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Neteller and tax reporting.
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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