NETELLER- Secure against gov't taxes??

[Sharpie]

With Neteller becoming popular with many sportsbooks, my question is this. How do they handle government tax issues regarding disclosure? If I happen to accumulate funds at neteller, will the government be able to check this out? Will anyone be able to see the transactions that have occured through neteller?

If anyone has any answers, I would love to know the answers...

[bucky]

There is no interest income to red flag it. If you start stockpiling funds over and above what you ever deposited there it sure looks like income regardless if you have other loss receipts to cancel them.

If you start taking checks over and above what you deposited it is definitely income even though it would not be reported by neteller.

As a clearing house it is great to move money between sportsbooks,etc. Take in a bunch of money and keep it without sending it out again that sounds like income to me but you are responsible to report it. If you don't report will you get caught is anybody's guess.

[Railbird]

Bucky,

If you make a big play on a game that goes 12-31,and you cash it on 1-1 what year do you pay taxes on it?