2010 Off topic thread(basketball,movies,etc whatever)

[doublearmbar]

Re: Off topic thread(basketball,movies,etc whatever)

I don't want to be made an example of and have to pay a lawyer 500 dollars an hour to work on my case. How do you guys pay taxes on the winnings?

Taxes?


good one

LOL.. yeah the IRS wants their dirty fucking money.

[SPX]

Re: Off topic thread(basketball,movies,etc whatever)

Thanks for that mountain of information, Luke. Looks like we're safe . . . for now.

[Luke]

Re: Off topic thread(basketball,movies,etc whatever)

Thanks for that mountain of information, Luke. Looks like we're safe . . . for now.

Thats where I got most of my info from it just took me a while to find it for you

[Svino]

Re: Off topic thread(basketball,movies,etc whatever)

You might have heard of the UIGEA that was passed under GWB in 2006. This has nothing to do with the gambler, and everything to do with the credit card processors and banks. This does not criminalize anything for the player. In a nutshell, it makes it harder to get money back and forth, but if you can get money back and forth, you have done nothing illegal as the gambler.

Is it legal to ask your bank to make a transaction that you know is illegal for them to process? In all these situations, I think the riskier thing for the bettor is not getting prosecuted by the US, but losing your money because either:

a) The betting house decides to fuck with you and take your money, knowing you have little legal recourse.

or b) The accounts of the house get frozen by the government:

http://online.wsj.com/article/SB124459561862800591.html

In an apparent crackdown on Internet gambling, federal authorities in New York have frozen or seized bank accounts worth $34 million belonging to 27,000 online poker players, according to representatives for the players and account holders...

IANAL, obviously, but what I read online about taxes is;

1) You have to pay taxes on winning gambling "sessions". I don't know exactly how a session is defined.
2) Losing sessions are tax deductible, but you would need to provide receipts. Also, you're kinda screwed if you are otherwise taking the standard deduction.
3) You can apply for status as a "professional gambler"(TM), and if you have that you can just pay taxes straight on your profit for the year. I assume extensive documentation is still required. I believe you need to have few (if any) other income sources to get this status.
4) Also, if you have over $10,000 total in foreign banks at any time during the year, you have to report that specifically, as a Foreign Bank and financial Account Report:

The FBAR is required because foreign financial institutions may not be subject to the same reporting requirements as domestic financial institutions. The FBAR is a tool to help the United States government identify persons who may be using foreign financial accounts to circumvent United States law. Investigators use FBARs to help identify or trace funds used for illicit purposes or to identify unreported income maintained or generated abroad.

5) Supposedly, if you do (4) as required, you are very likely to be audited.

All in all, it seems like the tax law is structured as another "backdoor attempt" to make gambling legally as difficult as possible.

[Luke]

Re: Off topic thread(basketball,movies,etc whatever)

If anyone buys books at borders or waldenbooks here's a 40% off coupon

http://www.bordersmedia.com/coup/9w140.html

[SPX]

Re: Off topic thread(basketball,movies,etc whatever)

If anyone buys books at borders or waldenbooks here's a 40% off coupon


http://www.bordersmedia.com/coup/9w140.html

Random, but useful, post.

Thanks.

[SPX]

Re: Off topic thread(basketball,movies,etc whatever)

Saw Machete today. Pretty bad ass. I have mixed emotions on the illegal immigration debate, but this film amused me.

[zY|]

Re: Off topic thread(basketball,movies,etc whatever)

Wait, they actually MADE Machete into a movie?

I thought that shit was just a joke trailer on Grindhouse? That's awesome.

[doublearmbar]

Re: Off topic thread(basketball,movies,etc whatever)

So should I try to pay taxes on this shit or just say fuck it? I dont want to set off any audit triggers.

[SPX]

Re: Off topic thread(basketball,movies,etc whatever)

Wait, they actually MADE Machete into a movie?

I thought that shit was just a joke trailer on Grindhouse? That's awesome.

Oh, yeah. Just came out this weekend. Got a whole shit ton of people in it too: Danny Trejo, Robert De Niro, Jessica Alba, Michelle Rodriguez, Lindsay Lohan, Cheech, and fucking Steven Seagal.

Trailer:

http://trailers.apple.com/trailers/fox/machete/

[SPX]

Re: Off topic thread(basketball,movies,etc whatever)

So should I try to pay taxes on this shit or just say fuck it? I dont want to set off any audit triggers.

I honestly think it depends on how much you're winning. If it's hundreds of dollars or even a few thousand dollars a year, I wouldn't worry too much. If it's tens of thousands of dollars then you're probably going to want to go ahead and pay the piper.

[zY|]

Re: Off topic thread(basketball,movies,etc whatever)

Wait, they actually MADE Machete into a movie?

I thought that shit was just a joke trailer on Grindhouse? That's awesome.

Oh, yeah. Just came out this weekend. Got a whole shit ton of people in it too: Danny Trejo, Robert De Niro, Jessica Alba, Michelle Rodriguez, Lindsay Lohan, Cheech, and fucking Steven Seagal.

Trailer:

http://trailers.apple.com/trailers/fox/machete/

Oh nice. So apparently the joke trailer was such a hit they made a movie out of it. Awesome.

What's the movie got to do with the immigration debate? Everything is talking about it being a cheesy popcorn movie, which it should be.

[SPX]

Re: Off topic thread(basketball,movies,etc whatever)

Oh nice. So apparently the joke trailer was such a hit they made a movie out of it. Awesome.

Yeah. I hear it was originally supposed to go straight to video, but they decided to go ahead and go theatrical with it.

What's the movie got to do with the immigration debate? Everything is talking about it being a cheesy popcorn movie, which it should be.

It's an absolutely over-the-top, absurd, crazy fucking movie.

As for the immigration issue, go read a synopsis of the film. Basically the whole thing is about Mexicans fighting back against Texas rednecks who want to expel illegals and cross the border.

[zY|]

Re: Off topic thread(basketball,movies,etc whatever)

Oh ok.

Well I want to expel illegals too. The word 'illegal' kind of gives it away.

[SPX]

Re: Off topic thread(basketball,movies,etc whatever)

Oh ok.

Well I want to expel illegals too. The word 'illegal' kind of gives it away.

I honestly don't think that most people are up in arms about the fact that they're here against the law. I think it has to do with culture. The issue of it being "legal" is just a smoke screen that hides what people are really feeling about an invasion of Latino culture.

I mean, if we had an illegal influx of well-bred Canadians I don't think anyone would really give a shit.