innovative tax and bankroll theory??

[AceHigh]

[ QUOTE ]
Taxes need only be paid when they enter a bank account that the government can trace - like a savings account or a checking account.

[/ QUOTE ]

I agree, it's sort of like capital gains on real estate or stocks. You don't pay until the gains are realized.

However that's not how live poker players pay taxes. Course we can argue that there money is readily available to them and not to us.

I don't believe anyone can say for sure how the IRS will view the situation, it may depend on the agent reviewing your records.

[RunDownHouse]

[ QUOTE ]
I agree, it's sort of like capital gains on real estate or stocks. You don't pay until the gains are realized.

[/ QUOTE ]
Except its nothing like that, as stated explicitly in the tax code.

FWIW, I'm only planning on reporting and paying the net gains that I've taken out of NETeller, but I have no delusions about the legality of doing so.

[StellarWind]

[ QUOTE ]
Taxes need only be paid when they enter a bank account that the government can trace - like a savings account or a checking account. I.E something is taxable once it offficially enters into your income stream. I dont know quite how to articulate this, but I hope that makes sense.

[/ QUOTE ]
This is complete nonsense. When you win money gambling a taxable event has occurred. It doesn't matter when you withdraw the money or return it to the U.S.

Did you know the FirePay T&C allow them to keep money held on deposit for more than 150 days?

[MicroBob]

[ QUOTE ]
When you win money gambling a taxable event has occurred. It doesn't matter when you withdraw the money or return it to the U.S.

[/ QUOTE ]

[Sniper]

First, income has nothing to do with when it hits your checking account... it is income when it hits your poker account!

Second, you are required to file a special form if you had aggregate total foreign assets exceeding 10K, at any time during the year (that would be you, if Neteller/Firepay/etc + Total of ALL Poker/casino Room Accounts, etc > 10K, at any time) ...

[ QUOTE ]
Pursuant to the requirements of Public Law 93-579 (Privacy Act of 1974), notice is hereby given that the authority to collect information on TD F 90-22.1 in accordance with 5 USC 522a(e) is Public Law 91-508; 31 USC 5314; 5 USC 301; 31 CFR 103.

[/ QUOTE ]

[ QUOTE ]
Who Must File this Report: Each Unites States person, who has a financial interest in or signature authority, or other authority over any financial accounts, including bank, securities, or other types of financial accounts in a foreign country, if the aggregate value of these financial accounts exceeds $10,000 at any time during the calendar year, must report that relationship each calendar year by filing TD F 90-22.1 with the Department of the Treasury on or before June 30, of the succeeding year.

[/ QUOTE ]

[ QUOTE ]
Disclosure of this information is mandatory. Civil and criminal penalties, including in certain circumstances a fine of not more than $500,000 and imprisonment of not more than five years, are provided for failure to file a report, supply information, and for filing a false or fraudulent report.

[/ QUOTE ]

Form TD F 90-22.1

[Sniper]

[ QUOTE ]
so i pay my taxes... i think people who don't are A) dumb and B) cheating the system. However, consider this... dumb way to cheat the system and get yourself thrown in jail...


[/ QUOTE ]

FYP