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Old 02-02-2007, 02:51 AM
PeterWellington PeterWellington is offline
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Join Date: Jan 2007
Posts: 6
Default Re: USA Today article - Neteller

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I could forsee a stop being placed until Neteller is capable of issuing a 1099 for tax purposes for each individual US account holder.

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I don't see how that is possible as NT has no idea how much people have made. They only know how much people moved through their system. People often cash out or buy in via a different method then NT. Even if we move past that, most of the money in the gamboling economy is in sites ATM not in NT. Therefore any information they have is incomplete unless that money were to go back through their system.

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What you say is partially correct, but they can give a total for the amount in each account from a specific date forward (i,e. 2/1/2007) This can then be the base amount for a 1099 to be issued. It would then be up to each tax payer to come up with records in order to show losses and gains.

Or the DOJ may simply seize all funds similar to what they do in drug cases. I'm sure they (the US gov) would love to do this if they could and currently have their lawyers exploring all options.

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I doubt they'll have Neteller issue some 1099 type form. That would make as much sense as having a U.S. bank issue them for a non-interest bearing checking account.

I'm more concerned with a long drawn out court battle and bankruptcy.
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