foreign account reporting due today - question

[efficacy]

I have waited until the last minute to do this. Can you please tell me where in the world the following poker sites are stationed:

Party poker
Full Tilt
Poker Stars

also, neteller.

Thanks.

[drtofu66]

I might as well piggy-back onto this, so...

What did you all put for NeTeller regarding the 'Type of account'. It's not really a security. I guess you could call it a bank, even though it garners no interest. I'm seriously thinking about checking 'Other' and putting 'E-Wallet' and letting them deal with it.

What about the "country in which the account is held"? Isle of Man?

[efficacy]

I figured it out... all the info for the poker sites is here:

poker scout'

Neteller is headquartered in Isle of Man. For 'type', I just wrote 'Neteller', lol.

[PokeReader]

Country is England, technical term is financial institution. Be sure you are ready for the audit. You understand because of constructive receipt you need to pay tax from the moment the money is in your Neteller or gaming site account, not from when you actually physically receive the money.

Some useful websites:

http://www.gambling-law-us.com/Artic...mbling-tax.htm
http://www.taxabletalk.com/posts/1170966022.shtml

[Route66]

As I understand it, reporting is only required if you had 10K+ in the account during the year, correct?

[DrewOnTilt]

[ QUOTE ]
As I understand it, reporting is only required if you had 10K+ in the account during the year, correct?

[/ QUOTE ]

yes.

[efficacy]

[ QUOTE ]
As I understand it, reporting is only required if you had 10K+ in the account during the year, correct?

[/ QUOTE ]

I believe you need to report if you had 10K+ total across all your foreign accounts at any time.

[ChipLeeder]

I contacted the IRS/Treasury Department Foreign bank directly and confirmed with them that e-wallets such as Neteller are reportable foreign accounts for U.S. foreign bank account reporting (due July 2, 2007.)

While I was at it I asked about monies at online gambling sites such as PartyPoker. This was their reply:

"As for a response on the Party Poker account, it may be harder to determine if it is reportable. If it is just a transfer service account it is not considered reportable."

It is my belief now that:

Most likely, most of monies are held at PartyPoker, PokerStars, etc. not reportable. While all non-US online e-wallets are reportable.

FYI

Chip CPA

[PokeReader]

http://www.irs.gov/businesses/small/article/0,,id=148849,00.html
http://www.irs.gov/businesses/small/article/0,,id=148845,00.html
http://www.speranzasystems.com/pdf/G...ofUSTaxLaw.pdf
http://www.hbtlj.org/v07p1/v07p1Sheppardar.pdf

The Speranza document is probably the clearest for non-tax preparers. This is pretty much all there is out there. If it is not clear, you can ask a specific question, but I am sure no one is willing to be responsible for the accuracy of your tax return. Be sure you mail to Detroit.