Just won a big one on Bovada slots, paranoid about tax crap now...
Any advices?
Quote: BatMannHi guys, this just happened, I won ~$10000 on Bovada slots (Good girl bad girl) and i'm paranoid about tax issues. I really don't want to pay as I feel like something like this shouldn't be taxable to begin with. All it shows is a lack of understanding of EV on the IRS part, or greed, or both.
Any advices?
I advise you to pay your taxes. I'm guessing that a judge will not be sympathetic to the "I really didn't want to pay" defense.
However, should it work, let me know, because it turns out that I really don't want to pay my taxes either. What a coincidence! We have so much in common.
Quote: BatMannHi guys, this just happened, I won ~$10000 on Bovada slots (Good girl bad girl) and i'm paranoid about tax issues. I really don't want to pay as I feel like something like this shouldn't be taxable to begin with. All it shows is a lack of understanding of EV on the IRS part, or greed, or both.
Any advices?
my advice would be; don't ask questions on a public forum on how to commit fraud.
If you would like to not pay taxes then I would suggest losing it all back to them. problem solved.
Keep proper track of winnings and losses.
Write off losses against winnings: report winnings on Form1040, line 21, and losses on Schedule A, line 28.
also bovada stated in their terms and conditions that they do not share information with government agencies. so how would they even know I won so much?
I have also previously cashed out small amounts without being asked where the money came from. What would make 10k different?
Quote: BatMannBut guys, this is online gambling. It's illegal to begin with, if I do report it that's like saying "hey look at me, I gambled online and I knew it was illegal, come confiscate my $10k"
also bovada stated in their terms and conditions that they do not share information with government agencies. so how would they even know I won so much?
I have also previously cashed out small amounts without being asked where the money came from. What would make 10k different?
There are certainly no federal laws against online gambling. Are you in a state that specifically makes online gambling a felony? Are there any other than WA that do?
Regardless, I don't think that the "my earnings were illegal and therefore not taxable" defense will be much more successful than the "I really didn't want to pay" defense. But then, I'm no lawyer. It certainly didn't work for Al Capone, though. Also, money earned through illegal means is taxable (I think that there's even a separate line item for it on the tax form?) However, these are not illegal. Just report them as gambling winnings.
Your $10k will not get confiscated. You will just pay taxes on your winnings (just like everyone else has to) and keep the rest (just like everyone else gets to). Don't forget to write off any losses. Get an accountant to do your taxes if you are confused.
As for how they will find out...
1. Just because they don't provide info to government agencies NOW doesn't mean that they won't at some point in the future through some deal with the US government. This is what happened with the Swiss banks. Perhaps they would offer some amnesty to people who 'fess up, perhaps not.
2. If $10k is a significant amount of money (compared to your usual income) and you get audited you are f***ed. It is hard to hide $10k when you make $40k per year.
3. Large transactions tend to get reported, whether you know about it or not. CTRs, SARs, etc. Your bank has an obligation to do this.
You gambled. You won. Pay your taxes and be happy that you are ahead, which is more than 99.999% of gamblers can say. If you want to gamble more, do it against a casino, not the IRS. Filing a fraudulent return is serious business.
Quote: AxiomOfChoiceThere are certainly no federal laws against online gambling. Are you in a state that specifically makes online gambling a felony? Are there any other than WA that do?
Regardless, I don't think that the "my earnings were illegal and therefore not taxable" defense will be much more successful than the "I really didn't want to pay" defense. But then, I'm no lawyer. It certainly didn't work for Al Capone, though. Also, money earned through illegal means is taxable (I think that there's even a separate line item for it on the tax form?) However, these are not illegal. Just report them as gambling winnings.
Your $10k will not get confiscated. You will just pay taxes on your winnings (just like everyone else has to) and keep the rest (just like everyone else gets to). Don't forget to write off any losses. Get an accountant to do your taxes if you are confused.
As for how they will find out...
