Best way to Cash over $30k from Online Book

[Acebb]

Now this is the part where choptalk goes off on a dumb tangent not realizing that there are multiple checks (not a lump sum payment) and that online gaming is illegal.

Or hopefully choptalk will just run away because the posts by choptalk have been comically idiotic.

I think it would be a swell idea to file a form W-2G with the IRS and say you won $30,000 from pinnacle sports.

Really. Great plan.

 

[Acebb]

So you think they wouldn't even take the tax revenue because online gambling isn't legal?

I am sure it can be listed as "other income" if the person in question wants to claim it.

I think that if they decided to audit you and you confessed to income from an illegal activity they would probably be dumbfounded at first.

Here is what the FBI says about it:

No placing cyber bets on sporting events or in virtual card games; …No transferring money electronically for gambling; and

…No wagers in offshore Internet casinos even if you live in the U.S

 

[PatsFan1283]

I am sure it can be listed as "other income" if the person in question wants to claim it.

I think that if they decided to audit you and you confessed to income from an illegal activity they would probably be dumbfounded at first.

Here is what the FBI says about it:

No placing cyber bets on sporting events or in virtual card games; …No transferring money electronically for gambling; and

…No wagers in offshore Internet casinos even if you live in the U.S

When paying taxes on gambling winnings, it really doesn't get nearly that specific if there isn't a 1099 being issued. You just say I made xyz and you pay it, the fact it was from site XYZ wouldn't even come into play really.

 

[Acebb]

In the most aggressive action yet to try to prevent Americans from gambling online, federal prosecutors on Friday charged three of the largest Internet poker companies with tricking banks into processing billions of dollars of illegal betting proceeds.


Eleven people, including the owners of Full Tilt Poker, Absolute Poker and PokerStars, were charged with violating U.S. anti-Internet gambling laws, under an indictment unsealed by federal prosecutors in Manhattan.


Prosecutors also filed civil money laundering charges seeking to recover at least $3 billion from the companies, are of which all based overseas, court documents said.

========================

Whether you agree with it or not, the moment that check moves into the US banking system it is viewed as an illegal activity.

Now the likelyhood of it being uncovered is obviously low (if the checks are from 'the bank of west tangier Africa', that likelihood increases) but to say that you should claim this to the IRS is absolutely maddening. The proceeds are easily concealed (the check cashing places even will give you a visa debt card) and if you are audited it opens you up to a bunch of questions you can not answer without some legal problems.

The best approach is to minimize your exposure to the government and banking system (the 1st mistake the player in question made was to rush to get this money as quickly as possible) and that approach is not suited by putting the income on your 2014 tax return or walking into the bank with 10 three-thousand dollar checks.

 

[Acebb]

When paying taxes on gambling winnings, it really doesn't get nearly that specific if there isn't a 1099 being issued. You just say I made xyz and you pay it, the fact it was from site XYZ wouldn't even come into play really.

Unless you're audited.

Putting it on a tax return does you zero good and opens you up to a not so good situation if you're audited.

Maybe you'll get lucky and the IRS agent conducting your audit is a poster here.
:toast:

 

[KillaRSox]

For 30k, why not just fly there and pick up cash. Very easy to move it around yourself once in cash form

 

[bukis1]

Can you please tell me which illegal activity you are talking about?
There has been no illegal activity mentioned in this thread other then not paying taxes.

I believe it would be the 30000 he won on online poker and a parlay ticket. As far as I know the govt views
This as illegal activity.

 

[CHOPTALK]

I'm not the one that doesn't understand that online gambling is viewed as illegal by the FBI in America.

But by all means, please tell the IRS that you have income generated by illegal activities.

Swell plan.

Omg.
So much fail in this post

 

[CHOPTALK]

I'm not the one that doesn't understand that online gambling is viewed as illegal by the FBI in America.

But by all means, please tell the IRS that you have income generated by illegal activities.

Swell plan.

Could you please direct me to the link on the FBI site that says what you say it says. And before I post my law degree would you mind posting yours?

 

[KingofNicotine]

Choptalk can you explain your reasoning. How can someone declare income from an illegal activity?

 

[CHOPTALK]

Unless you're audited.

Putting it on a tax return does you zero good and opens you up to a not so good situation if you're audited.

Maybe you'll get lucky and the IRS agent conducting your audit is a poster here.
:toast:

Bull fucking shit!

 

[CHOPTALK]

When paying taxes on gambling winnings, it really doesn't get nearly that specific if there isn't a 1099 being issued. You just say I made xyz and you pay it, the fact it was from site XYZ wouldn't even come into play really.

Exactly

 

[Acebb]

Could you please direct me to the link on the FBI site that says what you say it says. And before I post my law degree would you mind posting yours?

I already provided a link to the FBI in post #42

 

[CHOPTALK]

Now this is the part where choptalk goes off on a dumb tangent not realizing that there are multiple checks (not a lump sum payment) and that online gaming is illegal.

Or hopefully choptalk will just run away because the posts by choptalk have been comically idiotic.

I think it would be a swell idea to file a form W-2G with the IRS and say you won $30,000 from pinnacle sports.

Really. Great plan.

What a dumb dumb you are

 

[Acebb]

Exactly

And when you're audited, you are going to have to answer when & where.


You should probably stop as you're way out of your depth here.

 

[Acebb]

What a dumb dumb you are

I love the fact that you think these comically imbecilic one liners are responsive.

 

[Acebb]

Hysterical

What a dumb dumb you are

Even funnier

Bull fucking shit!

Please, keep going, genius.

 

[CHOPTALK]

Unless you're audited.

Putting it on a tax return does you zero good and opens you up to a not so good situation if you're audited.

Maybe you'll get lucky and the IRS agent conducting your audit is a poster here.
:toast:

What a dumb post. The fail in this post is beyond belief.

There are probably 100000 people in jail right now for tax evasion for every 1 person in jail for for illegal online betting. So aces solution is to do the thing where there is I 1000000/1 ratio of people in jail to avoid the 1/1000000 chance you become one of the 2 people who have ever been arrested for illegal sports betting online. Great plan

 

[CHOPTALK]

Choptalk can you explain your reasoning. How can someone declare income from an illegal activity?

All you have to do is say its for gambling.

 

[Acebb]

What a dumb post. The fail in this post is beyond belief.

There are probably 100000 people in jail right now for tax evasion for every 1 person in jail for for illegal online betting. So aces solution is to do the thing where there is I 1000000/1 ratio of people in jail to avoid the 1/1000000 chance you become one of the 2 people who have ever been arrested for illegal sports betting online. Great plan

Hey idiot: the issue here is not "being in jail for illegal sports betting online" it is for wire fraud.

You're way out of your depth.

You should have stuck with: Go to the check cashing place and you'll be in jail!