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#21
04-07-2005, 04:03 PM
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Re: My situation, My concern
[ QUOTE ]
I have $22,000 in W2 income, $75000 in (sessional) poker income, and $32,000 in (sessional) poker losses... I can document all my withdrawls (~$45,000ish) by Neteller EFT's, Neteller debit card withdraws, and IGM-Pay withdrawls to my bank. I have a complete and accurate excel spreadsheet documenting my losses and wins. Will that spreadsheet be enough to document my losses (no pokertracker). Will/could the IRS ask for further "proof"? [/ QUOTE ] The IRS goes more by bank records than they do by poker journals. Bank records will be what saves (or incriminates) you if you are audited. You sound like you're fine. 
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#22
04-07-2005, 04:33 PM
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Re: How does this form of tax evasion sound?
[ QUOTE ]
In a worst case scenario, the casino has a video record of the table and you are caught red-handed trying to defraud the IRS. This is a ridiculous statement. [/ QUOTE ] Agreed. This is truly ridiculous. Casino floor-persons keep a rough estimte of how much the players at their tables are winning or losing. And they don't always have the wins and losses associate with the right person's players' card (nor do all players even use players' cards). There is ZERO chance that they will have some sort of backlogged video showing you winning or losing $8.6k back on June 18th of last year. I haven't watched the TV show 'Las Vegas' or other shows like it....but I suspect that a lot of posters on these forums who have seen these shows are getting a VERY distorted view of exactly how much is kept track of by survelliance at these places. It's mostly a bunch of people with a bunch of video-tapes from a bunch of camera (some of which aren't even working) that are never looked at. Most places change their tapes every week I believe. With computer video-storage this might be every 6 months or something I think. I don't know ALL the answers as to how it works....but I do know that the notion that they have every penny accounted for and know who bet how much on each and every day is completely ridiculous. One would have to be pretty gullible to think that the casinos' records on their customers are that precise.
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#23
04-07-2005, 05:17 PM
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Re: How does this form of tax evasion sound?
If they are using tapes (in my experience with LP-type stuff) it's probably a week or two (one month tops). If they are using computer storage, it's probably only feasible for them to have 6 months of backlog at the most... but I suppose if they are willing to spend the big bucks they could eek out about 2 years worth of footage.
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#24
04-07-2005, 05:38 PM
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Re: How does this form of tax evasion sound?
Possible: yes.
Likely: probably not. Thanks for confirming my ideas re: tapes for 1-week and computer-storage for 6-mths. And even if they do this they just DON'T have every person in the entire place on camera at every moment. Every hand and every buy-in you make is NOT observed. Those shows on the travel channel make it seem like they do. But really they just have the ABILITY to follow anyone they like at any given moment. The cameras are in those bubble things partly so that you never know when you are being watched and when you aren't (and obviously so that the customers aren't as aware of them too). So....even if someone cane in just two days after you played and asked "how much did this guy lose at the tables on Tuesday?" they would probably only be able to say "well....our floor-people observed him buying-in for a total of $1000 and when he left the table he had $400 on him" and that's about it. But they could VERY EASILY have missed some of your buy-ins...and also have missed a couple other times when you colored up some of your chips and put green or black chips in your pocket. It's VERY much a rough-estimate.
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#25
04-07-2005, 06:15 PM
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Re: How does this form of tax evasion sound?
[ QUOTE ]
Suppose you were taking a trip to Tahoe or AC or some gambling-oriented destination. Before you go, withdraw a large-ish, but less-than-10k amount from your checking acct. Obviously, save the withdrawl receipt. Conveniently "lose" all this money at blackjack, craps, etc. Then throw it in a shoebox/safe deposit box/under the mattress, and buy small stuff (groceries, CDs, etc) with that cash for the next several months, and reduce your taxable income. Does anyone see any obvious problems here? Of course, you can't go buy a car with the cash, or anything big like that, but do you think the IRS is going to notice that you stopped buying groceries w/ credit card as frequently? [/ QUOTE ] you need to ask yourself 4 questions 1. will the potential activity increase my chance of an audit? 2. Given an audit and the totality of my circumstances, how intrusive will the audit be. More specifically will the audit lead to a "financial status examination" (aka lifestyle audit)? 3. how likely will the activity be caught by the type of audits i'm most likely to face? 4. what happens if i get caught? off the top of my head? no, yes, probably, nothing you want to face.
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#26
04-07-2005, 06:21 PM
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Re: How does this form of tax evasion sound?
[ QUOTE ]
probably, nothing you want to face. [/ QUOTE ] I dont know he might like getting assraped in prison.
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#28
04-08-2005, 05:14 AM
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Re: How does this form of tax evasion sound?
If you're going to do it, use the ATM that is at the casino. That would help you some.
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#29
04-08-2005, 08:13 PM
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Re: How does this form of tax evasion sound?
This [ QUOTE ]
Those shows on the travel channel make it seem like they do. But really they just have the ABILITY to follow anyone they like at any given moment. The cameras are in those bubble things partly so that you never know when you are being watched and when you aren't (and obviously so that the customers aren't as aware of them too). [/ QUOTE ] mad me think of Jeremy Benthams' panopticon. 'mental uncertainty that in itself would prove to be a crucial instrument of discipline.' the all seeing eye thing....
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