Tax question: offshore casino winnings

My buddy won about eighteen thousand from an offshore internet casino.

The money was distributed to him in small increments, e.g. three grand at a time, til he got it all.

No W2-G was issued to him.

He did not declare the winnings on his income tax return.

Question: would the casino have reported it otherwise to the IRS, and / or might his bank report the receipt of funds from the casino to the IRS, even though each amount was less than ten grand?

My guess...he can probably skate on it undetected, which would be a big advantage of gambling online IF you win big.

You mean, an offshore didn't provide a W2-G? Godawmighty, Granny, can u eeemaginate that?

And they might not have reported it to the Eye-R-SS? Holy moley, Batman, stop the presses!!

And the sky is occasionally blue.

Sorry, MrV, but you need to watch some old Miami Vice episodes or something to grasp the sanctity of the US tax code.

Great response. Even Singer has to be a bit envious of that masterpiece of condescension.

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Originally Posted by jdog

Great response. Even Singer has to be a bit envious of that masterpiece of condescension.

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Yes I enjoyed that! Either MrV is a very naive character, or he was stoned beyond belief when he posted.

The only event I've not been able to hold back my thrills more over recently has been watching the sad little homo try SO hard to "belong" again with his foolish humble/modest made-up thread about a bj machine (where he also tossed in his imaginary "baby bro" for giggles)--only to get slapped down like the moronic little bitch that he has always been. And if I could find his self-inflicted gaping wound, I'd happily pour muriatic acid all over it! :)

Thanks guys...always appreciate the candor, wisdom and helpfulness to be found here, in the Land That Luck Forgot: you guys are the best.

Prior to posting I googled and what I found was not definitive.

I don't gamble online / offshore so I never cared to educate myself as to the applicable regulations / laws in that regard.

Yeah, the IRS says you need to report it, but given the blackness of the heart of man I suspect they're just whistling in the wind.

My main concern I suppose would be his bank reporting the receipt of funds from the offshore casino...D/K how that might work.

Fuck it...he's a big boy, let him figure it out.

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Originally Posted by MisterV

Thanks guys...always appreciate the candor, wisdom and helpfulness to be found here, in the Land That Luck Forgot: you guys are the best.

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Alan handed down the torch-of-stupidity to Singer, who kicked it along to KJ, who relayed it to Redietz, the current marathon man of madness.

Stand by to see what happens next. Looks like Red is grooming A=0 IQ (as in the Alpha Omega fool) for the final hand off. But not down to Don Perignom, who must have flown the coop, in disgust. Ha.

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Originally Posted by MisterV

Thanks guys...always appreciate the candor, wisdom and helpfulness to be found here, in the Land That Luck Forgot: you guys are the best.

Prior to posting I googled and what I found was not definitive.

I don't gamble online / offshore so I never cared to educate myself as to the applicable regulations / laws in that regard.

Yeah, the IRS says you need to report it, but given the blackness of the heart of man I suspect they're just whistling in the wind.

My main concern I suppose would be his bank reporting the receipt of funds from the offshore casino...D/K how that might work.

Fuck it...he's a big boy, let him figure it out.

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The bank would not have accepted the money had they known it came from an offshore gambling site. It's illegal. The offshores use shell companies to pay.

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Originally Posted by Garnabby

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Originally Posted by MisterV

Thanks guys...always appreciate the candor, wisdom and helpfulness to be found here, in the Land That Luck Forgot: you guys are the best.

---

Alan handed down the torch-of-stupidity to Singer, who kicked it along to KJ, who relayed it to Redietz, the current marathon man of madness.

Stand by to see what happens next. Looks like Red is grooming A=0 IQ (as in the Alpha Omega fool) for the final hand off. But not down to Don Perignom, who must have flown the coop, in disgust. Ha.

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I'm the Alpha Omega Troll. Get your shit straight goofball.

I have a decent idea how it works but not enough to really give an opinion of authority. This is what I know but would like to learn more.

CTRs cash transaction records - every daily aggregate transaction of 10k.
KYC for transactions over - 3k.
W2Gs - for slot wins over 1200 and a few other situations.

KYC isn't passed on to IRS. Maybe they check terrorist lists? I'm not sure where the logs ends up and how available it is.
CTRs - there is some form actually submitted to the federal government. It isn't the IRS.
W2Gs - never heard of that from overseas casinos.

