The official NETELLER thread. (138 days on.) #2 of 3.

[craig1120]

[ QUOTE ]
its not a frucking bank account
does that mean for 2007 i wont have to file that i have a foriegn account sicne the [censored] doj is based in the us

[/ QUOTE ]
I read this like 6 times trying to figure out what your saying. Do you mean since neteller is not technically a bank account I don't need to claim it?

[gmblpdam]

You are supposed to report if you have any money at all in a foriegn bank account. If you had an average of over $10,000 in the account for the year, there is a seperate form to file.

[Mike Haven]

I notice, hidden away in the Changes to Canadian Market Press Release of March 26th 2007, that Neteller clarifies the point:

"The Company would, in light of recent press comment concerning its announcement of 21 March 2007, like to make clear that the 75 day period referred to in that announcement was for agreement of a plan of distribution with the United States Attorney's Office. It would remain to be determined, as part of that plan, the precise timing of the distribution of funds to US customers."

[SwordFish]

[ QUOTE ]
You are supposed to report if you have any money at all in a foriegn bank account. If you had an average of over $10,000 in the account for the year, there is a seperate form to file.

[/ QUOTE ]
This is completely false.


Regarding Foreign Accounts, the Schedule B Instructions state:

[ QUOTE ]
Check the Yes box if......
At any time during 2006 you had interest in or signature or other authority over a financial account in a foreign country (such as a bank account, securities account, or other financial account).
__________________________________________________ _____

Exceptions. Check the “No” box if any of the following applies to you........
The combined value of the accounts was $10,000 or less during the whole year.......

[/ QUOTE ]

If you answer yes, you must fill out Form TD F 90-22.1 and file it prior to June 30, 2007. It does not get filed with your tax return.

__________________________________________________ ___


If you don't know what you are talking about, please refrain from giving tax advice.


If you need tax advice, please consult a tax professional.


SF

[Sniper]

Swordfish,

For clarification...

If on ANY SINGLE DAY the combined balance in foreign financial accounts hit 10K+, you must file the TD forum.

Neteller IS a foreign financial account.

There is some disagreement between the experts here on whether Poker Site accounts count as foreign financial accounts. You should consult a competent tax professional for further clarification.

[gmblpdam]

[ QUOTE ]
[ QUOTE ]
You are supposed to report if you have any money at all in a foriegn bank account. If you had an average of over $10,000 in the account for the year, there is a seperate form to file.

[/ QUOTE ]
This is completely false.


Regarding Foreign Accounts, the Schedule B Instructions state:

[ QUOTE ]
Check the Yes box if......
At any time during 2006 you had interest in or signature or other authority over a financial account in a foreign country (such as a bank account, securities account, or other financial account).
__________________________________________________ _____

Exceptions. Check the “No” box if any of the following applies to you........
The combined value of the accounts was $10,000 or less during the whole year.......

[/ QUOTE ]

If you answer yes, you must fill out Form TD F 90-22.1 and file it prior to June 30, 2007. It does not get filed with your tax return.

__________________________________________________ ___


If you don't know what you are talking about, please refrain from giving tax advice.


If you need tax advice, please consult a tax professional.


SF

[/ QUOTE ]

This is what my CPA told me. I asked him specifically about this, because I was also under the assumption that it was the 10k rule. Maybe there is some other place where you have to declare it.

[anuj]

deleted

[SwordFish]

Sniper -

We are making the same point. I agree that Neteller is a foreign financial account and is subject to the $10,000+ rule.

What I was disputing was gmblpdam's statement that you must report ANY MONEY AT ALL in a foreign account. This is completely false.

He also stated that you must file a TD if your AVERAGE balance for the year was $10,000+. Although a TD is required in this case, that is not what the law states and his statement is misleading. There are many people that surpass a $10K balance during the year and are required to file a TD, even though they do not AVERAGE $10K in the account for the year.

***Usual Disclaimer: Anyone that needs advice should consult a tax professional to look at their particular situation.

SF

[Marcie]

I have used Neteller for a long time without any problems untill now. This morning i woke up and checked my email, i had an email from neteller saying my transfer of $50 to full tilt poker was accepted. I never transferred $50 to FTP. Couldnt find this money at my FTP account. Emailed FTP, but havnt gotten email back yet. I deposited the rest of my money at other pokersites and called Neteller, they would investigate and close my account temporarily. I know about the troubles with neteller for americans but Im from europe and never had any problems before. This $50 is not the end of the world of course but I dont like the fact that my money is being transferred without my permission.. Anyone here knows how this is possible or had the same problem?
Any help appreciated,
Thanks!

[Nina]

Stupid question:

Is it possible to transfer money from Neteller to any other e-wallet?