1. Just because they don't provide info to government agencies NOW doesn't mean that they won't at some point in the future through some deal with the US government. This is what happened with the Swiss banks. Perhaps they would offer some amnesty to people who 'fess up, perhaps not.
2. If $10k is a significant amount of money (compared to your usual income) and you get audited you are f***ed. It is hard to hide $10k when you make $40k per year.
3. Large transactions tend to get reported, whether you know about it or not. CTRs, SARs, etc. Your bank has an obligation to do this.
You gambled. You won. Pay your taxes and be happy that you are ahead, which is more than 99.999% of gamblers can say. If you want to gamble more, do it against a casino, not the IRS. Filing a fraudulent return is serious business.
Urgh... I make $0 a year outside of gambling. Last year I applied for welfare and didn't get it and i was pissed enough as it is. Now they want me to pay for other people's welfare? no thanks...
And how much taxes are we talking about? 10%? 30%? 50?% 90%?
Quote: BatMannUrgh... I make $0 a year outside of gambling. Last year I applied for welfare and didn't get it and i was pissed enough as it is. Now they want me to pay for other people's welfare? no thanks...
And how much taxes are we talking about? 10%? 30%? 50?% 90%?
If at the end of the year your only income is 10k then it would be 10-15% but then you would qualify for EIC so you would probably get most of that back.
Quote: GWAEIf at the end of the year your only income is 10k then it would be 10-15% but then you would qualify for EIC so you would probably get most of that back.
If their earned income is $0, they will not qualify for the EITC.
But, if this is your only income, you won't owe anything because you get a standard deduction of $6200 and a personal exemption of $3950 (assuming you are single and nobody else can claim you as a dependent).
Quote: BatMannBut guys, this is online gambling. It's illegal to begin with, if I do report it that's like saying "hey look at me, I gambled online and I knew it was illegal, come confiscate my $10k"
also bovada stated in their terms and conditions that they do not share information with government agencies. so how would they even know I won so much?
I have also previously cashed out small amounts without being asked where the money came from. What would make 10k different?
If you want to cheat on your taxes, then go ahead. But don't come onto a forum with your absurd rationalizations.
Quote: BatMannUrgh... I make $0 a year outside of gambling. Last year I applied for welfare and didn't get it and i was pissed enough as it is. Now they want me to pay for other people's welfare? no thanks...
And how much taxes are we talking about? 10%? 30%? 50?% 90%?
why were rejected for welfare? what did you put down as your income?
Quote: BatMannUrgh... I make $0 a year outside of gambling. Last year I applied for welfare and didn't get it and i was pissed enough as it is. Now they want me to pay for other people's welfare? no thanks...
So you are a liberal when you are broke and a conservative when you got the dough. That is so typical.
Quote: sabreIf you want to cheat on your taxes, then go ahead. But don't come onto a forum with your absurd rationalizations.
"Cheat" lol. You're using someone else's definition, in this case the government's, to determine the moral action of a person (me)
How is this different than non gamblers using casino's definition and call all the blackjack APs on this forum "cheaters"?
What's absurd is the rules set for gambling taxes. Apparently even balance that are not withdrawn are taxable. So a rogue casino could edit your balance to be $10 million, and you know you have no chance getting paid whatsoever, and bam you owe Big Brother $1 million in taxes.
Who's the real cheat?
Why are you siding with the government?
Quote: mickeycrimmSo you are a liberal when you are broke and a conservative when you got the dough. That is so typical.
I would be more generous if I was given anything when I was broke, but instead I had to keep harassing my parents and keep telling them I would starve to death if I don't have money for food.
I have a disability and I applied for SSI for the disability. Took fucking forever just to get a "no" as an subjective answer of "I don't think your disability keeps you from work"
If people showed me any sympathy while I was broke, I would do so in return.
But that was not the case.
If you're not sharing your money while I was poor, why should I share mine when you're poor?
Honesty in this area pays dividends.
Quote: BatMannUrgh... I make $0 a year outside of gambling. Last year I applied for welfare and didn't get it and i was pissed enough as it is. Now they want me to pay for other people's welfare? no thanks...
