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#21
02-09-2007, 12:00 AM
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Re: Neteller, the DOJ, and the IRS
[ QUOTE ]
[ QUOTE ] records from a pit boss? LOL [/ QUOTE ] Theres no records from a pit boss when it comes to the poker tables. [/ QUOTE ] yeah. this is why i think its funny. even on blackjack table, i cant imagine everyone asks for a written confrimation from a pit boss everytime they lose $400. 
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#22
02-09-2007, 12:07 AM
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Re: Neteller, the DOJ, and the IRS
[ QUOTE ]
[ QUOTE ] records from a pit boss? LOL [/ QUOTE ] Theres no records from a pit boss when it comes to the poker tables. [/ QUOTE ] Yep there are no records really. So the IRS won't hold you to the standard to produce records that couldn't exist. You will need to have a log of course. You should be careful about doing too much winning online and "losing" in casinos though. There are mathematical ways to determine if you've made up your losses. i.e. Real numbers have certain properties (they are distributed in a certain way) which made up numbers don't.
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#23
02-09-2007, 12:08 AM
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Re: Neteller, the DOJ, and the IRS
[ QUOTE ]
[ QUOTE ] [ QUOTE ] records from a pit boss? LOL [/ QUOTE ] Theres no records from a pit boss when it comes to the poker tables. [/ QUOTE ] Yep there are no records really. So the IRS won't hold you to the standard to produce records that couldn't exist. You will need to have a log of cours. You should be careful about doing too much winning online and "losing" in casinos though. There are mathematical ways to determine if you've made up your losses. i.e. Real numbers have certain properties (they are distributed in a certain way) which made up numbers don't [/ QUOTE ] good thing i know a fair amount about probability and statistics (was forced to take it early on in college)
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#24
02-09-2007, 12:09 AM
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Re: Neteller, the DOJ, and the IRS
you don't get written confirmation.
You are required to keep a journal at the minimum. That isn't to say it's not impossible to forge a journal. I don't think I would want to risk it, but to each their own. The book Gambler's Guide to Taxes by Walter L. Lewis has a lot of good stuff about the requirements, keeping a journal and what is required, etc.
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#25
02-09-2007, 12:12 AM
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Re: Neteller, the DOJ, and the IRS
[ QUOTE ]
[ QUOTE ] [ QUOTE ] [ QUOTE ] records from a pit boss? LOL [/ QUOTE ] Theres no records from a pit boss when it comes to the poker tables. [/ QUOTE ] Yep there are no records really. So the IRS won't hold you to the standard to produce records that couldn't exist. You will need to have a log of cours. You should be careful about doing too much winning online and "losing" in casinos though. There are mathematical ways to determine if you've made up your losses. i.e. Real numbers have certain properties (they are distributed in a certain way) which made up numbers don't [/ QUOTE ] good thing i know a fair amount about probability and statistics (was forced to take it early on in college) [/ QUOTE ] Yep. Stats 101 is all you need to be proficient at tax evasion. If you didn't have 1000+ posts, I'd pull out the troll reply.
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#26
02-09-2007, 12:13 AM
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Re: Neteller, the DOJ, and the IRS
[ QUOTE ]
[ QUOTE ] [ QUOTE ] [ QUOTE ] records from a pit boss? LOL [/ QUOTE ] Theres no records from a pit boss when it comes to the poker tables. [/ QUOTE ] Yep there are no records really. So the IRS won't hold you to the standard to produce records that couldn't exist. You will need to have a log of cours. You should be careful about doing too much winning online and "losing" in casinos though. There are mathematical ways to determine if you've made up your losses. i.e. Real numbers have certain properties (they are distributed in a certain way) which made up numbers don't [/ QUOTE ] good thing i know a fair amount about probability and statistics (was forced to take it early on in college) [/ QUOTE ] Although I don't have intimate knowledge of this stuff, as I'm not in accounting, I believe there are quite a few tests. Just FYI.
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#27
02-09-2007, 12:13 AM
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Re: Neteller, the DOJ, and the IRS
"First, Neteller is considered to be a foreign financial institution. If you have a foreign bank account, and have $10,000 or more in a foreign bank account(s) at any one time, you are required to file Form TD F 90-22.1 by June 30th of the following year with the Department of the Treasury and check the box at the bottom of Schedule B. If you have a foreign bank account and don't declare it, you can face civil and/or criminal penalties. Anyone who received $10,000 or more in one transaction from Neteller had a foreign bank account. I expect the Treasury Department to check their records and come after those who didn't declare their Neteller account. A few individuals may even face criminal prosecution over this, if they had extremely large transactions from Neteller."
How does receiving more than $10,000 in one transaction make Neteller a "foreign bank account?" An e-wallet is not a bank under any meaningful definition of the word. They're closer to prepaid merchant accounts and if the Department of Treasury wanted a report for every prepaid merchant account on foreign soil their regulations would say so. No one was required to report their Neteller accounts any more than they were required to report prepaying a London travel agent for a foreign vacation or prepaying a London department store or prepaying a London poker site. If you opened a bank account in London, you were required to report it. Otherwise, NO!
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#29
02-09-2007, 12:22 AM
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Re: Neteller, the DOJ, and the IRS
[ QUOTE ]
[ QUOTE ] [ QUOTE ] [ QUOTE ] [ QUOTE ] records from a pit boss? LOL [/ QUOTE ] Theres no records from a pit boss when it comes to the poker tables. [/ QUOTE ] Yep there are no records really. So the IRS won't hold you to the standard to produce records that couldn't exist. You will need to have a log of cours. You should be careful about doing too much winning online and "losing" in casinos though. There are mathematical ways to determine if you've made up your losses. i.e. Real numbers have certain properties (they are distributed in a certain way) which made up numbers don't [/ QUOTE ] good thing i know a fair amount about probability and statistics (was forced to take it early on in college) [/ QUOTE ] Although I don't have intimate knowledge of this stuff, as I'm not in accounting, I believe there are quite a few tests. Just FYI. [/ QUOTE ] Thats fine they can do all the tests they want. Those tests cant account for stakes played. If I say I play higher stakes online and got lucky or something to that effect, but that I steadily lost money at casinos, you can easily turn a 20k win into a 20k loss and still keep well within the confidence interval of expected probability. Here's another possiblity. Suppose my online game is very good but my llve game sucks (even if thats not the case). Then its entirably possible to have mostly winning online sessions and mostly losing live sessions and yes it wont look statistically accurate if I had to have to the same winrate in both games. But its entirably plausible that im good at one and worse at the other, meaning I could have very different statistics in one compared to the other.
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#30
02-09-2007, 12:32 AM
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Re: Neteller, the DOJ, and the IRS
[ QUOTE ]
[ QUOTE ] [ QUOTE ] [ QUOTE ] [ QUOTE ] records from a pit boss? LOL [/ QUOTE ] Theres no records from a pit boss when it comes to the poker tables. [/ QUOTE ] Yep there are no records really. So the IRS won't hold you to the standard to produce records that couldn't exist. You will need to have a log of cours. You should be careful about doing too much winning online and "losing" in casinos though. There are mathematical ways to determine if you've made up your losses. i.e. Real numbers have certain properties (they are distributed in a certain way) which made up numbers don't [/ QUOTE ] good thing i know a fair amount about probability and statistics (was forced to take it early on in college) [/ QUOTE ] Although I don't have intimate knowledge of this stuff, as I'm not in accounting, I believe there are quite a few tests. Just FYI. [/ QUOTE ] How about the actual fact that many of us actually play much larger live than online and have had some huge losses?
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