Tax Concerns???

[Hiestroller]

I'm a US player looking to open a few offshore books, and I'm looking for advice on how to handle the tax situation of bringing money back. I realize I have to create the problem first meaning I have to bring back more in excess of what I deposited.

Has anybody ever heard or known of someone getting in trouble? What advice do you have?

[weazel079]

If your withdrawing large amounts of cash then yes. If your only pulling out a few hundred or a coule thousand then you shouldn't have to worry about it.

[Hiestroller]

Originally Posted by weazel079

"shouldn't have to worry about it."

Could repeated withdrawals over time be an issue? The countries that house these books now have agreements to share information w/the US, correct?

[Donnie Magic]

Originally Posted by Hiestroller

The countries that house these books now have agreements to share information w/the US, correct?

not sure this is accurate

[Hiestroller]

Originally Posted by Donnie Magic

not sure this is accurate

Only 3 countries do not share...Lichtenstein, Monaco, & Andora.

You can find a lot of information through google, but here is an article from Bloomberg in February.http://www.bloomberg.com/apps/news?p...M&refer=europe

[johnny1212]

hiestroller nothing has changed accept pinnacle + neteller... pay ur taxes if ur concerned... no biggie really... have u ever read a story about a player getting in trouble ?

[Hiestroller]

No, I've not heard of any players getting in trouble. Just wanted to make sure others have not.

I have heard about and known folks who got in trouble for making money in offshore accounts & SCorps, bringing it back to the US & not paying taxes on the growth.

Just trying to get a gauge on how tightly it is regulated. Thanks for the feedback.