TAX question!!!

[bustingducks4]

If you have an Epassporte account...and are making daily withdrawals, weekly withdrawals or whatever . I know we have to pay taxes on it, but would the government know about it? Also, if the site sent you a paper check and you cashed it at a currency exchange, would they know about that also?

[rocketplayer]

I almost don't want to answer this.

Who knows if they'd know but guess who would know?


YOU


That is all that should matter.

[bustingducks4]

Soooo it seems you are implying that even if I or anyone could get away with not paying taxes doing either of those two ways of withdrawing I mentioned, that I should pay them anyway? Because I would know that I cheated the US government out of a few bucks? Hence that would be suuuuch a horrible thing?

The same US government that is trying to take away our freedom of playing poker on the internet??? The same US government that is trying to regulate where I can use MY hard earned money??? Yet takes almost 40% of my 375k a year salary at the same time...and throws maybe half of that 40% into useless social programs.

If you would like...you can meet me at my church this sunday at 9A.M. here in Kenilworth, Illinois...suburb 20 mins north of chicago right on lake Michigan...It's called Faith Hope and Charity...easy directions...I'd be more then willing to hear your views on how one should be moral, all morning long. But if you do not know the answer to the question I asked on this forum... then I don't care what you think about ANYTHING, so SHUT UP! lol

[Muttly]

A simple "I'm ok with that" probably would suffice.

[rocketplayer]

Do you play golf? If your ball moved when you addressed it would you call it on yourself?

I bet not and thus I would not be playing golf with you.

Play with your taxes all you want. Do I agree with how all
my taxes are spent? No.


But be warned, it is not fun to be on the wrong side of the IRS in regards to tax fraud.

[SirNicksolot]

Wow, welcome to the forum bustingducks4.

[jlmjrpoker]

So does anyone really know the answer to the question?

If you win 10K in a tourney the money is no doubt stored somewhere other than the US (I suppose), you have already been taxed on it before you funded the account and what if you turn around (hopefully not) and lose the same 10K the next day. Do you still need to pay taxes on it?

It seems to me if you leave it elsewhere (outside the US) there are no taxes to be paid. If you pull all of it to your US account then it can and probably will be recognized by some banking sniffer that you have "Unknown Money" the IRS needs to touch. But if you leave it in an account that is out of the US and have some sort of debit card then how do you file taxes against it?

So back to my original statement: Does anyone really know the answer to the question?

[torch]

[nukeduke]

Jlmjr,

In short, for the situation you described, you would have a $10,000 win reported on line 21 of the 1040 and a $10,000 loss reported on line 27 of Schedule A. So yes, you would have reportable items based on what we know. That doesn't mean that you are paying tax on it - just reporting it as you should under law.

[nukeduke]