Re: Legality and Withdrawl
[ QUOTE ]
Ooops, I got the form numbers wrong...shouldn't post when I am under the influences of painkillers (dental work)(but then again, it was a game not to identify the form wasn't it? you could have said what the form was for...).
This is exactly why the OP should hire a personal accountant, not ask 2+2.
Actually though, money in a poker site account is pretty clearly not money that requires a foreign bank account report. Neteller and any similar e-wallets are an open question. The IRS seems to take the position that it applies, however, so the safer policy is to report a balance in an offshhore e-wallet if the balance at any time exceeds 10K. As a practical matter, however, this is still primarily a tax issue, as failing to report the foreign account under these dubious circumstances (is it a covered account?) is not likely to be a problem if the income is properly reported and the corrext taxes are paid.
Skallagrim
[/ QUOTE ]
From a little more reading it seems the IRS might take the new use of the form to require the use of the form when the total of all your poker accounts exceeds $10k, since all poker accounts are offshore as far as I know, not just a single account or transaction.
As it is getting to the point the IRS seems to want to know where every dime you might have is as a US citizen.
I ofen ask at a register if they still take cash?
When they laugh, I say; "of course with three forms of ID and a note from my Mother explaining where I actually got the cash......"
D$D's October goal is to put a smile on everyone's face this month!
|