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Posted: Mon, 27 Dec 2004, 1:13pm Post subject: Neteller and tax reporting.
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LIVEBOON
Joined: 02 Mar 2004
Posts: 1837
WPP: 99
Location: Indiana
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Well buds you may want to start holding your winnings in Poker Stars or something. According to this neteller reports all your stuff so you probably dont want a big ass chunk of change in there when the year ends. I know there are probably more than a few of you that have a lot in there that werent planning on reporting it in your taxes. Im not sure if they only report major transactions or just like gains on your account from gaming sites at the end. But another thing what defines major. When you are depositing 1000 for a Bonus and cashing out 1500 a few days later I think that would be considered major.
The good thing about Neteller is that they are fast on payments and most users report that they have no problems with their withdrawls. They are also the most popular payment site on the net and based in Canada, so they shouldn't be going down anytime soon. The bad part about Neteller is that they require your social security number, which should raise eyebrows. According to Neteller, this is used solely to verify your identity and then discarded. However, from my own research, I did find this quote from Gord Herman, chief operating officer of Neteller:
"Right now, we operate in a regulated environment and we are compliant with all Canadian and U.S. reporting regulations," he [Herman] said. "By eliminating organized programs such as ours, where everything is very trackable and accountable, you will cause a black market that will create opportunities for less-than-scrupulous individuals and companies."
- "Net gambling bill fans e-cash fears", msnbc.com
In this quote, when Herman says Neteller is compliant with all reporting regulations, what this means to me is that they are reporting all major transactions to the U.S. and Canadian governments. In order to do this, they need your social security number. This tells me that they are infact, keeping social security numbers on file for purposes other than simply verifying your account. |
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Posted: Mon, 27 Dec 2004, 1:45pm Post subject:
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i wouldn't mind a change...
Joined: 13 Jul 2004
Posts: 4832
WPP: 96
Location: TagFish
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Link?
Also, theres no distinction between income and transfers over these accounts. You could simply give me $500 through PP or something then withdraw it out.
Great Post! Keep 'em comin. |
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Posted: Mon, 27 Dec 2004, 1:52pm Post subject:
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LIVEBOON
Joined: 02 Mar 2004
Posts: 1837
WPP: 99
Location: Indiana
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http://teamfu.freeshell.org/partypoker/ There is the link and I know what u were saying and was thinking the same thing but I think its gonna be reported regardless and the IRS will be left to figure it out so I think it would just be better to keep your shit in poker accounts instead of neteller for the most part.
The chunk I took out is towards the bottom somewhere I think in the neteller section.
And click the IRS penalty link too cause by what they were saying (i just glanced over it ) it doesnt take long for the penalties to be as much as the total amount you wee supposed to pay taxes on to begin with their astronomical interest rates. |
Last edited by BoondockSaint on Mon, 27 Dec 2004, 1:54pm; edited 1 time in total
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Posted: Mon, 27 Dec 2004, 1:54pm Post subject:
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i wouldn't mind a change...
Joined: 13 Jul 2004
Posts: 4832
WPP: 96
Location: TagFish
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| BoondockSaint wrote: | http://teamfu.freeshell.org/partypoker/ There is the link and I know what u were saying and was thinking the same thing but I think its gonna be reported regardless and the IRS will be left to figure it out so I think it would just be better to keep your shit in poker accounts instead of neteller for the most part.
The chunk I took out is towards the bottom somewhere I think in the neteller section. |
Thanks, Isn't neteller like an online bank? So reporting transfers wouldn't make any sense as income... |
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Posted: Mon, 27 Dec 2004, 1:55pm Post subject:
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LIVEBOON
Joined: 02 Mar 2004
Posts: 1837
WPP: 99
Location: Indiana
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| elipsesjeff wrote: | | BoondockSaint wrote: | http://teamfu.freeshell.org/partypoker/ There is the link and I know what u were saying and was thinking the same thing but I think its gonna be reported regardless and the IRS will be left to figure it out so I think it would just be better to keep your shit in poker accounts instead of neteller for the most part.
The chunk I took out is towards the bottom somewhere I think in the neteller section. |
Thanks, Isn't neteller like an online bank? So reporting transfers wouldn't make any sense as income... |
Well yeah but they just see the shit coming from a gaming site they dont know someone gave it to you in Party Poker. For all they know you won it. Unless youre talking about neteller specific inter account transfers and it still doesnt matter because you have to report all income to the IRS no matter what the source is. (assumming it wasnt your money to begin with and they are just giving it back.) If you friend gives it to you it is still subject to tax. |
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Posted: Mon, 27 Dec 2004, 2:10pm Post subject:
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i wouldn't mind a change...
Joined: 13 Jul 2004
Posts: 4832
WPP: 96
Location: TagFish
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| BoondockSaint wrote: |
If you friend gives it to you it is still subject to tax. |
Not if he owes you the money...
Thats what I don't understand, its all based on the honor system, I could get that money from anywhere.
That guy did say that you have to make $500 in order to report it. And boondock, I (you too probably) am still a dependant on my parents, I wonder what the tax tables will look like and all that shit. Theres a possibility we can still report it and still not have to pay it back. |
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Posted: Mon, 27 Dec 2004, 2:54pm Post subject:
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LIVEBOON
Joined: 02 Mar 2004
Posts: 1837
WPP: 99
Location: Indiana
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| Well u especially cause u said about all the money you made is from poker so you get out of nearly all your federal tax anyway. |
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Posted: Tue, 28 Dec 2004, 7:01am Post subject:
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Flush
Joined: 08 Jun 2004
Posts: 497
WPP: 73
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| Ahh... To live in the great white north, where the government doesn't tax gambling winnings. 8-) |
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Posted: Fri, 31 Dec 2004, 6:04pm Post subject:
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Straight
Joined: 14 Jul 2004
Posts: 228
WPP: 169
Location: Dallas,TX
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| Aceofone wrote: | | Ahh... To live in the great white north, where the government doesn't tax gambling winnings. 8-) |
...and they tax the shit out of everything else  |
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Posted: Fri, 05 May 2006, 1:44am Post subject:
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Strike 3
Joined: 29 Aug 2005
Posts: 263
WPP: 176
Location: SITTING ON 'RILLA'S FINGER
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they just outlawed online gambling in Washington this February
it's now a Class C felony and up to $10,000 in fines
what the shit
http://www.tightpoker.com/ |
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Posted: Fri, 05 May 2006, 1:51am Post subject:
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Full House
Joined: 12 Jan 2005
Posts: 1461
WPP: 122
Location: wearing the honors of honor and whatnot
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Full Tilt Poker FTOPS XIV - Event 8 $240+$16 NLH Knockout
