Payouts and taxes

I have done decently with an offshore. I have a lot to take out and am worried about taxes. Do you have to pay tax and how do you claim it.

If I get to too of an amount in my offshore account, is there a chance they will not pay out?

I have used Heritage and BetJamaica.


Thanks for any advice!

So what your saying is you would like to admit to the US government that you were violating several federal, state, and local laws , and made a profit. so you would like to settle up to avoid any tax issues?

I wish the drug dealers in our country had that kind of heart. We'd be all good!

 TAXES

If they do an audit on you you're fcked tho

pay your taxes

Depends what a "decent amount" is. You should claim all winnings on gambling on your taxes (gov't doesn't know or care if it came from offshore, Vegas, AC, etc.) and then also be able to claim all losses as well. Consult a tax attorney if a "decent amount" is 5 figures or higher I'd say.

LMAO YOU GO TEll them u want pay taxes !!!!!QUOTE Originally Posted by derekanderson:

So what your saying is you would like to admit to the US government that you were violating several federal, state, and local laws , and made a profit. so you would like to settle up to avoid any tax issues?

I wish the drug dealers in our country had that kind of heart. We'd be all good!

this is why i dont come on covers that much anymore my 3 yr old is smarter than most of these people

 

Thanks to those that gave constructive advice. The amount is over five figures. They said they could pay out in increments, but they would pay with cashiers checks. If these were cashed at my bank, I believe they would be easily detected?

Thank you.

The tax law is that you have to declare income from any sourced unless the tax code allows otherwise. Gambling winnings are considered income. It is income regardless of if you received a payout or have it sitting in an online account. That is the law.
In reality it would be difficult to prove if someone did not declare gambling winnings from an offshore site as these records are not likely to be available to the irs. However if you take possession of these winnings via most cash transfer channels than a record exists that you recorded funds for something. If large enough this will generate reports that the IRS or treasury department will use.

So the short answer: do you have to pay taxes - yes - will anything happen if you don't - maybe