Anyone reporting neteller as an offshore bank in their taxes?

[frozzor]

just curious

[Orlando Salazar]

NT isn't an interest bearing account. I don't see why you'd report assets. Did you report you car your watch? There's prolly a law where you must declare foreign held assets but I've never stumbled accross it.

[frozzor]

ya it's sketchy whether neteller is a financial institution or not, but if the gov decides it is and you don't report then it's a felony?

[Orlando Salazar]

Ok. You will have to report gambling winnings. Most people who recently signed with NT gave the SS#'s so the IRS has transaction info. However, if you just deposited money into NT and never did anything with it, i don't see why this is reportable. But, wtf do i know. Taxes on gambling winnings are for resposible, law abiding citizens.

[schwza]

my understanding is that most reputable people think that neteller is reportable. to the guy who said something about reporting a watch there's a rule about reporting "financial accounts" with 10k+ that are overseas, but nothing about watches.

the trickier questions is whether poker accounts themselves count. most people think they don't, but my accountant and the irs both told me they did, so i'm declaring mine. you can search for a thread started by me a few months ago about it.

[nineinchal]

[ QUOTE ]
ya it's sketchy whether neteller is a financial institution or not, but if the gov decides it is and you don't report then it's a felony?

[/ QUOTE ]

If its a financial institution, shouldn't I be able to get my deposits out of it?