Just curious about the IRS

[Jetplane]

So are none of you afraid of getting audited and Uncle Sam asking "where did this $2000 check come from?"

Just like to know the course of action you guys would take. A lot of businesses I know in my area are being audited and I can only imagine that they would raise flags on these CHECKS that you deposit into your bank account.

 

[Brock Landers]

been getting checks for gambling since 1995, never once was questioned on it, had a problem depositing/cashing or thought twice about the IRS..

 

[vanzack]

What course of action do I take?

I pay my taxes.

Pretty damn simple.

 

[Jetplane]

been getting checks for gambling since 1995, never once was questioned on it, had a problem depositing/cashing or thought twice about the IRS..

Well when you go under audit... and they see a $2500 check from an offshore that "they know" is related to online gambling--wouldn't that be alarming? I mean I'm not very fresh on the online gambling USA laws but I would be scared as shit to have to say "yeah, handcuff me, put me next to vick" heh

 

[Jetplane]

What course of action do I take?

I pay my taxes.

Pretty damn simple.

Please see what I replied to Brock. It's different when you win through blackjack at the casino... but online gambling? No flags? No butt puckering?

 

[baysportspicks]

You should just pay the taxes on your winnings and sleep well at night. Keep a good record of wins and losses to make sure that you pay the right amount. It's not worth screwing around with the tax man to save a few bucks. Uncle Sam can ram you so far up the tailpipe that you'll taste it on your tongue.

 

[Jetplane]

Sorry mod, I thought that's where it was appropriate--i never got what that room was for >:X my bad.

 

[Jetplane]

You should just pay the taxes on your winnings and sleep well at night. Keep a good record of wins and losses to make sure that you pay the right amount. It's not worth screwing around with the tax man to save a few bucks. Uncle Sam can ram you so far up the tailpipe that you'll taste it on your tongue.

I had a buddy that got audited and his blackjack winnings were not taxed. They got him on Jackpots... which I thought was the rule. But my point is the "online gaming" and receiving money through them.

 

[Brooklynbomber]

don't deposit the check in your account, got to the teller and cash it instead...keeps it off the books.

 

[Jetplane]

I always wondered how that went... because it does have your name on it. Obviously it doesn't have your bday/ss#/etc on it... but just cashing it you really think it's cool? Good idea though, thanks.

 

[Brooklynbomber]

been doing it like this for years.

until the IRS evens out the rules I will continue

the fact that you can only deduct losses from your winnings is BS

so if I play and win, you want money....OK kinda like if my stock I gambled on went up I have to pay taxes. fair enough.

but, if I lose $$, and have no winnings, I cannot deduct the loss? I sure can if the stock I gambled on lost value.

"heads I win, tails you lose"

 

[Jetplane]

alright, thanks jdog.

do you understand how that would work with blackjack at all? Lets say I won $50K in blackjack this year--I could also deduct $50K?

I'm taking a tax course in a few weeks so maybe i can ask the assholes there.

 

[bigbet1234]

your losses don't carry over from year to year.

So if you win 50K in whatever form of gambling, you can deduct lossed up to that amount and not more for that gambling year.

alright, thanks jdog.

do you understand how that would work with blackjack at all? Lets say I won $50K in blackjack this year--I could also deduct $50K?

I'm taking a tax course in a few weeks so maybe i can ask the assholes there.

 

[D2bets]

don't deposit the check in your account, got to the teller and cash it instead...keeps it off the books.

Many, or most, checks come from offshore banks. Will a bank cash that kind of check on the spot? Do you go only to the bank you normally bank at or a different bank?

 

[Brooklynbomber]

Many, or most, checks come from offshore banks. Will a bank cash that kind of check on the spot? Do you go only to the bank you normally bank at or a different bank?

nearly every check I have ever received from a book was drawn on a LARGE US BANK. occasionaly Canadian and if that is the case sometimes they do it, sometimes not. if not, I go to a check cashing place and pay the fee.

yes, they will cash on the spot, provided you have ample funds in your account to cover it in case of a bounce and also a long term relationship with your bank. I just stroll up to the teller at my main bank. Keep in mind, I'm not doing this every day or every week, but at least once per month

enjoy. this is priceless info, that many gamblers on here already utilize.

 

[Journeyman]

nearly every check I have ever received from a book was drawn on a LARGE US BANK. occasionaly Canadian and if that is the case sometimes they do it, sometimes not. if not, I go to a check cashing place and pay the fee.

yes, they will cash on the spot, provided you have ample funds in your account to cover it in case of a bounce and also a long term relationship with your bank. I just stroll up to the teller at my main bank. Keep in mind, I'm not doing this every day or every week, but at least once per month

enjoy. this is priceless info, that many gamblers on here already utilize.

The key is having the funds available in your account.

 

[Brooklynbomber]

The key is having the funds available in your account.

sharp post J-man and agreed....however, what is keeping you from withdrawing all your funds before the check has a chance to clear. I think banks are cognizant of that risk, but if you've been with them for 20 years and always keep a high balance, they will give you the benefit of the doubt. If they do not, tell them to pound sand and find another bank

 

[Jetplane]

I've had my bank account for almost 10 years... I should just cash the check instead of telling them to deposit it and you think they'll that'll keep it off the books? I mean if deep gets to deep... you don't think that the feds would dig deeper and say "oh BANK X you cashed about $30,000 of checks made out to MR JOE... would that happen to be MR JOE that has an account here with you also?"

this is very good information... I just like to have all my bases covered

 

[D2bets]

I've had my bank account for almost 10 years... I should just cash the check instead of telling them to deposit it and you think they'll that'll keep it off the books? I mean if deep gets to deep... you don't think that the feds would dig deeper and say "oh BANK X you cashed about $30,000 of checks made out to MR JOE... would that happen to be MR JOE that has an account here with you also?"

this is very good information... I just like to have all my bases covered

Along the lines of your question, to put it another way, if you ever got audited and they went through your bank records, wouldn't they also ask the bank for all their records and the bank would let them know of the cashed checks?

 

[Jetplane]

that was one thing i was worried about too. if you cash it at another bank and they are okay with it--you should be fine.