AFAIK only the w2gs report back to the IRS. Basically like a lot of stuff you don't avoid your taxes because you won't get caught.
You pay your taxes because it is the law.

If you are breaking the law the question seems to be.
Do any of the CTRs/KYCs increase your chance of being audited?

I dread being audited but I pay all my taxes. I go through that bank statement and add it all up and don't fuck around.

Redietz - stay out of this thread. We know you've only had to file your taxes 3 times in your life.

There are also SARs. I can't remember when those get triggered but supposedly they don't have any relevance unless the IRS is independently looking at you.

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Originally Posted by accountinquestion

I have a decent idea how it works but not enough to really give an opinion of authority. This is what I know but would like to learn more.

CTRs cash transaction records - every daily aggregate transaction of 10k.
KYC for transactions over - 3k.
W2Gs - for slot wins over 1200 and a few other situations.

KYC isn't passed on to IRS. Maybe they check terrorist lists? I'm not sure where the logs ends up and how available it is.
CTRs - there is some form actually submitted to the federal government. It isn't the IRS.
W2Gs - never heard of that from overseas casinos.

AFAIK only the w2gs report back to the IRS. Basically like a lot of stuff you don't avoid your taxes because you won't get caught.
You pay your taxes because it is the law.

If you are breaking the law the question seems to be.
Do any of the CTRs/KYCs increase your chance of being audited?

I dread being audited but I pay all my taxes. I go through that bank statement and add it all up and don't fuck around.

Redietz - stay out of this thread. We know you've only had to file your taxes 3 times in your life.

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In my experience with CTR's, there's no correlation with dealing with them and being audited. Almost weekly for the 1st 4 years of the 2000's, I withdrew $17,200-$57,200, and re-deposited that plus whatever I won 3 or 4 days later. Lots of CTR's were constantly being generated. The purpose was to have a clear cash and banking trail in case I got audited from filing as a professional gambler who had a ton of deductible expenses. There's nothing to fear from the Treasury Dept. if you follow the rules, regardless of how dumb they may seem.

And BTW, in the last month or so I've noticed the stated no. of thread viewers to usually be over 3000. Previously the stated number was maybe a few hundred. What happened--are there suddenly a bunch of illegal aliens reading this forum now? Or has kew been hired to do the accounting?

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Originally Posted by Rob.Singer

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Originally Posted by accountinquestion

I have a decent idea how it works but not enough to really give an opinion of authority. This is what I know but would like to learn more.

CTRs cash transaction records - every daily aggregate transaction of 10k.
KYC for transactions over - 3k.
W2Gs - for slot wins over 1200 and a few other situations.

KYC isn't passed on to IRS. Maybe they check terrorist lists? I'm not sure where the logs ends up and how available it is.
CTRs - there is some form actually submitted to the federal government. It isn't the IRS.
W2Gs - never heard of that from overseas casinos.

AFAIK only the w2gs report back to the IRS. Basically like a lot of stuff you don't avoid your taxes because you won't get caught.
You pay your taxes because it is the law.

If you are breaking the law the question seems to be.
Do any of the CTRs/KYCs increase your chance of being audited?

I dread being audited but I pay all my taxes. I go through that bank statement and add it all up and don't fuck around.

Redietz - stay out of this thread. We know you've only had to file your taxes 3 times in your life.

---

In my experience with CTR's, there's no correlation with dealing with them and being audited. Almost weekly for the 1st 4 years of the 2000's, I withdrew $17,200-$57,200, and re-deposited that plus whatever I won 3 or 4 days later. Lots of CTR's were constantly being generated. The purpose was to have a clear cash and banking trail in case I got audited from filing as a professional gambler who had a ton of deductible expenses. There's nothing to fear from the Treasury Dept. if you follow the rules, regardless of how dumb they may seem.

And BTW, in the last month or so I've noticed the stated no. of thread viewers to usually be over 3000. Previously the stated number was maybe a few hundred. What happened--are there suddenly a bunch of illegal aliens reading this forum now? Or has kew been hired to do the accounting?

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Let's just say there are many many baby bros and lets leave it at that.

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Originally Posted by accountinquestion

Let's just say there are many many baby bros and lets leave it at that.

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And let all of it to the big brothers. Ha.

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Originally Posted by Rob.Singer

And BTW, in the last month or so I've noticed the stated no. of thread viewers to usually be over 3000. Previously the stated number was maybe a few hundred. What happened--are there suddenly a bunch of illegal aliens reading this forum now? Or has kew been hired to do the accounting?

