Who Reports Their Winnings As Income?

[gaming_mouse]

This is actually a question for those who are keeping their winnings from online poker under the table. What do you think the safest, and cheapest, methods of doing this are?

Here are the possibilities I've come up with. Please let me know your thoughts (unless they are of the pious/moralistic variety, in which case don't bother):

1. When cashing out, have a check mailed to you. Cash the check using a check-cashing service, pay the 3-7% fee, and feel good that you are not paying the 20-40% fee charged by the government. This method seems very safe to me, although it is somewhat of a hassle and there will always be a 3-4 week delay between your cashout and your receipt of the money.

2. Cashout using NETELLER, and then withdraw the money using a Neteller ATM card. This is easy and convenient, but probably not too safe. That is, I have no idea if the IRS could get access to your Neteller records or not. Anyone know?

3. FPS-epassport Virtual Visa. Again, easy and convenient. However, I would guess this is also the least safe of all methods, as it is associated with Visa and thus likely linked to your credit report.

Other methods I'm forgetting??

TIA,
gm

[Kellon]

Will somebody please convince me that I am way too concerned about the possible ramifications of these types of posts? But I have to tell you that, in this political climate, I think we do ourselves a real disservice to be discussing these matters in a public forum.

For instance, consider the number and tenor of the recent articles and other reports in the media, and their consistent undercurrent about the harm of online gambling. Consider also the group of folks now occupying various Executive and Legislative branch offices and their consistent public statements about online gambling. And consider further the increasing reports of law enforcement action against poker games.

Keeping all of these things, among other similar things, in mind, and recognizing that the 2+2 forums are widely known and respected, isn't it possible, or likely, that someone in the media is watching the forum and picking up on these threads. And isn't it possible that at some point these threads about how we're avoiding reporting our winnings, or polls on the same, etc. might make it into the national media? And if it does, and if it's done in a big way, isn't it possible that it could be a nail in the coffin?

But then, maybe I'm over-reacting or overly cautious, or whatever. Then again, maybe not. But why take the chance.

[Tuco]

Transfer money to a Canadian like myself, and I'll send you 90% of it in cash via Fedex.

[img]/images/graemlins/smile.gif[/img]

Tuco.

[gaming_mouse]

[ QUOTE ]
that someone in the media is watching the forum and picking up on these threads. And isn't it possible that at some point these threads about how we're avoiding reporting our winnings, or polls on the same, etc. might make it into the national media?

[/ QUOTE ]

Seriously, not to be rude, but step back for a second and think about this. It is utterly absurd. You are not taking the "better safe than sorry" line -- you are taking the "completely paranoid about something that has no chance of happening" line.

I mean, "Ooooo, some people on 2+2 were discussing the possibility of not reporting their poker incomes. Stop the press!" Nobody cares.

By the way, don't forget that discussing these things is not a crime.

gm

[Kellon]

I admit to being overly cautious and probably a bit paranoid, but I come by it through professional experience. The possibility that the subject could get interjected into the reports is not at all absurd, especially if someone wants to make the case against online gambling and wants to scrape for every reason why.

The fact is that I have thought about it. My post was merely to suggest that everyone else think about it for a second, too, before running off at the keyboard. You don't think it's an issue; go for it.

(As to whether discussing the ways and means of committing a crime can be a crime in itself, well, that's a whole nother subject.)

[jimymat]

Its about 220 pounds and kinda smelly. Figured if were going to discuss how to rip off our beloved government than this my be the place to post this question. Thanks.

[gaming_mouse]

[ QUOTE ]
the reports is not at all absurd, especially if someone wants to make the case against online gambling and wants to scrape for every reason why.

[/ QUOTE ]

The chance that this post or any conversation inspired by it has any effect on any law or any anti-gambling movement EVER is somewhere between 0 and negative infinity. [img]/images/graemlins/smile.gif[/img]

I'm sorry. There are just no two ways about it.

[moondogg]

[ QUOTE ]
[ QUOTE ]
that someone in the media is watching the forum and picking up on these threads. And isn't it possible that at some point these threads about how we're avoiding reporting our winnings, or polls on the same, etc. might make it into the national media?

[/ QUOTE ]

Seriously, not to be rude, but step back for a second and think about this. It is utterly absurd. You are not taking the "better safe than sorry" line -- you are taking the "completely paranoid about something that has no chance of happening" line.

I mean, "Ooooo, some people on 2+2 were discussing the possibility of not reporting their poker incomes. Stop the press!" Nobody cares.

By the way, don't forget that discussing these things is not a crime.

gm

[/ QUOTE ]

- Poker is huge
- Tax and gambling is an inherently sticky issue
- The IRS decides that witl the vast sums of money being wagered online, they should take a closer look at it
- In looking for professional poker players interacting with each other on the topic, the go to RGP. After 5 minutes, they leave RGP
- They then go to the next renowed site, 2+2
- The see 3 threads on the front page of the Zoo, and hundreds of older threads on the taxes

2+2 does represent a significant portion the online poker community, with a high concetration of the people actually making money from it. If the IRS were interested in looking closer at how poker players are reporting income or planning to report income (and the IRS would be stupid to ignore it), this is one of the first places they would/should look.

I think Kellon's point is that there has been a lot of talk on this board about the best way to cheat on your taxes. And yes, people do read it. Poker players encouraging each other to commit jailable federal crimes by evading taxes in such a public forum (along with the recent poker boom) is a good way to lead to a crackdown on gamblers tax returns.

IMHO.

[gaming_mouse]

I would be very appreciative if someone NOT related to Chicken Little would answer the thread....

And I'm really not trying to be snide, but you are just plain wrong to worry about this.

gm

[daryn]

you're gonna get caught.

pay your taxes.