Re: Who Reports Their Winnings As Income?
Just a comment to the Mouse about two guys who told me that the IRS nabbed them real good.
About 8 or 9 years ago, a very visible Lobal tournament & ring game (B&M) poker player told me about his bad experience with the IRS. He won about 100 K over about a two year span at the Bicycle Casino in Los Angeles County, CA; and stashed his cash at the player’s bank at this casino. Somehow somebody else was aware of his keeping his bankroll in the player’s bank and reported same to the IRS (at this time there was a ten-percent reward for helping to nab people who didn’t report all of their income). He told me that he was now obligated to pay the IRS about $500 per month for years – this guy was very bitter. He suspected that the IRS informant worked in the cage at the Bicycle Casino.
I also met another guy “B&M poker player who had a similar experience, and had to make monthly payments to the IRS for an extended period of time. He said, “This was a very bad experience for me.”
The moral of this is: “Some people get caught.”
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