Tax question: offshore casino winnings

[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.

[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.

[jdog]

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

[Rob.Singer]

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

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!

[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.

[Garnabby]

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.

[mickeycrimm]

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.

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.

[accountinquestion]

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.

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

[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.

[smurgerburger]

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.

[Rob.Singer]

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?

[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?

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

[Garnabby]

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

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

[mickeycrimm]

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?

Druff said he has a problem with bots.

[accountinquestion]

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?

[AxelWolf]

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.

[Garnabby]

Could possibly be real traffic from some external link?

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.

[AxelWolf]

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?

[AxelWolf]

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?

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.

[accountinquestion]

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.