Jump to content

Netteller And Taxes?

Merlopj

By Merlopj,
in General Poker Forum

 Share Followers 0

Recommended Posts

Merlopj

Merlopj 0

Posted
Posted

So after reading the whole tax lowdown of the WSOP final table and some other articles regarding online poker and taxes on taxabletalk.com, it occurred to me that I could get a nasty letter from Uncle Sam if my old NetTeller account gets investigated.Essentially, it was an offshore bank account that I was obligated to report on my tax returns. I didn’t. I didn’t because I didn’t know that’s how it was looked at, nor did I know I had to report them. So now Uncle Sam is going to look at it and see that the only transactions were deposits from my bank, FullTilt and Pokerstars, and withdrawals to my bank, FullTilt and Pokerstars. Admittedly, I’m a losing player online, and figure $100 every couple months winning low stakes SnG’s and then losing it all at microstakes PLO was somewhat of a frustrating form of entertainment. I actually cashed out two times in fall of 2006 to the sum of around $450. This was much less than what I’ve lost online, but “income” all the same. So I’m probably on the hook for taxes + penalties and interest for the $450, but maybe can itemize my losses for that year to try and make up for it. But here’s why I’m worried about the whole NetTeller fallout and taxes. Will every transaction on NetTeller be counted, or just the aggregate balance to / from the USA? I would deposit on FT, run up some money, then go on a bad run and get mad at their RNG, withdraw what I had left to NetTeller, and go put it on Stars and then do the same vice versa. So basically, there are a bunch of back and forth deposits to NetTeller that can be viewed as “income” because they were cash-outs from FT and PS. If you add them up, that’s pretty substantial. But, if you look at the amount of money from my bank to NetTeller and back, it’s a very one sided party showing more money leaving the country than coming back in. So will Uncle Sam stick me for all my transfer “income” even though I’m a losing player? Or will I just get picked for the $450? Or, in a perfect world, would they look at my pittance of an account and leave me alone and go after all you high rollers? (unlikely, right?)

Link to post
Share on other sites
TheCinciKid

TheCinciKid 0

Posted
Posted

Is this really a serious post? If there was anything to worry about it was like a year and half ago when all the US Neteller accounts got shutdown. Besides which, you were a losing player, which it looks like you can prove. You don't have any "income" to report. As others have said, it would be pretty hard for you to have less to worry about here.

Link to post
Share on other sites
Merlopj

Merlopj 0

Posted
  • Author
Posted

well thanks for all the replies fellas, glad I could add some humor to your day too. I figured I was a little more 'worried' than need be, but had to ask. good luck :-)P

Link to post
Share on other sites
IRS Agent

IRS Agent 0

Posted
Posted
So after reading the whole tax lowdown of the WSOP final table and some other articles regarding online poker and taxes on taxabletalk.com, it occurred to me that I could get a nasty letter from Uncle Sam if my old NetTeller account gets investigated.Essentially, it was an offshore bank account that I was obligated to report on my tax returns. I didn’t. I didn’t because I didn’t know that’s how it was looked at, nor did I know I had to report them. So now Uncle Sam is going to look at it and see that the only transactions were deposits from my bank, FullTilt and Pokerstars, and withdrawals to my bank, FullTilt and Pokerstars. Admittedly, I’m a losing player online, and figure $100 every couple months winning low stakes SnG’s and then losing it all at microstakes PLO was somewhat of a frustrating form of entertainment. I actually cashed out two times in fall of 2006 to the sum of around $450. This was much less than what I’ve lost online, but “income” all the same. So I’m probably on the hook for taxes + penalties and interest for the $450, but maybe can itemize my losses for that year to try and make up for it. But here’s why I’m worried about the whole NetTeller fallout and taxes. Will every transaction on NetTeller be counted, or just the aggregate balance to / from the USA? I would deposit on FT, run up some money, then go on a bad run and get mad at their RNG, withdraw what I had left to NetTeller, and go put it on Stars and then do the same vice versa. So basically, there are a bunch of back and forth deposits to NetTeller that can be viewed as “income” because they were cash-outs from FT and PS. If you add them up, that’s pretty substantial. But, if you look at the amount of money from my bank to NetTeller and back, it’s a very one sided party showing more money leaving the country than coming back in. So will Uncle Sam stick me for all my transfer “income” even though I’m a losing player? Or will I just get picked for the $450? Or, in a perfect world, would they look at my pittance of an account and leave me alone and go after all you high rollers? (unlikely, right?)
Thank you for disclosing this information. You will receive correspondence from us regarding this matter shortly.
Link to post
Share on other sites
chgocubs99

chgocubs99 0

Posted
Posted
Thank you for disclosing this information. You will receive correspondence from us regarding this matter shortly.
Heh...most joke accounts suck, methinks this wasn't too bad though
Link to post
Share on other sites
GetSprung

GetSprung 0

Posted
Posted
That's not what Leon Powe, Heath Miller, and you said last night baby!!!That was a HOT game of NL Gangbangum!!!
Lol that you pretty much just outed yourself. Or did someone already know who you were?
Link to post
Share on other sites

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
 Share
Followers 0
Go to topic listing
×
×
  • Create New...