PM me if interested in joining potential class action suit v. Neteller

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Not being from the USA I don't know how this would work but as there are a lot of lawyers on this thread would be intersting to hear any views and other opinions.

Imagine player A deposits 500 into a site from neteller then later withdraws back into neteller 2500 from the site. Therefore there is a taxable gain of $2000?

If a class action lawsuit only returns a certain % is the player still also liable to pay tax on the full $2000? So could end up costing them more money than they have in Neteller in the first place.

What sort of percentage of players do you think have fully paid tax on their winning transactions in neteller? Are the non tax payers going to be in for a big shock once all the EFT and other banking records the DOJ have been after have been reviewed?

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Dotti, I was hooted at a couple of years ago when I brought this up, but there is an accounting concept known as "constructive receipt". What this means is you do not owe taxes on money until you have actually got the money.

People were wondering about paying taxes on their gambling gains that were still in online accounts. I pointed out that having money online was still under the site's control and you did not have "constructive receipt" of the gains until you cash out and get the money completely under your control.

I think the money currently trapped on neteller is a good example, as is winnings on poker sites that could be seized for a number of reasons. Pay taxes on your winnings when they are under your control in a US Bank.

As far as neteller records go, the US Govt. would have been able to get those anytime they wanted, suit, arrests, or nothing. Neteller has always said they would comply with the US Govt. requests.

The Govt. can also get the records from the EFT processing companies or your bank anytime it wants them, these companies will also comply to any requests.

The EU recently raised a big stink when a HUGE database of financial transactions was turned over to the US Government by the European banking network. The US is datamining the transactions looking for terrorist financial activities, although now that they have the transaction data, nothing is stopping them from looking for other things.