Quote:
Originally Posted by soflat
I believe with the US tax code the burden would actually be on the player to prove losses. And the gross income can still be affected even if wins are completely offset by losses.
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I expect most players who hung on to the bitter end would have a paper loss due to "winnings" being paid by other methods - this could backfire, as the figures from Neteller might show less being withdrawn than might be the case, however, players could easily prove ALL their deposits if it came to an investigation.
In the long term, few will have a net win, and I would expect the revenue to pick and choose who to investigate, so the most likely targets would be the high rollers moving thousands of dollars per week/month etc.
If it came to it, US players could ask all casinos for a complete list of all deposits and withdrawals they have ever made, and it may be wise to be prepared in advance and request these now if not already done. it may come to nothing, but you can never trust the taxman once they get a whiff of untaxed income.