tax implications of using identity other than your own.
 

already having an old party ccount i cannot immediately take advantage of rakeback under my own identity.

a number of affiliates recommend using a family member or friend's identity when creating a new account and this is what many players have resorted to in order to get properly signed up at party.

a question i have regarding this practice is are there any important tax implications that i should be aware of.

if i am passing $100k+ through someone else's identity, could this complicate tax issues for both parties involved?

any information is much appreciated.

Re: tax implications of using identity other than your own.
 

You will both definatly have tax 'issues'. You will want to discuss this with a professional.

Re: tax implications of using identity other than your own.
 

You will also have 'fraud' issues

Re: tax implications of using identity other than your own.
 

I feel sure there will be hundreds if not thousands of wives/girlfriends out there filing as a professional gambler just for this reason.

Re: tax implications of using identity other than your own.
 

Ask a CPA. What you'll get here is mostly conjecture.

Re: tax implications of using identity other than your own.
 

If you use your wife's identity and file jointly anyway, I don't see the problem.

However, using your brothers', your mom's, or a buddy's is going to be a sticky situation.

Re: tax implications of using identity other than your own.
 

just transfer from family members neteller to yours.

and i hope you burn in hell for attempting to defraud poker rooms.

Re: tax implications of using identity other than your own.
 

I don't plan to pay any taxes on *****... I've actually never even though hard about this (i definitely am not in the $100K range that previous poster just threw out there however)... am I in the minority or majority of forum readers planning to do this?

Re: tax implications of using identity other than your own.
 

[ QUOTE ]
I don't plan to pay any taxes on *****...

[/ QUOTE ]

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Tony: "Hey what the f**k you talkin..."

Manny: "Man, the jails are like f**king hotels here."

Tony: "The f**k you kidding me? you f**king high or what?"

Sheffield: "I'll delay the trial, a year and a half, two years; you won't even start doing time..."

Tony: "F**k you, f**k you mang, I'm not going back into the cage, OK? No way! I've been there..."

[/ QUOTE ]

Re: tax implications of using identity other than your own.
 

[ QUOTE ]
a question i have regarding this practice is are there any important tax implications that i should be aware of.

[/ QUOTE ]

As long as you are paying taxes on your poker winnings, there should not be any problems. You have constructive control over the "foreign" accounts.

It is worth noting that, if at any time during the year, you have more 10K combined under your control in foreign assets (that would be Neteller+all Poker rooms + anything else), that you are required to file a disclosure document!

The possible penalties for not filing the disclosure are as severe as not paying your taxes.

You should reveiew your financial situation with a qualified tax advisor!