Poker Discussion
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CarbonPoker · Full Tilt · Cake Poker · PokerStars · Ultimate Bet · Players Only · Bodog
I've been making my quarterly depsoits for over 3 years on my poker winnings and have been able to deduct enough to have the taxes be minimal.
So I get a letter in the mail from the IRS saying I am to be prepared for an audit on December 12 in Boston. How they got my address in Central MA is beyond me since I have not been winning and made no deposits since purchasing my home.
They explicitly said they want to review all online transactions with THIRD PARTY PROCESSORS and said they have reviewed my bank accounts and I need to detail all Neteller transactions. Since I have reportable winnings at Foxwoods and Caesars I feel I am going to get shafted somehow.
All I do is pay and pay, and now I can't sleep.
Keep detailed records kids, the IRS is not friendly, we need to pay for the mutilated troops coming home from the "war".
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Good luck to you sir. Keep us all informed as to how it turns out please. I'm sure a reality check for us all is in order here.
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-E2-
(United States)
139
Posts.
Joined
11-10-2006.
11-28-2006 4:33 AM
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In reply to
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DO NOT PAY YOUR TAXES ELECTRONICALLY through the FEDS system. Send a check from an account that has zero poker related transactions.
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Jesus, that is scary man. I hope it all works out ok for you....(Hoping I do not get a letter in the mail)
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SJCX
(United States)
651
Posts.
Joined
01-23-2006.
11-28-2006 4:48 AM
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In reply to
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Whats the biggest online transactions you made into your account from an online account?
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From what I hear that does not matter much, but I dont know....Most I ever withdrawal is 800 at a time or so.
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There is also no law that says you WONT go to prison for not paying said taxes.
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Hey E-2,
Make sure one of your budddies isnt laughing his ass off right now. This sounds like the perfect little gag to play on a fellow poker buddy. "not even sure how they got my address?". Good luck if it is real letter.
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edbite
(United States)
294
Posts.
Joined
05-25-2005.
11-28-2006 7:19 AM
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In reply to
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Tell that to Crazy Cabbie from the Howard Stern show. He went on air saying exactly what you did and what the guy in the article is saying. He said he didn't pay his taxes and that he didn't have to.
Well, he just finished a year in prison, is on probation, and is now considered a felon.
Just sayin.....
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steve
(United States)
1,469
Posts.
Joined
01-18-2005.
11-28-2006 7:23 AM
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In reply to
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It's the federal government, if they want to find you, they can. If by no other means they could have checked property records and found out that you bought a new place.
Oh, by the way, the law that authorizes Congress to levy income taxes (and implicitly requires citizens to pay them) is the 16th Amendment to the Constitution. Anyone who tells you otherwise is quite foolish, and trying to free ride on our system.
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If you have a Neteller or similar account with $10,000 or more at any time during 2005,
you must report it to the government. You do this by checking a box on
Schedule B of Form 1040 (and listing the country/ies) and by filing Form TD F 90.22-1 with the Department of the Treasury (not the IRS). It's almost certain that if you do this you will be audited.
Did you report this at any time to the government?
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say i profit 10,000 even, what % can i expect tp pay in tax?
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