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#11
02-05-2005, 03:07 PM
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Re: Tax Implications- big tournament win
[ QUOTE ]
[ QUOTE ] Call me totally stupid if you like, but how do the feds find out about money won from an offshore gambling site? Especially when you cash out via check? [/ QUOTE ] A transfer from neteller, say, in excess of $10k to your personal bank account is automatically flagged by the feds, as they are required by law to be reported by the bank. In addition, any deposit to a US bank accout triggers the same reporting requirement. If you had Pstars send you a check i don't know if the bank that cashes it would have to report anything though 
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#12
02-05-2005, 03:18 PM
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Re: Tax Implications- big tournament win
Maybe its time to become an independant. If you are making the kind of money you are talking about you are going to owe a bunch to the government. If you file for a DBA (Does Business AS) you can then keep track of expenses and this can offset a large portion of the taxes you owe. Lots of things can be claimed as expenses including books, buy-ins, computers and even a car if you use it to get to different tournys.
Right now you are helping your parents save some money on their taxes but as a dependant you are going to have to pay more.
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