N82's blog post

[muxplust]

Remember - Get this form in
Posted on June 24th, 2007 in General by Nat

http://www.irs.gov/pub/irs-pdf/f90221.pdf

I wrote about this in my old blog before I took it down. Since I haven’t posted the archives yet, that entry isn’t available anymore to the viewing public. But if you had $10K in NETELLER at any point in 2006 (even if it was for about 30 seconds) and you’re a US citizen, you need to get this form in and you need to get it in before June 30th. The penalties for not filing are extremely severe (think prison and/or six figure fines), so be smart — fill it out and send it in. The US Gov’t could easily have copies of NETELLER records after this whole investigation thing and you don’t want to get caught not reporting your foreign accounts.

[muxplust]

has everyone sent this in already?

[schwza]

[ QUOTE ]
The penalties for not filing are extremely severe (think prison and/or six figure fines)

[/ QUOTE ]

there's no way this is true.

it is a good idea to file though.

[XChamp]

Is there an easy way to export the neteller account history to excel so I can add up all my deposits and withdrawals? I can't just copy and paste it because the formatting is all off.

This is so annoying. I honestly want to roll the dice and not report. I think I had a balance between 10-12k maybe 3 times in the past 3 years.

[muxplust]

[ QUOTE ]
Is there an easy way to export the neteller account history to excel so I can add up all my deposits and withdrawals? I can't just copy and paste it because the formatting is all off.

This is so annoying. I honestly want to roll the dice and not report. I think I had a balance between 10-12k maybe 3 times in the past 3 years.

[/ QUOTE ]

cut, paste, reformat in excel

[XChamp]

The problem is that reformatting takes just as long as entering the numbers by hand since their debits and credits are both positive. I just typed it all in and am now checking for errors.

Also, Neteller just gives the month, date and time of day of the transactions. They don't give the year, which is ridiculous, since I'm looking back over 6 years ago.

[muxplust]

you can work backwards....so, you only have to add and deduct transactions for one 18 months to get to january 2006

[G-Diddy20]

[ QUOTE ]
Is there an easy way to export the neteller account history to excel so I can add up all my deposits and withdrawals? I can't just copy and paste it because the formatting is all off.

This is so annoying. I honestly want to roll the dice and not report. I think I had a balance between 10-12k maybe 3 times in the past 3 years.

[/ QUOTE ]

my sentiments completely. i had like 12k in neteller at one point last year and am contemplating rolling the dice also. if the penalties for not paying taxes on 11k really 6 figures and jail time then maybe i won't, but i just find that a little extreme. i suck at poker and am a college student so paying 4k or whatever it would be for filing would be -EV if the chances of getting caught are relatively low and the penalty would be paying the full 12k to the gov. someone with some expertise help me out with a realistic viewpoint. thanks

G

[BKiCe]

do you have to fill out this report for neteller only or for all poker sites you played on?

from the irs's point of view, those are foreign accounts, right?

[muxplust]

where's n82 when you need him?