[llleisure]

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Think about the tax implications - until the money comes offline, no requirement to pay taxes on it because it's in play. Pull it offline and you're supposed to pay taxes so the govt takes a bite. Now if you go put some of that money back in play but it's post-govt-bite and you've just cost yourself whatever % your tax bracket is.

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is all this true? if so, it makes my life a lot easier. holla

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The thing I am 100% sure about is this: The amounts of money in play for some of the HSNL online guys, you shouldn't be taking tax advice as anything other than anectdotal from any Internet forum. Get yourself a good CPA fimiliar with gambling earnings and US tax law. You probably are at least aquainted with someone who knows an over 21 big name pro, right? Ask that person to ask the big name pro to refer you to an accountant and talk with them. Even if not a local TX guy, if you have to go to Vegas for it - which I sort of doubt this being TEXAS and the name of the game being TEXAS hold'em and all lol. If nothing else, ask that magazine guy that wrote the article on you guys to point you at someone who has a good CPA and knows the tax laws.

Logically it makes no sense to me: If you have money you've won in an offshore account, playing with an offshore casino and that money never comes to the US but remains in play offshore, at what point are you required to pay US taxes? What happens if, right after you pay taxes, you donkey off all your money? I doubt you'd be getting a refund.

If you fly to Spain, enter a tournament and win, take the winnings in chips of the casino there if that's an option and place those chips in a casino box in Spain, how is that different than what I'm saying?

Online money that is in play isn't directly accessible and "winnings" aren't really winnings until they're realized ala Capital Gains. That's my theory and it's worth nothing - talk to a CPA familar with gambling winnings.