|
|
#31
11-22-2004, 07:01 PM
|
|||
|
|||
Re: foxwoods gossip
If ever there was an opportunity to try and blow off the IRS on a HUGE tournament win, wouldn't a big win at Foxwoods be it?
Sure. Fly down to Miami with the cash in tow, take a boat ride to the caymens or wherever and enjoy retirement. Just don't be surprised if there are some guys that want to talk to you if you ever decide to come back. 
|
|
#32
11-22-2004, 07:16 PM
|
|||
|
|||
|
Re: foxwoods gossip
I think a more intersting angle here would be entering the tournament as Joe Smith from Bumblefuck, Iowa or whatever and then just taking any winnings in cash. Without the tax forms/paperwork, it seems that pulling something like this would at least be feasible.
|
|
#33
11-22-2004, 07:44 PM
|
|||
|
|||
|
Re: foxwoods gossip
once you earn it you owe the tax, no matter what happens to it afterwards. if you win money and then lose it back in the same "session" it doesn't have to be income, but no way is a poker tournament followed by a trip to the pit the same session.
|
|
#36
11-22-2004, 08:31 PM
|
|||
|
|||
|
Re: foxwoods gossip
Until you got held up by some guy with a spork. What are you gonna do? And specifically, what would Tuan do? He is not a real big guy and he couldn't beat Grizzle in a footrace, he is screwed. Does the guy who mugs him have to pay taxes on the money? Which brings up another point, what if he claimed the money was stolen before he even left the property?
|
|
#37
11-22-2004, 08:36 PM
|
|||
|
|||
|
Re: foxwoods gossip
I'm pretty sure that if he pissed away his winnings at the blackjack table, he'd be good as far as the IRS goes. There is a section on the long 1040 where you can count gambling losses against winnings (though losses of themselves are not tax deductible).
|
|
#39
11-22-2004, 08:48 PM
|
|||
|
|||
|
Re: foxwoods gossip
Actually, this pertains to federal law and is the same reason there are no denominations in currency above $100 C note. The government is very much interested in the flow of cash particularly due to the drug trade and other possible illegal activities requiring the laundering of monies.
Any bank deposit made in the US above 10k must be reported on Form 443. This would include any deposit of any amount that the teller at the time thought was suspicious - even $100. Any 10k transport across state lines as well. Any cash purchase that is over 10k is required to be reported. Any lawyer that is paid in cash is to be reported as well. Any foreign wire transfers above 10k are reported, etc. So, the subject was not reported because of his apparent or assumed national origin or terrorism or any such nonsense - it's federal law and has been since the installation of the federal banking system several generations ago.
|
|
#40
11-22-2004, 08:52 PM
|
|||
|
|||
|
Re: foxwoods gossip
[ QUOTE ]
I'm sure he has his reasons, whether they be nefarious or not. I can think of a few words to describe tuan, but idiot isn't one of them. [/ QUOTE ] Hopefully he'll now be removed from the "5 people most talked about as indebted poker players" list. Whether he was still in debt isn't the issue, his name was thrown around for a while though. ~D
|
 |
|
|
Linear Mode
