Pinnacle.
- Thread starter ScottH
- Start date
supercoolmancool
Well-Known Member
Pinnacle was by far #1. Now I don't know what to do. Maybe i'll stop breaking the law.
If pinnacle is the last book to stop taking US action, there is still a healthy market out there.
"Never give up, never surrender!"
supercoolmancool
Well-Known Member
Yah but with taxes and audits I don't know how I would explain these online casino wins.
No explanation needed. TRUST ME.
supercoolmancool
Well-Known Member
Ok, say I make $5,000 working and $5,000 gambling and I keep absolutely ZERO records just kind of make an edjucated guess. Do you still think I am safe from the IRS? And half that is from online.
E-town-guy
Well-Known Member
I think you should be ok. There are so many people out there who made $30,000+ each year playing poker and sports betting. I guess now you have a choice of either still not keeping records, keep records from here on in, or make up some fake ones from your past gambling (saying you made less than $5000 of course!). For good odds check out this site: http://www.oddschecker.com/
Tells you which sites have the best odds for each game and perhaps you can find some that allow US customers.
Tells you which sites have the best odds for each game and perhaps you can find some that allow US customers.
I already told you this, but can anyone find anything wrong with my thinking.
You had a part-time job for part of the year and you make 5,000. You had 2,000 in the bank at the start of the year. Now you make 5,000 gambling, but you also have 5,000 dollars in expenses, so your bank account at the end of the year is 7,000.
Now the IRS does a check on you. What can they possibly find that is suspicious? You had 2k in the bank, you made 5k at your part-time job which you record on your tax sheet, and you now have 7k in the bank. Looks legit. They can't know that you made 5k gambling, because you spent it.
Am I missing anything important here?
Automatic Monkey
Banned
Yes... they don't audit people making $10K a year! For accounts like that it would cost more from them to audit you and collect than they could legally collect, and they are no longer allowed to do that. You have quite a bit further to go before you start having to worry about the IRS. Still, be careful, and never under any circumstances give any gaming establishment your real SSN.
I am not a tax advisor, this is not tax advice.
Its a good thing you don't give tax advice,because you are wrong. Most audits are caused by the IRS computers spitting out random returns and social security numbers.
Even if the person in that theoretical example were to get audited, I dont see any way they could catch you not reporting your gaming wins.
supercoolmancool
Well-Known Member
Let's cross our fingers. (gulp)