And how much taxes are we talking about? 10%? 30%? 50?% 90%?
If your total income is really 10k you won't owe any taxes. Just report it and you will be done. I assume that you earn other money gambling? Are you an AP? (Do APs play online slots at Bovada?)
Quote: AxiomOfChoiceIf your total income is really 10k you won't owe any taxes. Just report it and you will be done. I assume that you earn other money gambling? Are you an AP? (Do APs play online slots at Bovada?)
Gambling online is my entire income. Yes, i'm AP, and some of the bovada slots (according to other sources which operate BetSoft) are 97%+ RTP. My EV was pretty low and certainly wasn't $10k, I just got extremely lucky.
Unfortunately probably count my total income as $100k/year +
What tax would I be paying if I do pay?
Quote: BatMannGambling online is my entire income. Yes, i'm AP, and some of the bovada slots (according to other sources which operate BetSoft) are 97%+ RTP. My EV was pretty low and certainly wasn't $10k, I just got extremely lucky.
Unfortunately probably count my total income as $100k/year +
What tax would I be paying if I do pay?
How is a 97% game AP play? Are the bonuses good enough to make that +EV?
For a rough estimate, enter your total income here: http://www.moneychimp.com/features/tax_calculator.htm
Don't forget to deduct your gambling losses. If you make all your money from gambling then you may be able to file as a professional gambler; I don't know enough about your situation or the laws to know if this would be a good idea for you.
Long term seems to have half the tax according to the calc
Quote: BatMannDoes APing count as short term or long term capital gain?
Long term seems to have half the tax according to the calc
Neither. A capital gain is when you buy something and then sell it for more (like a stock).
It counts as income.
This needs a good explaination
Quote: BatMann
If you're not sharing your money while I was poor, why should I share mine when you're poor?
Because Obama
Quote: BatMannGambling online is my entire income. Yes, i'm AP, and some of the bovada slots (according to other sources which operate BetSoft) are 97%+ RTP. My EV was pretty low and certainly wasn't $10k, I just got extremely lucky.
Unfortunately probably count my total income as $100k/year +
What tax would I be paying if I do pay?
Yeah and I just claimed 2.6 million from a lottery in Nigeria. I can't wait until it gets here.
Quote: strictlyAPshaking head on wat to airport to go to vegas, cant believe this thread got three pages already
+1
Quote: BatMann"Cheat" lol. You're using someone else's definition, in this case the government's, to determine the moral action of a person (me)
I also call rapists rapists based on the government's definition. I don't really have a problem with that.
Quote: BatMannHow is this different than non gamblers using casino's definition and call all the blackjack APs on this forum "cheaters"?
wat?
Quote: BatMannWhat's absurd is the rules set for gambling taxes. Apparently even balance that are not withdrawn are taxable. So a rogue casino could edit your balance to be $10 million, and you know you have no chance getting paid whatsoever, and bam you owe Big Brother $1 million in taxes.
No.
Quote: BatMannWho's the real cheat?
You.
Quote: BatMannWhy are you siding with the government?
Because you don't want to pay your taxes.
Quote: BatMannI would be more generous if I was given anything when I was broke, but instead I had to keep harassing my parents and keep telling them I would starve to death if I don't have money for food. I have a disability and I applied for SSI for the disability. Took fucking forever just to get a "no" as an subjective answer of "I don't think your disability keeps you from work"
Practically everyone gets turned down for disability their first time around. You should reapply. And if you are bound and determined to pencil the IRS then draw the money down a little at a time so it won't look like suspicious money activity.
Quote: mickeycrimmPractically everyone gets turned down for disability their first time around. You should reapply. And if you are bound and determined to pencil the IRS then draw the money down a little at a time so it won't look like suspicious money activity.
Thanks, finally a real answer.
I'm going to make a wild guess here most people who aggressively attacked my proposed not paying tax on gambling wins as "cheat" are degenerate gamblers who are jealous of the APs that walk away with profit, and wants the APs to pay because they themselves have to pay tax on their so called "real" jobs.
