Comments on: Neteller Rolls Over

By: Justin

Justin — Wed, 21 Feb 2007 22:26:24 +0000

First let me say that i am going to pay my taxes but im just confused if aggregate of $10,000 means 100 deposits of $100 over the course of 2006 for example or on december 11 my neteller balance was $10,001 a one time balance? My neteller balance was never even close to $10,000 on any single day but if i added up each deposit and withdrawal and transfer over the course of 2006 it probably would be over $10,000.ty

By: Little Old Lady

Little Old Lady — Thu, 15 Feb 2007 19:20:16 +0000

Rod, if I read your your comment aright, you have just publicly admitted to committing a felony: deliberate failure to report income on your federal income tax form. Why on earth would you do something like that? Do you think the IRS can’t find you? If they want you, they can. Do you think that they won’t bother because you are small potatoes, and your admission of guilt won’t come to their attention anyway? Maybe you’re right about that and maybe you aren’t. You’d be surprised about what the IRS decides is worth pursuing. About 25 years ago, a professor of my acquaintance was hounded by the IRS for failing to declare income from student bribes (for good grades). There were no such bribes and there was no such undeclared income, but the poor professor had a world of trouble trying to get out of the IRS’s clutches. My assumption at the time was that a disgruntled student unhappy about his/her grade concocted this story just to make trouble–and perhaps collect some snitch-bounty. You know, I am living on a not very large pension, and I might very well make a tidy little sum on the side dropping a dime on all the poker players who have loudly announced that they have not in the past and will not in the future declare their poker winnings. In fact, I am going to mind my own business and not succumb to the temptation of easy IRS reward money, but that’s just because I am a nice old broad. But not everyone is as nice as I am. Just because you get your refund, you are not out of the woods. The IRS has years to come after you if it wants to. At the very least if you are going to commit a felony, keep your mouth shut about it. Seems like it will take some additional blows before that horse is really dead enough not to need further beating.

By: Rod

Rod — Thu, 15 Feb 2007 15:40:35 +0000

My wins probably totalled 3K and losses 1.4K. I did not bother to report and my refund is due via Santa Barbara Trust tomorrow.

By: sports bettor

sports bettor — Tue, 13 Feb 2007 03:17:34 +0000

I hate neteller for this.

By: Ed Miller

Ed Miller — Tue, 13 Feb 2007 02:09:04 +0000

Charles,

The IRS requires that you report all gambling income, no matter how small.

The $10,000 number is just the cutoff for having to report offshore assets. There’s no cutoff for reporting income.

By: Charles

Charles — Tue, 13 Feb 2007 02:03:26 +0000

Ed,

In your article, $10,000 you mentioned seems to be a limit. Do you know if I need to report taxes if my winnings is less than, say, $5,000?

thanks,

By: Tim

Tim — Mon, 12 Feb 2007 22:54:02 +0000

If we hurt our lottery system, how would we fund our schools?!! We need all of the money we can get so we can support a senseless war, some porked out legislation, etc. We must win this war against the big bad gamblers….screw spending money to improve our country, lets spend $$ to recover…..oh yeah, not as much money.

-t

By: T Sprague

T Sprague — Sat, 10 Feb 2007 22:16:52 +0000

Gambling losses are tax deductable up to the extent of gambling winnings, for each tax year. You are responsible to pay taxes on NET winnings. Net losses however are not deductable. The previous comment made about individual session winnings being taxable but losing session aren’t, simply isn’t true. I agree with all previous suggestions recommending consulting a tax expert if you are in doubt, and keep accurate records. I’m comfortable going solo on this. And while I’m not tax expert, I am a CPA.

Tim

By: JJS

JJS — Sat, 10 Feb 2007 00:18:46 +0000

Meek said: “I think poker is getting caught up in the SportsBook betting net, but the Feds are caught up in catching the sports betters to not catch the poker players.”

I don’t think any real distinction is being made between poker players and sports betting etc. It’s all gambling as far as the Feds and most non-poker players are concerned. If you try to make people understand the difference, you are requiring them to think and that is something that most people don’t like or want to do.

As I see it there are two things happening:

1) We have the christian fundamentalists, who are absolutely certain that gambling doesn’t fit into God’s plan for the human race.

2) State governments run lotteries and don’t want online casinos to take away from their action.

With a two-pronged attack like this, I think the result is inevitable. It’s only a matter of time before all states make online gambling a felony. And they will not be bothered to make an exception for poker.

By: Kevin

Kevin — Fri, 09 Feb 2007 14:59:02 +0000

Pokerstars are accepting payments from Moneygram. Do you think this is a long term solution? Isnt Moneygram risking Neteller’s fate?