service fee pry, u staying above the daily minimum balance?

I assume so.. I keep 5 figs on here is there a link to a server fee page?

I'm not in front of the client atm but I believe it's account > game transactions. It'll tell you a running total of your balance over the last 31 days and where money is coming in and going out.

Yea I did that, everything checks out normal, I literally saw the balance drop when I signed on and refreshed the client

I assume your either not American or you enjoy filling out all those extra IRS forms. Either that or you have a really good CPA that does it for you.

I'm not going to give out tax advice, because I'm not qualified nor do I want to. But I suggest anyone who has a balance that an ANYTIME throughout the year (even for just a few seconds) goes over $10,000 to do your IRS homework on what constitutes a foreign account and the extra filings required for it.

Although I assume if your professional poker player (or your a wealthy enough amateur to keep 5 figures in an online poker account) you have a competent CPA that has explained all that to you already.

(By the way this isn't directed at the original poster directly, I just figured there may be some people reading this for the first time who this applies to and I hate to see a poker player get dinged by the IRS for something completely avoidable)

has anyone here used western union to deposit and dont it all through western uninon's website? I dont see why it would make a difference but would like to that someone else has done it before i try.

I always use the website. If you google coupons for WU you can get a discount on the fees. If it's over $300 they pay the fees and if you use a promo code they will give you say $300+$20 fee even if you paid $300+ $20-$10.

Trying to install the application on my Mac and keep getting this error

"There seems to be a temporary problem affecting the Poker client installation. We will continue to attempt to download the client.(Error downloading http://quad-misc-sebserver.bodognetw...formations.xml - server replied: Service Unavailable)"

Has anyone else experienced this error?

curious, are you the same person as bodog ice?

Yep.. so now I'm just here to be helpful without a special title but with more sass

bovada does not report anything to the IRS. If you make withdrawals less than 9k at a time you should be just fine.

cool, tx!

btw, why did they get rid of the "official" thread?

I've found that the website tends to give more descriptive descriptors than the client does. Lots of times, stuff will show up in the client as "undefined", and I have to log into the website to see exactly what the adjustment was.

ya, it pry would be impossible to prove that an account exceeded 10k but the poster is right, if a poker account exceeds 10k an FBAR is supposed to be filled out and reported to IRS

What does the irs think about bovada?

As an accountant, the IRS doesn't care how you make your money, it just wants its cut. One of the best examples that almost every tax class has is the drug dealer example or the numbers racket example. Both ventures are illegal, but if you report your taxes on them, you won't be hit with tax evasion charges. Remember, Al Capone got brought down by IRS special agents, not the FBI or CIA.

At what amount would you say it is critical to report poker income? Like a guy who netted $1k can almost surely not bother and not sweat consequences. But $5k? $15k? Is it more a matter of what percent of your annual income is poker related?

Technically, by tax law, you're supposed to report any and all income, amount doesn't matter. Obviously that's the letter of the law and not the spirit of the law. If you're a professional, you're supposed to report every dollar that you make, but you get to write off any amount that you spend on the casino such as food, gas, tips, any expenses relating to poker and losses. So let's say you made 200 bucks in a 4 hour session, but you spent 20 bucks on food and gas and tips, you're allowed to deduct the 20 bucks if you itemize on your 1040.

I'm not really a tax person, so check with your local tax guy, but I do know there are advantages if you file as a professional. For a recreational player, you're supposed to report any session that you win, but here's the kicker, you're not allowed to offset your wins against your losses if you're not classified as pro. To be classified as a professional, it is fairly easy if you take records and show that you are indeed taking poker on a serious level.

So if a recreational player has 20k in winning sessions and 30k in losing sessions he's supposed to report 20k as income? That seems incredibly stupid and I doubt any of them pay taxes in those scenarios.

Also I'm pretty sure I read that for you to be classified as a professional it has to be the majority of your income. So someone who has an 80k a year job and nets 20k from poker cannot file as a professional.

Remember though, most people think that they only have to pay taxes when they cashout, which is completely untrue.

As I was saying...

ARE YOU THREATENING ME?!?!?!

Stuntman was a little unclear on this point. In that case, you report 20k as income and can deduct 20k (can't deduct more than you win). What that means is that you won't pay any tax on your gambling winnings, but it will put you in the higher tax bracket for your other income. If you were a professional, it would be counted as 0 income (or negative income, not really sure which), so you wouldn't be in the higher tax bracket. There's a whole tax thread elsewhere in the forums, though. Has a crapton of information very-well laid out, and they can probably answer every question you would have that isn't already answered in that information.

http://forumserver.twoplustwo.com/sh...postcount=4673

What I love most about Brovada is the reverse cash-out curse, or perhaps a cash-out blessing. Everytime I receive my payout I go on a sick heater. GOD MODE FTW!!!

http://donkeymanifesto.blogspot.com/...-up-idiot.html

That might explain things a bit