|
||
|
||
|
Server Time: 10/11/2008 12:41:15 PM PACIFIC |
 Taxability of Internet Poker Winnings, TKarrde, 19. Sep 2003 13:47 | ||
| View ( Message | Thread ) | Return to Thread List | |
| I know this has been discussed before but cannot find enough good information in the archives. The reason this has come up amongst my friends is that one of the group has an easy way of withdrawaling money from UB through his Citadel account. So we were thinking that anytime we wanted to withdrawal from UB we would transfer money to him and then he would make the withdrawal. We would get it in 2 days instead of 2 weeks. Our friend has no problems doing this but asked about any consequenses this might have with the IRS. Any thoughts? TKarrde | ||
| Return to Thread List | ||
| Re: Taxability of Internet Poker Winnings, Jonny-Sax, 23. Sep 2003 04:00 | ||
| View ( Message | Thread ) | Return to Thread List | |
| Hi there, I work in a online card room, so am Quite upto date on IRS and what they can do. First of all it all depends on what state you are in, and what are the legal implications of playing online where you are. Second, Online sites have no responsibility to report any payouts to players to the IRS and through the privacy act, are not required to had out information on players. If, on the other had you friend should happen to be audited, although this is rare (And if he is the Kind of guy that is likely to be, maybe think twice about transferring your money to him.) you guys can get in a whole lot of trouble. Think one Al Capone and the demise of his Chicago empire (Well maybe not quite as grand as that) and you may start to see the light. In short, if your prepared to Play online and "Step around " any laws which may be in place, go ahead and transfer money to him. I would suggest that you and your Friends all sign up the PrePaid ATM. The average cashin and be returned within 1-2 days, and you can take it right out of any Cash ATM J | ||
| Return to Thread List | ||
| Re: Taxability of Internet Poker Winnings, Blade, 23. Sep 2003 13:38 | ||
| View ( Message | Thread ) | Return to Thread List | |
| Your in luck I happen to be an auditor (not for the IRS) and can tell you exactly what will happen. This applies to anyone who wins at internet poker. When you get audited the first thing they are going to do is get all of your financial account statements. If you have money coming in to these accounts it will be considered income until you prove otherwise. In your case your friend would be on the hook for the whole thing. | ||
| Return to Thread List | ||
| Re: Taxability of Internet Poker Winnings, ReMMy, 25. Sep 2003 18:13 | ||
| View ( Message | Thread ) | Return to Thread List | |
| What happens if you withdraw to something like a Neteller account and then spend the money from there? | ||
| Return to Thread List | ||
| Re: Taxability of Internet Poker Winnings, EC, 23. Sep 2003 13:59 | ||
| View ( Message | Thread ) | Return to Thread List | |
| Something you said doesn't make sense- why would state laws have anything to do with it if we're talking about the IRS? Federal law applies. Eli . Sep 2003 04:00 Jonny-Sax wrote: > Hi there, > > I work in a online card room, so am Quite upto date on IRS and what they can do. > > First of all it all depends on what state you are in, and what are the legal > implications of playing online where you are. > > Second, Online sites have no responsibility to report any payouts to players to the > IRS and through the privacy act, are not required to had out information on > players. > > If, on the other had you friend should happen to be audited, although this is rare > (And if he is the Kind of guy that is likely to be, maybe think twice about > transferring your money to him.) you guys can get in a whole lot of trouble. > > Think one Al Capone and the demise of his Chicago empire (Well maybe not quite as > grand as that) and you may start to see the light. > > In short, if your prepared to Play online and "Step around " any laws which may be > in place, go ahead and transfer money to him. > > I would suggest that you and your Friends all sign up the PrePaid ATM. > > The average cashin and be returned within 1-2 days, and you can take it right out of > any Cash ATM > > J > > | ||
| Return to Thread List | ||
| POKER FORUM HOME | POKER FORUM | LINK TO US | ARCHIVE | ONLINE POKER | Copyright 2002, United Poker Forum |
|
Getting Started |
UPF Tournaments |
Poker News, Views, Rules |
Poker Strategy & Psychology |
Money and Bankroll Poker Bonuses & Promotions | World Series of Poker (WSOP) | Play Online Poker | Poker Odds & Statistics | Tournament Poker | Poker Books, Videos & Learning Tools Looking for a Poker Game | Poker Bad Beats | Not Quite Poker | Quizzes and Polls | Forum Suggestions & Bugs |
|
|
|
|
Interesting Links: Online Poker | Free Poker Games | United Poker Network |
|