Legality and Withdrawl

[muxplust]

post removed

[Skallagrim]

D$D wrote "If you read the underlying statute and recent IRS actions, it is clear at least the IRS considers money even in a poker site account as a financial account."

Do you have any support for this D$D or is this just your prediction of what the IRS will do? I couldn't find anything specific, and I would find it hard to fill out the form. I have no idea what bank FTP keeps my money in, if its a bank at all, much less what country its in. So one should report "11k held by **Poker, country unknown, financial institution unknown, account listed under unknown name and number and accessed through a screen name and password unrelated to financial institution." Thankfully (for this issue) my bankroll has never even come close to 10K.

Skallagrim

[DeadMoneyDad]

[ QUOTE ]
D$D wrote "If you read the underlying statute and recent IRS actions, it is clear at least the IRS considers money even in a poker site account as a financial account."

Do you have any support for this D$D or is this just your prediction of what the IRS will do? I couldn't find anything specific, and I would find it hard to fill out the form. I have no idea what bank FTP keeps my money in, if its a bank at all, much less what country its in. So one should report "11k held by **Poker, country unknown, financial institution unknown, account listed under unknown name and number and accessed through a screen name and password unrelated to financial institution." Thankfully (for this issue) my bankroll has never even come close to 10K.

Skallagrim

[/ QUOTE ]

If the Gov't is even 1/2 as serious about making an exmple out of a poker pro, on-line or not as some of the published reports claim and I had over $10k in on-line I would fill out a TD F 90-22.1.

Part II Q 21, check other and write in "on-line poker account."

Q 23, my FT username DeadMoneyDad
Q 24, unknown
Q 25, unknown
Q 26, check yes
Q 27, FullTilt Solutions Inc. or Fucanan
Q 28, Kenth
Q 29, "blank"
Q 30, Unknown -- but I could find it if needed
Q 31, 1400 Liberty Ridge Drive
Q 32, Wayne
Q 33, PA
Q 34, 19087
Q 35, US


At least if push can to shove in an IRS battle you could show your good faith effort to comply with every law you found even remotely associated with your legal poker play.

The fact the information given to the IRS is almost totally useless is priceless IMPO!


D$D<--I may deposit $10k on FT and report the taxes on my $200 of winnings just to mess with the IRS and FT!

[kniper]

anyone have experience withdrawing from Bodog? Just got a check for $1k from some finance company that I assume Bodog uses. Anyone see any problems in cashing it (i will report to IRS obv)?