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 15 yr old son workin 20 hrs/wk gets paid $100 wkly- no taxes withheld but soc.security- will get w2-god or bad |
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 "CAUTION" Question may be disturbing? |
Did you know that there is no law that is
written that you have to pay Taxes?
Please don't respond until you watch
this video. Your opinion is very important.
... |
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 If my child was born on jan 1st at 12:45am 2009 can i still get the tax credit for 2008? |
Additional Details
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Gaga | If i deposit $25,000 into a bank account from online gambling winnings, will it be audited by the irs? |
i placed a $170 wager online for a team to win the championship, and the payout is $25,000 if they win it all. it might be unlikely, but if i do win will the large deposit draw the attention of the irs? it's an offshore online sportsbook. if so, what are some suggestions to receive the funds without drawing attention? i know it's illegal to wager online, same as those who download mp3's..
Additional Details
that is true, i could've done something more worthwhile with the money i used to wager, but it was with money that i've already won. the money used to win with the money won in the first place was with fun and recreation money, much like the ipods and mp3 players bought by those who download thousands of illegal music. btw i don't do that either =P |
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G Dirty
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Transfer your money between five bank accounts to someone you trust such as family |
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bostonianinmo
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If you make your hit, you may have some REAL problems getting your hands on "your" money. For one thing, most of those off-shore gambling sites will no longer transfer funds to a US bank. They're tired of having their corporate officers being arrested for violating US gaming laws when they arrive on US soil for a family vacation or an otherwise legal business trip. And all US banks are barred from accepting transfers from those gaming companies so there's a double whammy against you.
Any financial transaction of $10,000 or more is automatically reported to the Treasury Department -- of which the IRS is part of, by the way. This is primarily for tracking potential money laundering or other illegal activities and illegal gaming income is part of what they're looking for. Since 9/11, aggregate transactions over a short period of time that add up to $10k or more are reported under the same rules. Since on-line gaming is illegal in the US and is illegal for US citizens to take part in, you do run a real risk of having the funds confiscated if they manage to get around the rules on transfers from off-shore gaming companies.
If you do manage to get custody of the money, do keep in mind that it's fully taxable in the US as ordinary income. |
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acmeraven
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1-you are not going to win. 2-if you did win you would not get paid. 3-you can't take a tax write-off on the loss as it is an illegal activity and non-deductible. 4-spend it on beer and have a good time and quit wasting money on scams. |
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Judy1
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You are required by law to report gambling winnings, from legal or illegal sources, and pay income tax on them. I suppose you already know that.
A large deposit could trigger questions as to where it came from, assuming you're not reporting your gambling income. And if you are questioned, you're probably charged with tax fraud. |
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colorado_tax_attorney
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The other answers are correct in that you must report and pay tax on this income. It may require you to pay estimated tax payments, assuming that the amount is large enough compared to your other earnings to require that.
It sounds like your real question is how does the IRS find out about these transactions. The answer is that there are three Acts that impose withholding obligations and/or (bank) reporting requirements.
Check out this IRS ruling for an over view of these Acts:
http://www.irstaxtrouble.com/tax-law/cca-200707001-2007/
Best of luck,
Kreig Mitchell
http://www.irstaxtrouble.com/longmont-colorado-tax-attorney.php |
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Yahzmin (US)
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I don't know which aspect is funnier -- the fact that you are wasting money betting illegally on-line -- or that you actually believe they will PAY you if you win and that you will be able to get that money again! Whew -- I think the IRS is the LEAST of your worries.
And the bank reporting limit was recently set at $5000, I believe, but that is in the US. Offshore tends to be -- well -- offshore -- and also probably illegal and unobtainable. |
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richkvegas
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Just dont withdraw it all at once. Make sure you withdraw in incriments under $10,000. If your site will let you get a check do it. Just slow play at. At those odds (147-1) you might as well of just thrown your money into the street, at least then somebody would enjoy it. |
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meanevilcarrot
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You won't be audited neccesarily but you will need to report your winnings at the end of the year and pay taxes. Your bank must report the deposit (i think they report anything over $999, I might be wrong about that dollar amount but I think that's it.). |
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