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Druff said he has a problem with bots.

There are 3600+ right now. It would be interesting to hear from Dan what is happening.

Could possibly be real traffic from some external link?

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Originally Posted by redietz

You mean, an offshore didn't provide a W2-G? Godawmighty, Granny, can u eeemaginate that?

And they might not have reported it to the Eye-R-SS? Holy moley, Batman, stop the presses!!

And the sky is occasionally blue.

Sorry, MrV, but you need to watch some old Miami Vice episodes or something to grasp the sanctity of the US tax code.

---

Why be a smart ass in this situation? Not everyone plays and understands the in's and outs of online gambling.

And since it's his friend he probably wasn't all that motivated to fully educate himself on the matter.

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Originally Posted by accountinquestion

Could possibly be real traffic from some external link?

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Sure, must be the casinos spying on the all of the twenty-million dollar AP's in here. Ha.

I brought the imaginary traffic up, years ago, but, no one commented.

And, oh, the less real traffic, the more imaginary traffic.

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Originally Posted by MisterV

My buddy won about eighteen thousand from an offshore internet casino.

The money was distributed to him in small increments, e.g. three grand at a time, til he got it all.

No W2-G was issued to him.

He did not declare the winnings on his income tax return.

Question: would the casino have reported it otherwise to the IRS, and / or might his bank report the receipt of funds from the casino to the IRS, even though each amount was less than ten grand?

My guess...he can probably skate on it undetected, which would be a big advantage of gambling online IF you win big.

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There's almost no chance the casino will/would report it.

I have a friend who gets various government assistance due to his age and disability. He asked me if there was a chance they could find out he was that he was playing poker online and using Crypto. I said it was unlikely, however, if he used his real name and information (he did), I asked him, "how well-known is the site?" He said it was a well-known place such as Bovada/BetOnline etc. I asked him what happens if they end up being regulated in the USA at some point?

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Originally Posted by AxelWolf

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Originally Posted by MisterV

My buddy won about eighteen thousand from an offshore internet casino.

The money was distributed to him in small increments, e.g. three grand at a time, til he got it all.

No W2-G was issued to him.

He did not declare the winnings on his income tax return.

Question: would the casino have reported it otherwise to the IRS, and / or might his bank report the receipt of funds from the casino to the IRS, even though each amount was less than ten grand?

My guess...he can probably skate on it undetected, which would be a big advantage of gambling online IF you win big.

---

There's almost no chance the casino will/would report it.

I have a friend who gets various government assistance due to his age and disability. He asked me if there was a chance they could find out he was that he was playing poker online and using Crypto. I said it was unlikely, however, if he used his real name and information (he did), I asked him, "how well-known is the site?" He said it was a well-known place such as Bovada/BetOnline etc. I asked him what happens if they end up being regulated in the USA at some point?

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And if large amounts of money is going to your bank account it's always a possible issue if you're trying to hide something.

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Originally Posted by AxelWolf

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Originally Posted by redietz

You mean, an offshore didn't provide a W2-G? Godawmighty, Granny, can u eeemaginate that?

And they might not have reported it to the Eye-R-SS? Holy moley, Batman, stop the presses!!

And the sky is occasionally blue.

Sorry, MrV, but you need to watch some old Miami Vice episodes or something to grasp the sanctity of the US tax code.

---

Why be a smart ass in this situation? Not everyone plays and understands the in's and outs of online gambling.

And since it's his friend he probably wasn't all that motivated to fully educate himself on the matter.

---

#1 motivation for Redietz posting is him trying to convince someone that he is smart and knowledgeable. (That someone might be himself)

Saying something useful is waay waaay down the list.

This is what gives him character tho and adds to this site a lot.

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Originally Posted by accountinquestion

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Originally Posted by AxelWolf

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Originally Posted by redietz

You mean, an offshore didn't provide a W2-G? Godawmighty, Granny, can u eeemaginate that?

And they might not have reported it to the Eye-R-SS? Holy moley, Batman, stop the presses!!

And the sky is occasionally blue.

Sorry, MrV, but you need to watch some old Miami Vice episodes or something to grasp the sanctity of the US tax code.

---

Why be a smart ass in this situation? Not everyone plays and understands the in's and outs of online gambling.

