Offshore Banks

[bsky2]

Reno, the burden of proof lies with the taxpayer. "I lost the money gambling" just doesn't fly with the IRS in you have attachable assets. You will have to prove that you in fact lost the money gambling beyond a reasonable doubt or the Write-off will be denied.

[thedevil]

Unless your a pro and do nothing else for income its not worth going through the bother of going against the IRS, trying to claim losses against winnings. Once they audit you they keep coming back for more. If you have many cash transactions they will find you.

How do you claim you won 20k at sportsbookA and lost 22k at bookB. Can you get reciepts or records from them? Will the IRS take your word. What happens when they find a deposit at bookC or D. Do they look for E or F?

I think the bottom line is if you win in moderation, ignore them. If you win alot give them their share and bite the bullet.

Its like being at a card game where we all ante a $1000 each and all of a sudden this bully sits at the table, puts nothing up and says "deal me in".

[brett]

Devil,
Are you saying that if you have a real good year you should check off gambling on your tax form and claim your entire winnings? I read a post in here awhile back where Reno said to never claim gambling winnings because it will raise the flag to the IRS. It seems to me that you are almost screwed either way.

[bucky]

Reno,
The Swiss bank account sounds the best. Hobby players don't have a problem until they try to spend the winnings. But, perhaps, there could be a couple of first class vacations in a foreign country or two.
So, the bottowm line with this idea is to set up the Swiss account, get the funds wired fromm the offshore sportsbook without using a US bank to wire the funds. Then spend the money by vacationing in Switzerland, Europe, etc.
There must be a way to get US funds from that Swiss bank, travelers checks, etc. that can just be cashed for small amounts, not deposited. Then spend the cash on consumable, pershable items. Food, gas, sporting events tickets, vacations, etc.
Thanks for your topic. Lots of luck to all. Thats all we ever wanted to do was have fun anyway wasn't it?

[scott]

If Big Bro wants anybody he gets them. Microsoft or Big Tabacco can defend themselves better than any of us but they are big dogs vs Uncle Sam. Do what you have to and hope you dont have to go up against them...Scotty

[Segundo]

Seems like most of you guys are in dreamworld. What happens when the IRS or the Dept. of Justice are investigating the offshore book that is sending your Swiss bank account the $? What happens when your name appears on the affidavit accusing you of being in bed with the bookmaker? Or, more likely, money laundering? They can do whatever the **** they want to, they can accuse you of conspiring to violate 1084 and defrauding the US govt(IRS) under section 371 of the US Code (sorry, the section might not be correct, but I know it exists) and all they need are two charges to make it fall under RICO. Listen guys, I am in the same boat, this is a great topic and I do NOT have any answers, it is a very scary feeling being classified with drug traffickers when talking about taxes but everyone needs a bad guy to keep their jobs, right? I'm in the middle of doing some research (offshore bankers and accountants) on the subject so let's try to keep this a current thread. Seems like changing citizenship might not be a bad idea...

[reno]

I never said to not declare gambling winnings. I said to never declare your profession as a gambler/sportsbettor.

Regarding investing sportsbetting winnings, some offshore banks provide "personal bankers," and allow you to buy stocks with the money in your offshore account.

Taxing gambling winnings is a complete rip-off. The government is taxing you twice: on
the money when you earn it and then on your investment. Enlightened countries don't do this. That's why I'm out of the U.S. in no more than a few years.

[MAXIMUM VALUE]

I agree lets keep this thread going. Segundo,keep us posted.

I was thinking about my W.U tranfers and why sportsbooks ask "under what name was the transfer sent by"?

Is it possible to send the transfer under a John Doe name and address since no I.D is required by W.U station for deposits under $3000?(I believe that is the correct amount.

It seems to me that any sportsbook will gladly accept funds via W.U under any name provided you have the W.U control# and your account # to be tranfered to.

Any comments?

[chestrockwells]

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[This message has been edited by chestrockwells (edited 01-04-2001).]

[Segundo]

Max.Val. - I thought that Western Union requires ID for anything over 1000$ and that they need your Soc. Sec. # for anything over 3000$? I think these are new rules.

[BARNEY]

Reno, check your e-mail!

[Mikes1212]

Wait a sec... if you get a check for say $5000 and say sent $3000 by western union, I would think you would want it to be in your name so you can show evidence that $3000 of the check was your money to begin with.

[thedevil]

if you send WU as a John Doe or an alias, and collect under your real name you have taxable winnings and no loses.

[MAXIMUM VALUE]

Mikes1212,The Devil

That would be the way to go(use same name) if you are concerned with "Taxible Winnings".

I believe their are a few sportsbettors that prefer not to file taxes as a "Professional sportsbettor" and therefore raising all kinds of red flags.

[Frank]

Any new info on this topic since March?