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Seeking advice re:collecting win & hiding it from IRS

Discussion in 'Ask the Meister' started by Curley143, May 22, 2004.

    May 22, 2004
  1. Curley143

    Curley143 Dormant account

    Virginia, USA
    A good friend needs to collect over 10k in wins from an on-line site and would prefer to place it in the bank here in the US. If he deposits the casino check that (it seems to me) should be a red flag to the IRS if it were to be looking. I would think that he would be better off withdrawing in amounts under $1200 and then cashing and slowly making deposits from the cash. Is my thinking right or is there another way? What are the pros and cons on this?

    I certainly would like to hear other thoughts...please!

  2. May 22, 2004
  3. Ezrolith

    Ezrolith Dormant account


    I'm not sure if this has any relevance at all, but a friend of mine here in the UK recently won 17,000 and I thought he would have to pay tax on this, but he didn't. Anything to do with it? Nah, didn't think so :confused: lol
  4. May 24, 2004
  5. spearmaster

    spearmaster RIP Ted

    Devil's Advocate
    Let's put it this way.

    Hiding it from the IRS is a far bigger offense than online gambling could possibly be. So if your friend is smart he'll just do the right thing and have it transferred to his account and then report the income as normal. Two "wrongs" don't make a right. It will, however, cause your friend to suffer a lot more if he is caught.
  6. May 24, 2004
  7. Casinomeister

    Casinomeister Forum Cheermeister Staff Member

    ditto on what Spearmaster said, it's up to you on reporting all forms of income to the IRS at the end of the year. You should try and find more enjoyment in paying taxes. Think of all the cool things Mr. Bush can buy :D
  8. May 24, 2004
  9. GrandMaster

    GrandMaster Ueber Meister CAG

    Mathematician by day, online gambler by night.
    Gambling winnings are not taxable in the UK.
  10. May 25, 2004
  11. Randy

    Randy Webmaster

    Wylie, TX
    I agree with the posters above. The best bet is to report the income. Tax evasion is a serious crime, and the IRS don't play softball. Believe me on this one.

    Besides--since it's won money, your friend shouldn't even miss the taxes. :cheers:
  12. May 26, 2004
  13. hhcfreebie

    hhcfreebie Dormant account

    If he can won 10k, chances are he also lost quite a bit.
    He can deduct his loss when he file for the tax. If he lost more than he won (very likely), he doesn't have to pay a penny! :D
    I still refuse to pay tax for my winning. It's not about the money. If they want a piece of my winning, they should at least give us some sort of protection and regulation. Now they are treat us gamblers like criminals and we are on our own if we got screwed. :mad:
    They want something for nothing? Sorry, it an't happening! :lolup:
  14. May 26, 2004
  15. kniepm

    kniepm Dormant account

    I consider my gambling winnings as "found money." If the IRS can find it, I'll pay taxes on it.

    (I know homeland security has already read this post and is, at this moment on the way to my home to collect.)
  16. Jun 9, 2004
  17. angahar

    angahar Dormant account

    I am still debating on this one. I normally have no problems paying taxes but this is a special case. If we pay taxes on our gambling winnings next year and Bush gets re-elected, then we are funding an administration that would have no qualms about shutting us down, bill of rights be damned. It is kind of sickening that many states have groups of politicians on a crusade to outlaw internet gambling. The reason why they are doing it is fairly obvious - they are bought and paid for by way of campaign contributions from the Land casinos. Add to that the fact that it hurts their state lottery cash cow and they have no reason to respect our right to do whatever the hell we want with our money online. When they pretend to be protecting the addictive gamblers it is an even bigger joke - they will let land casinos get them drunk and take all their money all day long. The bottom line is they hate for us to send our money out of the country, so instead of allowing operation of online casinos in the US to compete for our business they just want to make us into criminals. F THAT! So even for a normally good citizen like me, it is hard to want to send them my money. I'll probably end up doing it anyways though.
  18. Jun 11, 2004
  19. Angus

    Angus Dormant account

    You must register/login in order to see the link. works well.
  20. Jun 15, 2004
  21. bethug

    bethug Banned User - Winner of the "<a href="http://www.c

    i agree , they have to find my money wich will not be easy, :eek2: i still didnt get my 40 acres and a mule. so i will keep my money in my pocket.
  22. Jun 16, 2004
  23. tim5ny

    tim5ny Quit Gambling

    A friend? lol!!! don't be so obvious dude! we all know it's you!
  24. Jun 16, 2004
  25. hhcfreebie

    hhcfreebie Dormant account

    You said it, brother!! :thumbsup: :thumbsup:
  26. Aug 15, 2004
  27. ih8hank

    ih8hank Dormant account

    seeking advice

    Well the way I get away with not paying tax on winnings is claiming it as a "hobby"

    Definition: something I do for fun and not for profit and if i happen to make a profit it was not forseen.

    I am a registered "hobby business" owner and I dont have to pay one red cent.

    Australia introduced the GST and with it came alot of changes to the tax system, and me being 1 year off holding an associate diploma in accountancy gives me somewhat of an advantage :)
  28. Aug 16, 2004
  29. chop-choi

    chop-choi Dormant account

    Customs lets you bring $10K into the country without declaring it, so I'd take a trip to some country I'd always wanted to see, open a bank account while there, have the money sent to that account, then bring it back with me.
  30. Jan 7, 2005
  31. Annorax

    Annorax Dormant account

    Have him contact the casino and get a copy of their logs that shows every individual win and loss. Tell him to report the cashout, then add up every bet he lost and report those losses as an itemized deduction. He may end up getting taxed on some of it, but that's certainly better than either paying taxes on the whole thing or going to prison for tax evasion, amirite?
  32. Jan 14, 2005
  33. Agamemnon

    Agamemnon Dormant account

    Ahh, not really easy that.
    You need proof of residence if you're going to open a bank account in most countries. In fact quite a lot of paperwork,
    unless we're talking about a tax haven, in which case it's a different ball game and I wouldn't advise for amounts this low.

    Just so people won't think that it's that simple.

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