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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