he's playing offshore & located in the U.S.

Paying taxes shouldn't even be considered or brought up....
 

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Was thinking of making small withdrawals $2500-$5k couple times a month. Leaving $5k left to play with. Was told cashouts Under $10K at a time are not taxed....at least at Vegas casinos.....just not sure how the offshore ones operate.

As for my up/down over the years.....was down on the year this year approx $5k....had positive gains the previous two. Not a huge player here ....ave $50-$100 per play. Won large amount in online casino actually.


IT IS YOUR RESPONSIBILITY TO REPORT YOUR TAXES AND BE ACCOUNTABLE FOR EVERY DEPOSIT THAT HITS YOUR BANK ACCOUNT IF AUDITED.

Your calling 2500-5000 small amounts???

You need to report your WINNNGS on LINE 21 and DEDUCT your losses on SCHEDULE A.

The 10k figure has NOTHING to do with you reporting taxes, other then the fact that your bank may report to the IRS that you have indeed had 10k+ deposited to you bank.

Depositing less then 10k chunks is slightly better then doing 10k and over, but it really makes little difference.

YOU NEED TO PAY TAXES IF YOU WON MONEY GAMBLING .........IN THE MAINLAND OR THROUGH OFFSHORE OUTLETS.
 

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If I'm not mistaken he's playing offshore & located in the U.S.

Paying taxes shouldn't even be considered or brought up....

US tax payers are taxed on income earned worldwide so whether you won the money in Vegas or some offshore book makes no difference. In the case of income earned in a foreign country the IRS may give you credit if you paid income tax in the foreign country and there is some reciprocity tax deal with that foreign country. The bottom line, like Fishhead says, is pay your taxes.
 

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I appreciate the responses...thanks to all.
As for paying the taxes to those who think that is the way to go....I pose to you this: if someone goes to Vegas and wins a couple hundred dollars in the casinos..they should be paying taxes on that?? What percentage of people...of all the millions of people that go and gamble at casinos in this country claim losses/pay taxes on there winnings?? I think you would be hard pressed to find many. Not saying it is right or wrong......but I also have a tough time justifying claiming for tax purposes when the majority of our congressmen and congresswomen do not pay their proper share of taxes....ie Rangle, Geitner, Dodd, to name just a few.
 

hacheman@therx.com
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If I'm not mistaken he's playing offshore & located in the U.S.

Paying taxes shouldn't even be considered or brought up....[/quote]


Not sure what you are implying here.




Just meaning what he's doing is illegal anyhow, so why on Earth are you going to report taxes on something you aren't even supposed to be doing in the first place.
 

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Just meaning what he's doing is illegal anyhow, so why on Earth are you going to report taxes on something you aren't even supposed to be doing in the first place.

Sir, sir, sir..............no, no, no.

First off, it is NOT illegal.................is it 100% legal? No, but is certainly not illegal. In fact, I know of nobody that has ever been convicted of betting online................but there are hundreds of cases were not paying taxes has ended up in that person either paying fines, paying penalties, and/or serving jail time for not having payed taxes on their gambling income, be it from offshore, onshore, or both combined.

Secondly, thousands upon thousands pay taxes on their offshore winnings(myself included), many whom make over 100,000 per year and a few who profit 500,000 or more.

Not paying taxes on gambling income is HIGHLY, HIGHLY ILLEGAL and that is 100% factual......no if's, and's, or but's.
 

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Pay your taxes. Also, don't announce to the world on the internet that you are trying to skirt taxes. :ohno:
Also, taxes are due the same tax quarter you make...not when you withdraw it.
 

hacheman@therx.com
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I'm thinking that the means which some of us collect our winnings & funds from offshore sites may have a lot to do with why our opinions may differ. (Bank transfers vs cash transfers/etc.)

But Fish, forgive me if I'm wrong, but I'm not really sure we can use someone as yourself as an example because most of your playings and/or winnings come from legal casions, correct?

Most of us are very aware that you must pay taxes on gambling winnings, but once again, that rule/law obviously was created for those who are gambling LEGALLY.

Hardly any of us know anyone personally who has been convicted of gambling online illegally, but we've all heard of cases.

I must ask........If one is gamling illegally online, such as yourself, and you actually report these winnings, what on Earth do you say if/when these funds are questioned? Obviously you don't tell them "Oh, that $25,000 came from an online sportbook I play online, which by the way is illegal since I live in the states" Aren't you just BEGGING for attention & increasing chances of getting busted?

Again....we're talking about offshore sites that U.S. players are forbidden by their government to play, not legal, land casinos.

Just making sure.......

I suppose this is a case where you could direct the saying "Two wrongs don't make a right" to me....lol

Regardless, this will help many of us who have different opinions understand....
 

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the 10k limit the IRS looks at it is bullshit.. they flag all suspicious activity.

One of my banks (CHASE) just notified me that they have the wrong social security number. How the hell is that my fault??

I see an audit coming. Not only do I hate the IRS, I hate taxes. So Fishead, go dive dumpsters while my tax dollars pay for billions in overspending bailouts and bullshit 3rd generation welfare programs
 

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This is Starting to be the Norm around here......Two Big Winners of $40K ??? in the Past Week :think2:

Maybe you should check out the Bookie Chit Chat, Looking under the Thread..........." I Need Help "




yep... ..lots of big winners on the RX it seems
 

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