Neteller, the DOJ, and the IRS

[chaz64]

Rock - Neteller isn't stealing from me - my money is SAFE in Neteller!

I just decided to give you $5K as payment for your tax advice, but I buried it in the Antarctic. Please be sure to report it as taxable income.

[TheRock69]

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Neteller isn't stealing from me - my money is SAFE in Neteller!

I just decided to give you $5K as payment for your tax advice, but I buried it in the Antarctic. Please be sure to report it as taxable income.

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I agree the tax system is unfair but the law.

[Tornado69]

"the land of the freeeeeeeee ....." you guys should take that part out of your national anthem. Your totalitarian gov't has just [censored] you all over royally. When you strip away the 'democracy' label you'll find more things in common with a fascist gov't.

[chaz64]

If the DOJ keeps our money is it stolen, a gambling loss, or what?

[Actionbrett]

I was fortunate to deposit all my money via neteller and withdrew it by another form, so im clear. Thats the first good move ive made the past one year.

[thing85]

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"the land of the freeeeeeeee ....." you guys should take that part out of your national anthem. Your totalitarian gov't has just [censored] you all over royally. When you strip away the 'democracy' label you'll find more things in common with a fascist gov't.

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When considering individuals and taxes, the US has one of the lowest (average) tax rates. Obviously, they rape corporations, but have somewhat favorable income tax rates (by comparison).


Source: OECD

[spino1i]

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well I do report some of my taxes and all the money that was once in my Neteller account is long gone now. Sure there are records of that money once existing (though there was never more than 15k-ish in my account), it has since dissapeared and been "lost" gambling. I report 13k-ish a year in taxes to make sure I have enough money in my bank account that it can all be accounted for by my reported income. The rest of the money (most of it is in Bodog) still cant be seen by the IRS. The IRS gets Bodog's financial records or PartyPoker's financial records and im in trouble.

The whole point is as long as you dont have large amounts of money (signifigantly more than you reported on your tax returns) hanging around in your bank account for long periods of time your fine. I have a 20k check coming from Bodog which will be cashed, go into my by account, withdrawn into cash, and "dissapear". The money will be claimed to be "lost" in the casinos, so that it can be deducted against my winnings. In reality the money will be stored in casino chips and cash.

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As a CPA who worked in the tax industry for a few years I can tell you that your idea of the $20 disapeering will not hold water with the IRS. The point that everyone seems to misunderstand when it comes to the IRS is that YOU have to prove THEM wrong!!! You can't simply say you lost the money gambling, they would require you to show withdrawls from a casino, hotel reservations, records from a pit boss ect... Now of course the probability of this happening is slim, however when it comes to an IRS audit your are considered GUILTY until proven Innocent. This also applies to all other deductions such as donations, contributions ect..

Also, for everyone who thinks their are magical loop holes, or have an accountant that is going to get you a big refund, your kidding yourself. Anyone who knows the tax system and the IRS will tell you that you can and never will get away from anything.

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Well the casinos dont really give you records of such things, so its up to me to say I did it. And yes I do have hotel records but that doesnt say whether I won or lost at the casino. I am sure you are right, you have to show records saying you lost the money. Thats fine ill PROVE to the IRS that I lost the money by making up the records showing I lost the money and the IRS cant prove me wrong because they have no second source to go off of.

Its not like the casino makes a record each time I take my chips off the poker table or put them on the table, they dont. And to ask me to come up with nonexistant records that the casino would never take would be unfair on the IRS's part because even if I was a legitmate tax-paying citizen I wouldnt be able to come up with those records. The only records they have to go by are the ones I make.

[thing85]

Your stupidity leads me to believe that the IRS will find a way to nail you, regardless of what you think you can fabricate.

[momo_the_kid]

records from a pit boss? LOL

[spino1i]

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records from a pit boss? LOL

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Theres no records from a pit boss when it comes to the poker tables.