Theory on Neteller frozen funds, IRS and accounting teams...

[Anti-liberal]

If you had the chance to withdraw the money at some point before the book folded with your money then you owe taxes on that amount even though you never requested that withdraw. Talk to a CPA or anyone else in the industry and they will tell you this. The IRS will also tell you this.

Anti-Liberal you owe taxes on that $7000 whether you think you do or not. The IRS would laugh at your definition and throw ya in Butt Rape Prison.

-Brendan

Maybe or maybe not, Brandon, but how are they going to find out about it? And also, can you name just one REAL LIFE example where someone had to pay taxes on their stiffed winnings or where ONE gambler was prosecuted for not reporting stiffed winnings in the REAL WORLD of REALITY, not the world of theory?

Why don't I just open up a phantom book where, for a fee, I just give everyone losing figures to offset stiff winnings?

 

[Anti-liberal]

If you had the chance to withdraw the money at some point before the book folded with your money then you owe taxes on that amount even though you never requested that withdraw. Talk to a CPA or anyone else in the industry and they will tell you this. The IRS will also tell you this.

Anti-Liberal you owe taxes on that $7000 whether you think you do or not. The IRS would laugh at your definition and throw ya in Butt Rape Prison.

-Brendan

Last year I had the Marlins at some crazy futures prizes and if they would have won, maybe I would have made $600,000. Say I get stiffed for it. According to you, I'd have a tax liability of around $150,000 to $200,000 for a worthless future at a dogshit, stiff book. You're insane if you think that's how things work.

 

[tkf18ny]

where the fuck does any law say that youd have to pay taxes on stiffed funds?
if you were playing a poker tournament in a live casino and own it and just then an earthquake hit, destroyed the casino, somehow u got out alive but never got paid and the casino never reopens your supposed to pay taxes on that? Please show me where

 

[nimue77]

If you are "stiffed" it is an uncollectable debt. If you ever get it you just put it on your taxes at that time. Just what qualifies as an uncollectable debt im not sure...but im pretty sure if neteller doesnt pay people by tax time that would qualify.

 

[SportSavant]

most of this is irrelevent, as the vast majority of gamblers LOSE LOSE LOSE.

 

[sean1]

If you pay taxes on your net, you are not going to go to jail. The IRS is reasonable. If you collect $1million and lost $800,000 and $50,000 dissapeared to a theif book - thus meaning you withdrew $150,000 in cash to your bank and you pay taxes on $150,000, the IRS is not gonna say -hey you owe taxes on the $50,000 you never got.

I am employed, pay taxes, and I pay taxes on my gambling net each year. The government is not interested in paying to house me. It would cost them about $75000 to house me + the loss of taxes.


I'll give you a better example. A company I pay attention to sells radiotherapy machines for cancer. Every year they deliver 10-15 machines that the buyer does not pay for (Defaults) They do not pay taxes on the $50million or so they do not receive. They file as X billed - X amount written off as loss.

Just write uncollectibles off as loss. It is totally legit.

I would gues 1/100 gamblers pays any gambling taxes. If you are that 1, you arent going down for not paying when bookie Mob dude stiffs you. (Or maybe he'll file a 1099)

Sean

 

[billhill999]

If you pay taxes on your net, you are not going to go to jail. The IRS is reasonable. If you collect $1million and lost $800,000 and $50,000 dissapeared to a theif book - thus meaning you withdrew $150,000 in cash to your bank and you pay taxes on $150,000, the IRS is not gonna say -hey you owe taxes on the $50,000 you never got.

I am employed, pay taxes, and I pay taxes on my gambling net each year. The government is not interested in paying to house me. It would cost them about $75000 to house me + the loss of taxes.


I'll give you a better example. A company I pay attention to sells radiotherapy machines for cancer. Every year they deliver 10-15 machines that the buyer does not pay for (Defaults) They do not pay taxes on the $50million or so they do not receive. They file as X billed - X amount written off as loss.

Just write uncollectibles off as loss. It is totally legit.

