W********m
发帖数: 7793 | 1 I wonder how many chinese are in violation of this law. The penalty is very
severe... We better keep the balance under 10k which is a bit hard to do if
you play high stake.
http://forumserver.twoplustwo.com/57/poker-legislation/email-ph | f*****g
发帖数: 15860 | 2 chinese only? lol, i doubt many top american pros will be in big troubles if
IRS gets tough on this issue.
many with so called career winnings of, say, $2M, if this number is reliable
, at least half would go to IRS, even you're qualified as a pro (and thus a
professional income like others), still, you'll pay tax on every penny you
win, but only be able to deduct your "loss" to some degree.
imagine you have an upswing in year A, you have to pay all your taxes, then
in year B, you have a big downswing, you could totally be wiped out. that's
why i said if david benefield is really in the 1.3M downswing as he said, he
's virtually broke since most top pros don't have a career (accumulated)
winning > $5M+.
very
if
【在 W********m 的大作中提到】
: I wonder how many chinese are in violation of this law. The penalty is very
: severe... We better keep the balance under 10k which is a bit hard to do if
: you play high stake.
: http://forumserver.twoplustwo.com/57/poker-legislation/email-ph
| t********t
发帖数: 5415 | 3 poker还是按gambling收税嘛，当然不管你的loss了。 | W********m
发帖数: 7793 | 4 i am not talking about gambling tax. I am talking about FBAR. you need to report to IRS every year if you have a foreign account with more than 10k. other wise it is 100k penalty. I think a lot of Chinese having those type account back in China but unaware of this law. Of course some of the account is hard to track down, but if they do, it will be harsh.
personally i don't even know about this until I read this 2+2 post. | f*****g
发帖数: 15860 | 5 no, chinese banks don't report to IRS and this is unlikely to change.
swiss banks opened its door to IRS a few years ago after being pressed hard
by u.s. gov, and it caused a huge trouble.
so unless IRS wants to be tough on this, everything is fine. otherwise, you
have a much bigger issue to worry about than FBAR.
report to IRS every year if you have a foreign account with more than 10k.
other wise it is 100k penalty. I think a lot of Chinese having those type
account back in China but unaware of this law. Of course some of the account
is hard to track down, but if they do, it will be harsh.
【在 W********m 的大作中提到】
: i am not talking about gambling tax. I am talking about FBAR. you need to report to IRS every year if you have a foreign account with more than 10k. other wise it is 100k penalty. I think a lot of Chinese having those type account back in China but unaware of this law. Of course some of the account is hard to track down, but if they do, it will be harsh.
: personally i don't even know about this until I read this 2+2 post.
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