vpFREE2 Forums

Tax heads up re OdySea gold coins

#1

This is based on triple+ hearsay, however presented on a cautionary
basis. When OdySea closed a team of auditors descended on premises.
Another store said they were IRS agents looking for records of those
who bought gold coins and resold them on ebay. Supposedly this store
said the IRS treats the sale as income.

I doubt IRS agents as opposed to Treasry agents would look into a tax
matter. Furthermore it could be argued that the sale of coins should be
netted against gambling losses. Consult your own tax advisor for proper
treatment.

However I would assume a taxing authority may be aware of gold coin
transactions, so I would tell your tax preparer and at least disclose
transactions and tax treatment used in a footnote to your return to
possibly avoid possible penalties, etc.

David

#2

However I would assume a taxing authority may be aware of gold coin
transactions, so I would tell your tax preparer and at least disclose
transactions and tax treatment used in a footnote to your return to
possibly avoid possible penalties, etc.

David

News story thanks to Don:

http://www.newsday.com/news/local/wire/connecticut/ny-bc-ct--casino-
blackmarke0304mar04,0,5260199.story

http://www.casinogamblingweb.com/gambling-news/gambling-
law/new_york_gambling_man_gets_two_years_probation_for_casino_scam_48228
.html

#3

News story thanks to Don:

http://www.newsday.com/news/local/wire/connecticut/ny-bc-ct--casino-
blackmarke0304mar04,0,5260199.story

http://www.casinogamblingweb.com/gambling-news/gambling-
law/new_york_gambling_man_gets_two_years_probation_for_casino_scam_48228
.html

Story I read states "bought points at a discount".

How do you move points from player to player?

I am just curious as this makes little sense to me. My wife would like
some of mine.

Thanks,
Chuck

#4

--- In vpFREE_NewEngland@yahoogroups.com, "d_richheimer"
<d_richheimer@...> wrote:

This is based on triple+ hearsay, however presented on a cautionary
basis. When OdySea closed a team of auditors descended on premises.
Another store said they were IRS agents looking for records of

those

who bought gold coins and resold them on ebay. Supposedly this

store

said the IRS treats the sale as income.

I doubt IRS agents as opposed to Treasry agents would look into a

tax

matter. Furthermore it could be argued that the sale of coins

should be

netted against gambling losses. Consult your own tax advisor for

proper

treatment.

However I would assume a taxing authority may be aware of gold coin
transactions, so I would tell your tax preparer and at least

disclose

transactions and tax treatment used in a footnote to your return to
possibly avoid possible penalties, etc.

David

I don't know if you have read this news article or not but check it
out..http://www.majorwager.com/forums/mess-hall/161107-poker-pro-
sentenced-five-months-wake-probe-mohegan-sun.html

#5

Maybe that's why OdySea closed. "They" not only punished the gambler
doing the "buying" but wanted to make example of the seller?

--- In vpFREE_NewEngland@yahoogroups.com, "toofourtoo"
<toofourtoo@...> wrote:

--- In vpFREE_NewEngland@yahoogroups.com, "d_richheimer"
<d_richheimer@> wrote:
>
> This is based on triple+ hearsay, however presented on a

cautionary

> basis. When OdySea closed a team of auditors descended on

premises.

> Another store said they were IRS agents looking for records of
those
> who bought gold coins and resold them on ebay. Supposedly this
store
> said the IRS treats the sale as income.
>
> I doubt IRS agents as opposed to Treasry agents would look into a
tax
> matter. Furthermore it could be argued that the sale of coins
should be
> netted against gambling losses. Consult your own tax advisor for
proper
> treatment.
>
> However I would assume a taxing authority may be aware of gold

coin

> transactions, so I would tell your tax preparer and at least
disclose
> transactions and tax treatment used in a footnote to your return

to

ยทยทยท

> possibly avoid possible penalties, etc.
>
> David
>
I don't know if you have read this news article or not but check it
out..http://www.majorwager.com/forums/mess-hall/161107-poker-pro-
sentenced-five-months-wake-probe-mohegan-sun.html