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#1
02-08-2007, 01:41 PM
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Neteller dilemma
Over the past three years I have been actively scalping, often times collecting from Neteller and paying my local or an agent for an offshorebook. As these records are produced from Neteller to the IRS, how do I substantiate that I paid Vito the bookie $78K in 2004, the Blue Marlin agent in US $35K in 2005 and Pinnacles agent in California $60K in 2006? While I am about $10K-$15K ahead of the game each year and I DID CLAIM THIS ON MY TAXES, my neteller records will show over 100K in withdrawals annually. Some from Bank wire, only one or two by check (I did that at start) and Most from ATM withdrawals. If I get audited it will show alot allegedly flowing from Neteller to me but not necessarily going back the other. Sure there are probably 20 Deposits to Sportsbooks annually, but the amounts are clearly outweiged by the withdrawals as you need to collect from Peter to pay Paul as the saying goes.
I also did not keep my "work" from past years once I settled up, I kept a running total of how much I was up or down. I wont be able to show lost 5 dimes to Vito on Giants on April 4th but won 5 dimes at Carib then same day and thus withdrew fron neteller to pay Vito. You get the idea. I imagine there are others in the situation, I'd like to hear some thoughts. 
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#4
02-08-2007, 01:57 PM
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Re: Neteller dilemma
" As these records are produced from Neteller to the IRS..."
That is a major assumption you are making. Many people on this forum seem to think this is going to happen but I find it unlikely. The case before the US Attorneys Office is in regards to money laundering by John Lefebvre and Stephen Lawrence. The IRS has not been involved in the process and it would take a great deal of work on their part to figure out who is paying the correct amount of taxes on money from Neteller.
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#6
02-08-2007, 02:15 PM
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Re: Neteller dilemma
Hopefully, the U.S. will not audit you. (It is not as common as one would think) If they take it this far,(going after numerous individual gamblers to make headlines) many people are in trouble. But if the IRS does go after many people, it will take years to go to resolution.
I would recommend getting liquid. Appear to live frugally. (in case of means test) Tell the truth if you get audited. It does not appear that you have committed tax fraud.--They will probably only want money, and if you appear broke when they get ahold of you, you have to go on a payment plan. (I have heard of several world-class poker players on payment plans) The IRS generally does not want people locked up and prosecuted criminally. (you can't pay your tax bill if you are in not working) However, who knows what type of circus (and how many rings) are planned for this whole mess. By the way, I am an attorney, accountant, and have worked as a state (not IRS) auditor.
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#7
02-08-2007, 02:22 PM
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Re: Neteller dilemma
As these records are produced from Neteller to the IRS..."
That is a major assumption you are making. Many people on this forum seem to think this is going to happen but I find it unlikely. The case before the US Attorneys Office is in regards to money laundering by John Lefebvre and Stephen Lawrence. The IRS has not been involved in the process and it would take a great deal of work on their part to figure out who is paying the correct amount of taxes on money from Neteller. I agree with "thirstyforwater's" post
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#8
02-08-2007, 04:41 PM
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Re: Neteller dilemma
[ QUOTE ]
[ QUOTE ] did you pay vito with cash? [/ QUOTE ] I don't think most "Vito's" accept checks/credit cards. [img]/images/graemlins/grin.gif[/img] [/ QUOTE ] In hindsight, that was a dumb question.
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