paying taxes

[mak15]

i was under the impression that it was ok if i just reported what earnings that i brought into my US bank account, and didn't have to report earnings that still sit in offshore poker accounts until i bring the money here. is this grossly incorrect?

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Grim,

If you didnt pay taxes last year, you dont have to pay estimated payments this year.

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Does this only apply to taxes payed on gambling winnings last year? i.e., do i have to pay estimated payments this year up to the amount I paid in taxes from my 9-5 job?

[StupidAcesSigh]

Does ANYONE have resources for Canadian poker players concerning whether or not we have to pay taxes?

[Leptyne]

This advice is the nuts. And be sure to use a CPA that is familiar with gambling income, as most would not be. The easy definition of a pro is one who receives all his income from gambling. If you receive a W-2 then you would be a semi-pro.

[Blizzardbaum]

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is this grossly incorrect?

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This is almost certainly against the law.

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Not necessarily. Until that money is in your hand/bank account, its an unrealized gain. Its like not reporting stock market gains until the time of sale.

[Parlay Slow]

Totally wrong, try again

[El Diablo]

All,

If you think a publicly trading corporation on the London Stock Exchange is not going to cooperate w/ IRS info requests and subpoenas when the time comes, you are kidding yourselves.

Oh, and they already have access to Neteller info.

[Gregg777]

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Do they really pay people to report others? That seems kind of sketchy policy.

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Yes it is true.

The IRS will pay you a percentage of what they collect.

[Gregg777]

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doesn't the fact that 50% of your winnings go to uncle sam upset you guys?

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It really shouldn't be anywhere near 50%, especially if you aren't classifed as a pro, because then you do not have to pay Social, only the straight income tax percentage.