I am new to online sports betting, I am located in California and as I understand it, it is not illegal to place a bet either from federal or state law here but they mention potential problems when you get to tax season. How do you guys go about withdrawals and depositing your cash without hangups or legal trouble? How do you do it to avoid detection or do you just do it and the government, nor bank give a damn where the huge chunk of money came from? Any help would be greatly appreciated!
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- Thread starter FrankenFish
- Start date
Whichever is your purpose, tax evasion is not a good thing to consider. And i would bet that the forum is not willin to encourage it.
Maybe i misnderstood your post. If so, i apologies.
As for betting online, i believe (but could be very wrong) that you could use bitcoin to do so. No hassle with your bank, and you can just file profits in your tax reports. Refer to your accountant/ lawyer first in any case. They'll probably advise you on what to do and more importantly, on what not to do.
Bitcoin is an interesting way to transcen borders. I do not say this to imply you should use it to break laws of your country. If you're stritcly forbiden to gamble online in your state, move in a different state if you want to do so. Gambling operations are restricted in my country and the bookies are just terrible, so i use other mean to bet, because as a bettor, i'm not restricted. Bitcoin have been one of the way i used.
Sport brokerage services can be another option. Services that can accomodate you exist. I won't give you names here on the forum as i don't know what policy is in place here.
Hope you found this itneresting.
Maybe i misnderstood your post. If so, i apologies.
As for betting online, i believe (but could be very wrong) that you could use bitcoin to do so. No hassle with your bank, and you can just file profits in your tax reports. Refer to your accountant/ lawyer first in any case. They'll probably advise you on what to do and more importantly, on what not to do.
Bitcoin is an interesting way to transcen borders. I do not say this to imply you should use it to break laws of your country. If you're stritcly forbiden to gamble online in your state, move in a different state if you want to do so. Gambling operations are restricted in my country and the bookies are just terrible, so i use other mean to bet, because as a bettor, i'm not restricted. Bitcoin have been one of the way i used.
Sport brokerage services can be another option. Services that can accomodate you exist. I won't give you names here on the forum as i don't know what policy is in place here.
Hope you found this itneresting.
Paid commercial by Bitcoin!
Fish, if you are going to get into this gaming business...follow the rules and avoid the hassles.
New to this stuff....don't get into a big hurry to LOSE your money. Educate yourself!
That's my point, what are the rules? As long as I claim the winnings I receive from overseas books on my tax returns I will be just fine? How can I get into trouble doing this? How do I avoid trouble?
@ Cloverleaf,
Bitcoin is not a company or anything of the kind. It's a protocol. Your comment is the same as saying "Paid commercial by Internet". Which in 1998 might have impressed a good few people, but today would just pass for utter nonsense (or have a complete different meaning as use of internet has grown in many various ways since its infancy) . I guess we'll talk about that in 10-15 years as we'll know then if the protocol is viable
You should definitely take a look at it and try to understand it a bit more. It's quite an interesting topic, especially for people like sports bettors, exchanging values on a regular basis, needing fast confirmation, and fast withdrawal. To quote yourself, educate yourself. I'll be happy to point you to interesting ressources to learn on the matter. But that's for a different topic.
@Fish, if you're really looking for advice, get in touch with a lawyer or some adequat conseilling. I doubt the words of a few guys on a forum should be the confirmation you're looking for. If taxes are involved, you want to make sure you do things right. So, ask a professional. Cause you'll have professional chasing your ass, should you do anything wrong on that matter
Bitcoin is not a company or anything of the kind. It's a protocol. Your comment is the same as saying "Paid commercial by Internet". Which in 1998 might have impressed a good few people, but today would just pass for utter nonsense (or have a complete different meaning as use of internet has grown in many various ways since its infancy) . I guess we'll talk about that in 10-15 years as we'll know then if the protocol is viable
You should definitely take a look at it and try to understand it a bit more. It's quite an interesting topic, especially for people like sports bettors, exchanging values on a regular basis, needing fast confirmation, and fast withdrawal. To quote yourself, educate yourself. I'll be happy to point you to interesting ressources to learn on the matter. But that's for a different topic.
@Fish, if you're really looking for advice, get in touch with a lawyer or some adequat conseilling. I doubt the words of a few guys on a forum should be the confirmation you're looking for. If taxes are involved, you want to make sure you do things right. So, ask a professional. Cause you'll have professional chasing your ass, should you do anything wrong on that matter
