HubDub04 0 Posted May 30, 2007 Share Posted May 30, 2007 What does he claim on his taxes. If he's gonna be like a 10 million dollar profit winner online this year, how is he gonna tell the gov't that he did it with online gambling money?How is he cashing out? Just getting huge hundred thousand dollar checks and depositing them? Won't the bank ask questions?Do you think he is gonna be 100% honest in his reportings or only act like he made $75k this year from "legitimate" endeavors?What do guys like Durrr, Patrik, OMGClayAiken, etc. do? I have been thinking about this for a while now and I hope someone has some ideas. Link to post Share on other sites
koolromeo 0 Posted May 30, 2007 Share Posted May 30, 2007 the govt doesn't care where claimed money comes from as long as you declare it pay the tax on it. btw it's not illegal to play online poker, so you can just be honest and claim the money as gambling winnngs. Link to post Share on other sites
rdtedm 0 Posted May 30, 2007 Share Posted May 30, 2007 I had a problem like this earlier. Not claiming taxes on it is a big mistake because the risks outweigh the rewards. Cashing out in small increments thorugh various methods is "structuring" which carries a fine in the hundreds of thousands of dollars and a federal prison term.You even have to claim taxes on funds you have sitting in offshore accounts if they stay there for a certain amount of time. Like everyone else is going to say, the gov't doesn't care how you made your money as long as they get their piece of it. Link to post Share on other sites
psujohn 0 Posted May 30, 2007 Share Posted May 30, 2007 the IRS doesn't care where claimed money comes from as long as you declare it pay the tax on it.There are other branches of the government that do care. But yes, the law surrounding online poker is unclear enough that I can't see the government trying to prosecute a player. Possible but not likely. And as far as the IRS is concerned I believe you simply report "gambling winnings" and don't necessarily specify the source of those winnings. If Mr. Townsend is called in to face charges of illegal internet gambling he can simply claim that all his gambling winnings came from a weekend trip to Vegas and he has no idea who this "sbrugby" character is. Link to post Share on other sites
Balloon guy 158 Posted May 30, 2007 Share Posted May 30, 2007 Or he can just send his busty wife to spend the night at the white house a couple times, and get a presidential pardon, thereby allowing him to not pay taxes on hundreds of millions of dollars.....Oh wait, wrong administrationYea fill out the long form Link to post Share on other sites
rgold79 0 Posted May 30, 2007 Share Posted May 30, 2007 Or he can just send his busty wife to spend the night at the white house a couple times, and get a presidential pardon, thereby allowing him to not pay taxes on hundreds of millions of dollars.....Oh wait, wrong administrationYea fill out the long formYeah instead he should give out $2K donations to anyone in the GOP he can get near. He can probably parlay this into a no-bid DoD contract with minimal oversight or regulation and a lobbying job waiting for him when the gravy runs out. Link to post Share on other sites
Balloon guy 158 Posted May 30, 2007 Share Posted May 30, 2007 Yeah instead he should give out $2K donations to anyone in the GOP he can get near. He can probably parlay this into a no-bid DoD contract with minimal oversight or regulation and a lobbying job waiting for him when the gravy runs out.Alright.....we got us a showdown.Or he could pretend that $2K gets a remote entry into the inner circle. While he's pretneding he can pretend that Halliburton is one of hundreds of other companies capable of doing the work they did, instead of the reality that they are the only one and have been doing this for the government for years. Link to post Share on other sites
FoxwoodsPro 0 Posted May 30, 2007 Share Posted May 30, 2007 Or he could pretent the 2k wasn't spent on hookers and blowDoes that stick with the flow, I'm not good with politics? Link to post Share on other sites
rgold79 0 Posted May 30, 2007 Share Posted May 30, 2007 Alright.....we got us a showdown.Or he could pretend that $2K gets a remote entry into the inner circle. While he's pretneding he can pretend that Halliburton is one of hundreds of other companies capable of doing the work they did, instead of the reality that they are the only one and have been doing this for the government for years.Heh... I knew I could never go toe to toe with the the Great Balloon Guy but I figured I could throw a quick punch before someone else stepped in and broke it up. Link to post Share on other sites
Balloon guy 158 Posted May 30, 2007 Share Posted May 30, 2007 Heh... I knew I could never go toe to toe with the the Great Balloon Guy but I figured I could throw a quick punch before someone else stepped in and broke it up. I thought you were doing good, glad to see though that I am always right.It's a burden sometimes, but I will just have to trudge on and bear the weight. Link to post Share on other sites
Royal27 0 Posted May 30, 2007 Share Posted May 30, 2007 I thought you were doing good, glad to see though that I am always right.It's a burden sometimes, but I will just have to trudge on and bear the weight. So that is what the balloons are for... Link to post Share on other sites
Balloon guy 158 Posted May 30, 2007 Share Posted May 30, 2007 So that is what the balloons are for...Any edge I can get Link to post Share on other sites
El Guapo 8 Posted May 30, 2007 Share Posted May 30, 2007 Does not matter if he cashes out $2 or $2 million. He has to pay taxes on his winnings for the entire year. So even if he leaves all of it on FTP, he still will have to pay taxes on his profit. Link to post Share on other sites
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