taxes

[bcoogda1]

maybe some things can't be spelled out in full here. i understand that. maybe i should of listened in economy class more!

maybe u guys can help me out.

how do u get round not paying taxes on the money u make at a sportsbook.

i heard from a tout that u can just have the book send u a check signed "joe dirt" and cash it.
help?
guess i bought in the cliche here. "the only dumb question is the one u don't ask!"

not tryin to commit tax fraud or nething, just tryin to learn some tricks from those who've learned.

 

[RPM]

offshore sportsbooks do NOT report winnings to the irs, so it is your responsibility to report winnings.

if you dont tell the irs they wont know, so make sure you do the right thing.

if you tell the irs about your winnings, remember to write off your losses against your winnings. that will reduce the tax obligation.

 

[bcoogda1]

am i being nieve and stupid in thinking that the irs knows how much money is in a person's bank account???

therefore, being able to understand that a waiter can't be having $100,000 in his/her bank account.

 

[RPM]

remember your interest gets reported as income, so im sure they could tabulate it somehow.

also, keep in mind that deposits of 10,000 or more automatically get reported.