I don't see how any AP would want to pay the corrupted police to come to the casino and charge you with random shit. As APs we know casinos don't like us, but instead of defending our rights, the corrupted police assist the casino in getting rid of us.
I don't see how any AP wants to pay for that.
I also don't want to pay for the war in Afghanistan.
Quote: BatMannThanks, finally a real answer.
I'm going to make a wild guess here most people who aggressively attacked my proposed not paying tax on gambling wins as "cheat" are degenerate gamblers who are jealous of the APs that walk away with profit, and wants the APs to pay because they themselves have to pay tax on their so called "real" jobs.
You seem to agree that being an AP is a job.
Why should people who work at some jobs have to pay taxes but people who work at other jobs don't? What makes you special?
I really, really hope that you end up in jail for your crimes.
Quote: AxiomOfChoice
I really, really hope that you end up in jail for your crimes.
Chill out buddy, I just won the $$. too early for you to say what I decide to do with taxes. It's 9 months till April.
Quote: BatMannChill out buddy, I just won the $$. too early for you to say what I decide to do with taxes. It's 9 months till April.
Have you heard about the kohlberg morals theory? I'm an AP and I pay my taxes even though I hate them. Anyway my point is even if you don't morally feeling like paying corrupted cops and war is right, from a "prevent issues" standpoint you still should do it.
Quote: NeutrinoHave you heard about the kohlberg morals theory? I'm an AP and I pay my taxes even though I hate them. Anyway my point is even if you don't morally feeling like paying corrupted cops and war is right, from a "prevent issues" standpoint you still should do it.
I hate how people think taxes are so wrong yet they decide to live in this country. If you don't like the way it is run you always have the option of going somewhere else.
Quote: GWAEI hate how people think taxes are so wrong yet they decide to live in this country. If you don't like the way it is run you always have the option of going somewhere else.
Is this your argument? Because I have yet to see someone actually getting out because someone said that to them.
Quote: AxiomOfChoiceI advise you to pay your taxes. I'm guessing that a judge will not be sympathetic to the "I really didn't want to pay" defense.
However, should it work, let me know, because it turns out that I really don't want to pay my taxes either. What a coincidence! We have so much in common.
Have to agree +1 here, failure to collect proper taxation IS one of those "silly" reasons Internet Gambling was shut-off to the USA.
Quote: 98ClubsHave to agree +1 here, failure to collect proper taxation IS one of those "silly" reasons Internet Gambling was shut-off to the USA.
Can I see citation/proof please.
Quote: Neutrino
Is this your argument? Because I have yet to see someone actually getting out because someone said that to them.
and my response to that person would be; stfu about the things that you don't like then. You have options. 1. run for office and try to change things, 2. gtfo or 3. deal with it like the rest of the country and live on.
I am not saying that I agree with the tax system but I chose to live here so I should abide by the laws.
Quote: Neutrino
Is this your argument? Because I have yet to see someone actually getting out because someone said that to them.
I've actually said similar words to some people that ran a rather large franchise of McD's in my area. "If you don't like it (taxation, and double SS/Medical taxes), find a better Country... and take the franchise there, too!"
NO, they ain't leavin, hell NO!
Quote: Pub 17, IRS
Bribes. If you receive a bribe, include it in your income....
Found property. If you find and keep property that does not belong to you that has been lost or abandoned (treasure-trove), it is taxable to you at its fair market value in the first year it is your undisputed possession.
Gambling winnings. You must include your gambling winnings in income on Form 1040, line 21. If you itemize your deductions on Schedule A (Form 1040), you can deduct gambling losses you had during the year, but only up to the amount of your winnings.
Illegal activities. Income from illegal activities, such as money from dealing illegal drugs, must be included in your income on Form 1040, line 21, or on Schedule C or Schedule C-EZ (Form 1040) if from your self-employment activity.
