Re: what to do with your winnings...
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hey, is there a thread discussing this more in depth? like amounts that i have to declare (>$500), cashouts that the bank will notice (like d me, jail and/or massive penalties is enough of a deterrent epositing $10k all of a sudden which hasn't happened for me yet).
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You "have" to declare everything you make. It's a voluntary tax system, so the burden is on you and it has nothing to do with how large your cashouts are.
I'm jealous of the people in this thread who can screw the IRS and still sleep well at night. For me the the fear of jail and massive penalties is strong enough that I just declare every last penny, even though I hate doing it. I don't think the "I didn't know I was supposed to pay taxes on gambling winnings so I bought myself a plasma and a new car instead" would go over too well in the event of an audit.
The risk may be low, but the cost is high. I have to think the IRS is going to be looking carefully at this stuff in the future with all the people playing online poker. YMMV.
Nigel
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