Playing Overseas / No taxes?
Chief Bottle Washer
May 31, 2000
|Posted: May 11, 2006, 10:26 pm - IP Logged|
You can withdraw any amount from Click2Pay into your bank account, so if you win a lot, just make multiple small withdrawals.
January 14, 2006
|Posted: May 14, 2006, 12:57 am - IP Logged|
Those using Betslips.com in the USA might also want to think about the RIAA lawsuits. How are they getting the info on who downloaded music? Just a thought...
May 4, 2004
|Posted: May 14, 2006, 1:18 am - IP Logged|
You can pay taxes on your winnings if you want to, but they (The IRS) doesn't have to know from where exactly you got the money, just tell them that it was money won from playing your state's pick 3 game it would be a half truth, but so what? So long as you pay the taxes, What Do they care from where you got the money? Income is income and taxes are taxes regardless, if you don't for some reason want to pay the taxes then think about donating some money to the poor or to some worth-while charity or to both, maybe 10%, not your winnings, but your profits, you can do this from once every 3 months to once a year or as you want to.
October 15, 2004
|Posted: May 14, 2006, 8:27 am - IP Logged|
lantern.the online lotteries payout different amounts for winning than the regular state lotteries.if they looked into it they could tell easily....
October 16, 2005
|Posted: May 14, 2006, 2:46 pm - IP Logged|
If you're paying the taxes on it, the IRS doesn't care where the income came from.
The law says that transactions of 10 grand and more have to be reported, but that doesn't mean reports are only required for single transactions of 10 grand or more. Structured transactions totaling 10 grand are more are considered one transaction for reporting purposes. One example would be making a series of $1000 cash payments to a car dealer totaling 10 grand or more. Reports won't always be filed when they should be, but they also may be filed when they aren't really required. If a report is made in good faith it isn't a breach of financial privacy requirements. If your bank notices that you made 1000 $25 deposits last year they may well report it as a structured transaction of 25 grand. They also might report 5 deposits of $500 from the same source as suspicious activity. One thing you can be sure of is that anybody who is required to file the reports is much more interested in staying on the IRS' good side than in staying on your good side.
If the IRS decides to audit you there's a chance that they'll be asking you about every single deposit you made, and they'll consider every one of them to be taxable income unless you can demonstrate otherwise. It's extremely unlikely that they'll find out about a few small prizes collected from the corner store, but if there's a paper trail or the prize is big the chances of them finding out go up and if they think you're trying to hide something they may get very aggressive. If they decide to look closely, it's amazing what they can figure out. I think everybody would find it very unpleasant to be subjected to a thorough audit that results in the IRS wanting back taxes plus interest and penalties on a significant sum of money.
May 4, 2004
|Posted: May 15, 2006, 12:19 am - IP Logged|
Would non-U.S.A. banks report anything to anybody such as to the U.S.A and or the IRS? And Which countries' banks would be best? And can U.S.A bills be paid by such banks thru checks, money orders, direct tranfers and or in some other way(s)?
There is nothing like getting paid with cash. Can and or would online lotteries pay with cash and send the money thru Federal Express or by some other way or carrier?
And then keep your cash, don't put it in any bank.
I wonder if I should be saying any of these things in here? Can I or Todd get into trouble because of this?
I heard that they got Mister Al Capone (El Capo de Capos) thru tax evasion as they could not get any other charges to stick.
We better be carefull.
Maybe we should all go back to playing with the states as much as we hate to have to do that.
January 14, 2006
|Posted: May 15, 2006, 10:16 am - IP Logged|
If the online lotteries were sending cash across international lines sooner or later customs of some country would figure it out. There is a similar situation with weigh stations in various states. Furniture manufacturers in North Carolina would ship furniture to other states. Eventually, Virginia would send information from the truck manifests (obtained by the state police at weigh stations) to the destination states, who subsequentially would bill their residents for unpaid sales tax, and in the case of New York and Pennsylvania, actually arrest and convict on sales tax evasion. Most states are trying to start a crack down on online orders where sales tax was not collected by doing similar things.
June 11, 2005
|Posted: May 19, 2006, 11:56 pm - IP Logged|
Irish Prize Bonds are like a lottery. Your bonds are in the weekly Prize Bond Draw. All prizes are
tax-free. And, unlike lotteries, you can cash in your bonds at any time and get your money back.
Prize Bonds can be purchased from anywhere in the world.