Let's say a "buddy" of mine is a college student and started off with a $1000 deposit and has worked his way up to $10,000. Not worried about parents finding out....but rather having to deal with the IRS or Law enforcement. Should my buddy request giftcards, cash, avoid depositing into a regular US bank account or what? By the way...this is from a legit online sportsbook and he's cashed out smaller sums of money before........
Your buddy should pay his taxes and I would advise against listening to anyone who tells you any different.
If your buddy has turned $1000 into $10,000 I doubt he is gonna stop betting so why does he need to drain the account completely anyway? All that is gonna do is create another unnecessary transaction when he wants to deposit again. Because he is gonna want to deposit again.
I know it's not the answer you are looking for but if you are lucky enough to take money from a sports book you are gonna have to pay the taxes on it if you don't want problems.
You also need to keep in mind that you are most likely gonna be bound by the sports book rules regarding deposits and withdrawals.
No sports book I know of allows you to demand alternate payment methods because you don't want "someone" finding out. If you deposited by check, you are gonna get a check. If you used a pre-paid atm, you are gonna get pre-paid atm back, and so on.
thanks for the response, Cash. I'll relay the info, but if he reports it for tax purposes, will he face charges for sports gambling? It's illegal where he lives (US/not vegas)
thanks for the response, Cash. I'll relay the info, but if he reports it for tax purposes, will he face charges for sports gambling? It's illegal where he lives (US/not vegas)
It is not illegal to place a bet only illegal to book a bet,if he lists it as gambling income he will be just fine.
just to be certain....are you saying that my buddy isn't breaking any laws by placing a bet....and that only the sportsbook/bookie are breaking a law?
We aren't in the business of giving legal advice, you need to check with authorities where you live at. Every country, every state is different.
As far as the money goes, it's income. You don't have to say it's from cutting lawns or winning bets. As long as you count it as earned money and pay the tax on it the tax man could care less where it comes from.
😉 appreciate it, Cash!
He should also check with Bet Jamaica since it is a good out.
B.J. will allow some sports books to transfer to them. Then after your friend has bet there for awhile he can withdraw via the debit card that B.J. supplies.
Hope this helps, UD-77
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