And since it's his friend he probably wasn't all that motivated to fully educate himself on the matter.

---

#1 motivation for Redietz posting is him trying to convince someone that he is smart and knowledgeable. (That someone might be himself)

Saying something useful is waay waaay down the list.

This is what gives him character tho and adds to this site a lot.

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I guess, I don't know.

I know that MR.V never claimed to be an advantage player and I'm willing to be he doesn't have much experience gambling online. Red seem to indicate this was something most people should/would know.

Yes Axl, I've ZERO experience gambling online: never really looked into it and wasn't sure what system, if any, was in place.

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Originally Posted by AxelWolf

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Originally Posted by accountinquestion

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Originally Posted by AxelWolf

Why be a smart ass in this situation? Not everyone plays and understands the in's and outs of online gambling.

And since it's his friend he probably wasn't all that motivated to fully educate himself on the matter.

---

#1 motivation for Redietz posting is him trying to convince someone that he is smart and knowledgeable. (That someone might be himself)

Saying something useful is waay waaay down the list.

This is what gives him character tho and adds to this site a lot.

---

I guess, I don't know.

I know that MR.V never claimed to be an advantage player and I'm willing to be he doesn't have much experience gambling online. Red seem to indicate this was something most people should/would know.

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Best case is he is not condescending at all but then he'll be enigmatic and puzzling. Directing it at one other person - as if the other is one of the few who knows. (which is likely true)
It is always something with a bit of I know something you don't sprinkled on it.

Although on occasion he posts normal-like and I'm shocked. Singer too.

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Originally Posted by MisterV

Yes Axl, I've ZERO experience gambling online: never really looked into it and wasn't sure what system, if any, was in place.

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I'll stop just short of absolute zero chance of an offshore casino reporting anything to anyone.

I don't think the banks are going to report anything in this case, so he is probably safe unless there's an IRS audit.

I'm more sure how he files, standard, or itemizes, but he can claim losses vs wins and it might be worth it to go that route if he can itemize.

I am more curious what online casino, it's always good to know what casinos are paying.

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Originally Posted by accountinquestion

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Originally Posted by AxelWolf

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Originally Posted by accountinquestion

#1 motivation for Redietz posting is him trying to convince someone that he is smart and knowledgeable. (That someone might be himself)

Saying something useful is waay waaay down the list.

This is what gives him character tho and adds to this site a lot.

---

I guess, I don't know.

I know that MR.V never claimed to be an advantage player and I'm willing to be he doesn't have much experience gambling online. Red seem to indicate this was something most people should/would know.

---

Best case is he is not condescending at all but then he'll be enigmatic and puzzling. Directing it at one other person - as if the other is one of the few who knows. (which is likely true)
It is always something with a bit of I know something you don't sprinkled on it.

Although on occasion he posts normal-like and I'm shocked. Singer too.

---

If redietz has the knowledge and experience he says he does then it would have been nothing for him to explain a little bit about it to V. The fact that he wouldn't explain even a little means one or two things.

1. He's just a POS troll fucking with people instead of contributing anything meaningful to the site.

2. He has no clue about extracting money from offshore sites. Which means he's a phony fake MF'er.

Hey, we can start a poll

1. Is ditz a POS troll?

2. Is ditz a phony fake MF'er?

And you can vote twice. I vote for 1....and 2.

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Originally Posted by mickeycrimm

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Originally Posted by accountinquestion

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Originally Posted by AxelWolf

I guess, I don't know.

I know that MR.V never claimed to be an advantage player and I'm willing to be he doesn't have much experience gambling online. Red seem to indicate this was something most people should/would know.

---

Best case is he is not condescending at all but then he'll be enigmatic and puzzling. Directing it at one other person - as if the other is one of the few who knows. (which is likely true)
It is always something with a bit of I know something you don't sprinkled on it.

Although on occasion he posts normal-like and I'm shocked. Singer too.

---

If redietz has the knowledge and experience he says he does then it would have been nothing for him to explain a little bit about it to V. The fact that he wouldn't explain even a little means one or two things.

1. He's just a POS troll fucking with people instead of contributing anything meaningful to the site.

2. He has no clue about extracting money from offshore sites. Which means he's a phony fake MF'er.

Hey, we can start a poll

1. Is ditz a POS troll?

2. Is ditz a phony fake MF'er?

And you can vote twice. I vote for 1....and 2.

---

Options to be included in the poll.

