cashing out law/tax problems? |
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Posted Sat Dec 30, 2006 11:29 am GMT by kingetje
ive been wondering about this for a while; say i want to cash out a certain ammount (could be $500,000 in some kind of tournament or $2000). i put it on neteller and from there on my bank account. the Dutch tax agency will of course want to know where all this money is coming from, and perhaps they will deduct some money off it,.. and that can be alot... meaning a big percentage.... this always looked and sounded sketchy to me. and dangerous and perhaps it is even illegal here... its all kind of a grey area, this online poker here, and noone seems to know how the dutch government reacts to it and if they deduct taxes as income or whatever.
BUT, now i have applied for a neteller card, which can be used to "withdraw money from your neteller account using ATMs worldwide"!!! is it me or does this look pretty gatdang FAILSAFE?!
i just dump some money off my DR account on Neteller, walk over to the nearest flaptap and withdraw... government or tax agencies wont know a thing, they couldnt.
how do you americans go about cashing out money and how do the government/tax agencies handle it?
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Posted Sat Dec 30, 2006 1:27 pm GMT by supafrey
canada. poker is a luck game = no taxes.
Posted Sat Dec 30, 2006 1:32 pm GMT by Geno
They abolished tax on gambling winnings in the UK in 2003 but I never really learnt why. Probably a luck thingy aswell. Idiots 
Posted Sat Dec 30, 2006 2:23 pm GMT by wEbMaStEr
I don't know how this applies to the rest of the world, but in America banks are required by law to report transactions of over a certain amount ($10,000 rings a bell)
If this were the case then I'd make multiple $5000 withdrawals to avoid any suspicion.
Government/Tax agencies don't have access to your bank account, unless they obtain a court order.
As Geno says, here in the UK we don't pay taxes on gambling winnings, so as long as we keep proof that that is where the money came from it's no problem.
Lastly... I thought you had to be in USA/Canada to get a NETeller card?
Posted Sat Dec 30, 2006 2:33 pm GMT by Muck
| wEbMaStEr wrote: | | As Geno says, here in the UK we don't pay taxes on gambling winnings, so as long as we keep proof that that is where the money came from it's no problem. |
Indeed I've no doubt some people who run cash businesses use this as a method to avoid paying tax on their profits.
Posted Sat Dec 30, 2006 3:00 pm GMT by groton
Weby Ten K is what u have to Sign for but realy in America its Large or Odd banking that the banks have to do for. and at Casino's it depends on the game your playing
but Nettellers ATM Card does seem like a sweet deal
Posted Mon Jan 01, 2007 10:32 am GMT by raisebot
| groton wrote: | Weby Ten K is what u have to Sign for but realy in America its Large or Odd banking that the banks have to do for. and at Casino's it depends on the game your playing
but Nettellers ATM Card does seem like a sweet deal |
The problem, even with the NETeller card, is I seem to remember NETeller asking for your Social Security number when you sign up. If they did, then you're screwed whether you have a NETeller card or not.
Posted Mon Jan 01, 2007 12:28 pm GMT by supafrey
| raisebot wrote: | | groton wrote: | Weby Ten K is what u have to Sign for but realy in America its Large or Odd banking that the banks have to do for. and at Casino's it depends on the game your playing
but Nettellers ATM Card does seem like a sweet deal |
The problem, even with the NETeller card, is I seem to remember NETeller asking for your Social Security number when you sign up. If they did, then you're screwed whether you have a NETeller card or not. |
If you were stupid enough to give them your SS# while signing up you deserve it.
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