I would gues 1/100 gamblers pays any gambling taxes. If you are that 1, you arent going down for not paying when bookie Mob dude stiffs you. (Or maybe he'll file a 1099)

Sean

Nice job summing it up Sean.

 

[tkf18ny]

antilib- thats weird i keep getting those emails but from nigeria lol


A freaking sports book in costa rica or fucking neteller is not the same as my bank accounts in the US
Unless your like 90 years old and tried to make a bank withdrawl in 1929 I really doubt youve ever gone to a US bank, asked for money in your account and were told no.
I have no problem paying what I owe. But here is what I have a problem with:

Some guy makes 30 k a year at some shit job. On decemeber 31 2006 he wins some dumbass hail mary parlay and wins a million bucks at an online sportsbook. On Jan 5th 2007 the books tells him sorry fuck you were closing shop your not getting paid.
So this guy is supposed to
1)Pay taxes on 1,030,000 in 2006
2) Then in 2007 pay taxes on 30k less writng off one million for left

so like 350-400k in 2006 when he made 30 k
and 0 in 2007 when he makes 30?
I mean I know out govt sucks with taxes but even they dont think you should pay 400 k on taxes when you make 60 k over a 2 year span

 

[TheWitch]

There is a message for non US customers that Neteller is showing as soon as you log in to your account regarding to the currency, but im not getting it. Can someone please copy/paste it here?

TheWitch

 

[Anti-liberal]

I mean I know out govt sucks with taxes but even they dont think you should pay 400 k on taxes when you make 60 k over a 2 year span

RIght...reality has to enter the equation at some point.

 

[sean1]

A lawyer friend of mine once told me "You can't get blood out of a stone" The IRS works very much that way. They arent gonna hound you for years for taxes on a prize you won, never received, and can't pay.

-Sean

 

[xpanda]

There is a message for non US customers that Neteller is showing as soon as you log in to your account regarding to the currency, but im not getting it. Can someone please copy/paste it here?

TheWitch

I don't see this message and I'm a non-US customer.

 

[sean1]

Is your account in Can dollars?

I don't see the message either when I log in but would guess it is for american $ accts maybe?

Sean

 

[CollegeFan]

Wow -- some very bad tax advice being offered in this thread.

BTW, you don't have to declare it as income until you receive it. Even if you had to declare it sooner, you could simply deduct it as a theft loss.

 

[nimue77]

..

Wow -- some very bad tax advice being offered in this thread.

BTW, you don't have to declare it as income until you receive it. Even if you had to declare it sooner, you could simply deduct it as a theft loss.

 

[BadCo]

When Mcguier was on 60 home runs and closing in on Roger Maris I heard that whoever catches his next homerun and any there after has a tax liability from the time it hits thier possesion.

That and the Brown and Goldman faimlys have a tax liability from thier judgments they won in the O.J. Simpson civil trial.


Thats just what I heard I'm no tax person by any means!

 

[tkf18ny]

The thing about the Mcgwire ball has to be bullshit for 2 reasons

1) The retard who caight the 61st homerun ball gave it to McGwire for nothing (the cards gave him season tickets whoopty fucken doo)- they can only tax him on the tickets
2) If I caught the ball and decided to keep it they cant tax me on shit unless I eventually sell it.

 

[Anti-liberal]

The thing about the Mcgwire ball has to be bullshit for 2 reasons

1) The retard who caight the 61st homerun ball gave it to McGwire for nothing (the cards gave him season tickets whoopty fucken doo)- they can only tax him on the tickets
2) If I caught the ball and decided to keep it they cant tax me on shit unless I eventually sell it.

Reality wins again.

 

[acosta]

Wow -- some very bad tax advice being offered in this thread.

BTW, you don't have to declare it as income until you receive it. Even if you had to declare it sooner, you could simply deduct it as a theft loss.

This is correct. As soon as it's in your offshore account, it is considered received.

 

[D2bets]

That and the Brown and Goldman faimlys have a tax liability from thier judgments they won in the O.J. Simpson civil trial.

That's definitely false.