3. Red used to brew Billy Walters coffee

4. Red is really a FraudJ sockpuppet

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Originally Posted by MaxPen

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Originally Posted by mickeycrimm

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Originally Posted by accountinquestion

Best case is he is not condescending at all but then he'll be enigmatic and puzzling. Directing it at one other person - as if the other is one of the few who knows. (which is likely true)
It is always something with a bit of I know something you don't sprinkled on it.

Although on occasion he posts normal-like and I'm shocked. Singer too.

---

If redietz has the knowledge and experience he says he does then it would have been nothing for him to explain a little bit about it to V. The fact that he wouldn't explain even a little means one or two things.

1. He's just a POS troll fucking with people instead of contributing anything meaningful to the site.

2. He has no clue about extracting money from offshore sites. Which means he's a phony fake MF'er.

Hey, we can start a poll

1. Is ditz a POS troll?

2. Is ditz a phony fake MF'er?

And you can vote twice. I vote for 1....and 2.

---

Options to be included in the poll.

3. Red used to brew Billy Walters coffee

4. Red is really a FraudJ sockpuppet

---

By all means, start a poll. I've spent weeks promulgating for it. Let me help:

1) Redietz won 25K in the offshore Race to the Super Bowl at Heritagesports.eu., but never figured out how to get the money.
2) Redietz won the TopBet offshore Pick the Pros two years ago versus 1200 entrants, but never figured out how to get the money. Just 18th (versus 900) last year, and still never figured out how to get the money.
3) Redietz's partner knows a high-profile offshore manager, which is why she's banned, including from squares pools, which I think is a first.
4) Redietz received money order payouts from one offshore in birthday cards to his aunts and grandmothers.

Be creative. Bonus points for Billy Walters comments. And I'll get coffee for those brilliant enough to have figured out that it was Roxborough who spent years trying to solve (and perhaps solving) Hong Kong racing. Oops, that was nobody on this site. No coffee for you guys.

I was all half hints and "mysterious" because I thought it was obvious who it would be. Never occurred to me that mickey wouldn't immediately know.

But such is life at VCT. All experts; no knowledge.

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Originally Posted by redietz

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Originally Posted by MaxPen

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Originally Posted by mickeycrimm

If redietz has the knowledge and experience he says he does then it would have been nothing for him to explain a little bit about it to V. The fact that he wouldn't explain even a little means one or two things.

1. He's just a POS troll fucking with people instead of contributing anything meaningful to the site.

2. He has no clue about extracting money from offshore sites. Which means he's a phony fake MF'er.

Hey, we can start a poll

1. Is ditz a POS troll?

2. Is ditz a phony fake MF'er?

And you can vote twice. I vote for 1....and 2.

---

Options to be included in the poll.

3. Red used to brew Billy Walters coffee

4. Red is really a FraudJ sockpuppet

---

By all means, start a poll. I've spent weeks promulgating for it. Let me help:

1) Redietz won 25K in the offshore Race to the Super Bowl at Heritagesports.eu., but never figured out how to get the money.
2) Redietz won the TopBet offshore Pick the Pros two years ago versus 1200 entrants, but never figured out how to get the money. Just 18th (versus 900) last year, and still never figured out how to get the money.
3) Redietz's partner knows a high-profile offshore manager, which is why she's banned, including from squares pools, which I think is a first.
4) Redietz received money order payouts from one offshore in birthday cards to his aunts and grandmothers.

Be creative. Bonus points for Billy Walters comments. And I'll get coffee for those brilliant enough to have figured out that it was Roxborough who spent years trying to solve (and perhaps solving) Hong Kong racing. Oops, that was nobody on this site. No coffee for you guys.

I was all half hints and "mysterious" because I thought it was obvious who it would be. Never occurred to me that mickey wouldn't immediately know.

But such is life at VCT. All experts; no knowledge.

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Dude, you are lame. Why would I give a shit what Roxborough was doing?

Now I have further understanding into why there is delinquent property taxes.

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Originally Posted by MaxPen

Now I have further understanding into why there is delinquent property taxes.

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Then don't be shy. Start a poll.

Dude entered freerolls that didn't pay out anything.

Here is a true clip from the documentary redeitz has been raving on about.

"25k points not dollars they told me AFTER I bested out 20000 contestants. It was good for a goddam 25 dollar Applebee's gift card!

Kid, being a pro is never the right path."