Kickbacks. You must include kickbacks, side commissions, push money, or similar payments you receive in your income on Form 1040, line 21, or on Schedule C or Schedule C-EZ (Form 1040), if from your self-employment activity.
Stolen property. If you steal property, you must report its fair market value in your income in the year you steal it unless in the same year, you return it to its rightful owner.
So you can classify your income either via Gambling or as an Illegal Activity. It's up to you.
Quote: 98ClubsQuote: Neutrino
Is this your argument? Because I have yet to see someone actually getting out because someone said that to them.
I've actually said similar words to some people that ran a rather large franchise of McD's in my area. "If you don't like it (taxation, and double SS/Medical taxes), find a better Country... and take the franchise there, too!"
NO, they ain't leavin, hell NO!
Gambling income is tax free up north here in Canada.
Quote: boymimboQuote: 98ClubsQuote: Neutrino
Is this your argument? Because I have yet to see someone actually getting out because someone said that to them.
I've actually said similar words to some people that ran a rather large franchise of McD's in my area. "If you don't like it (taxation, and double SS/Medical taxes), find a better Country... and take the franchise there, too!"
NO, they ain't leavin, hell NO!
Gambling income is tax free up north here in Canada.
I heard everything is free in Canada. :)
Quote: boymimboQuote: 98ClubsQuote: Neutrino
Is this your argument? Because I have yet to see someone actually getting out because someone said that to them.
I've actually said similar words to some people that ran a rather large franchise of McD's in my area. "If you don't like it (taxation, and double SS/Medical taxes), find a better Country... and take the franchise there, too!"
NO, they ain't leavin, hell NO!
Gambling income is tax free up north here in Canada.
I believe ( and have had this sort of thing before wrong) that if your sole or major source of income is gambling, it is considered earnings and taxable.
Welcome new memberQuote: tjitalian34tbh I think everyone over exaggerated and if you keep under 10k you'll be fine. especially today where everything is numbers
TBH you just replied to a dormant post from 5 years back. I doubt the original poster will benefit from your wisdom. Especially since the OP was banned already.
Quote: OnceDearWelcome new member
TBH you just replied to a dormant post from 5 years back. I doubt the original poster will benefit from your wisdom. Especially since the OP was banned already.
Indeed, on page 2 of this thread every single poster has been banned except BBB and 100xOdds. 100xOdds should be nervous.
You can try to be a little nicer to new members.(J/k)Quote: OnceDearWelcome new member
TBH you just replied to a dormant post from 5 years back. I doubt the original poster will benefit from your wisdom. Especially since the OP was banned already.
Good old Neutrino(another WOV special person), he pissed me off with his blatant lies regarding his claims he hit one of those gaffed prog's from Bet Soft that were rigged not to hit. I was thinking if true(And I didnt really believe it) it was possible they were not resetting given the fact that I had been watching them. I suspicious they should have been hitting even before the scandal broke.
Quote: gordonm888Quote: OnceDearWelcome new member
TBH you just replied to a dormant post from 5 years back. I doubt the original poster will benefit from your wisdom. Especially since the OP was banned already.
Indeed, on page 2 of this thread every single poster has been banned except BBB and 100xOdds. 100xOdds should be nervous.
"Every single poster" is all of 3 people. The OP, which was a sock, mickeycrimm, who dug his own forum grave despite many intercessions, and axiomofchoice, who resigned in protest when the site was sold. Your umbrage is, as usual, exaggerated.
Quote: OnceDearWelcome new member
TBH you just replied to a dormant post from 5 years back. I doubt the original poster will benefit from your wisdom. Especially since the OP was banned already.
Hey you never know. Maybe Batmann had been viewing the forum everyday for 5 years just waiting for another reply to his post.
Quote: AxelWolfYou can try to be a little nicer to new members.(J/k)Quote: OnceDearWelcome new member
TBH you just replied to a dormant post from 5 years back. I doubt the original poster will benefit from your wisdom. Especially since the OP was banned already.
.
The welcoming process here is ..your post either gets torn to shreds, or you get accused of being Nathan.
