Swiss Bank accounts, anyone have any experience with them?

I'm sort of beginning to look into Swiss bank accounts the more I play poker. My reasoning is that I would like to be able to avoid paying taxes because I sincerely dislike them. I'm figuring that if I actually ever make enough money for the IRS to begin noticing, I will have to start reporting it unless I can figure out a way around that.

Being that the IRS is unable to gain information about swiss accounts, they seem like a good way to go. My only concern would be actually gaining access to the money on a regular basis if I needed to do that.

Anyways figured I'd ask.

I havent taken tax evasion 101 yet

That reply is very helpful to me. :P

I don't want to report my earnings because it is illegal for me to play from my home in Mass. I'm not into incriminating myself, and I don't feel like being the subject of some sort of witch hunt ala Napster/Kazaa when the state decides they want to crack down on illegal gambling.

My other option would be to move out of the country or to a place where it would not be illegal for me to play online, and just report my earnings.

These things are of course a long way off, but I like to think ahead.

i think you should concentrate on getting that amount of money first, then look into such options

I wouldn't be too sure about swiss accounts being safe from scrutiny. I believe that in order to comply with EU policies, the Swiss banking system has become slightly less inscruitable; but I am relying on second-hand knowledge on this, so good luck.

You should report and pay taxes on your gambling winnings. It is still income no matter how you try to justify it.

Swiss banks aren't like they used to be as Thrakesh states above. Check into the Caymen Islands.

Unless you are laundering an amount over $10,000 I wouldnt even worry about it. I say laundering because that is what you will be doing by using an offshore account to hide it.

If you choose to not report it, I hope you get caught and sent to a federal pmita. If I have to pay taxes, then you should too. If you don't, you are a terrorist.

You should report and pay taxes on your gambling winnings. It is still income no matter how you try to justify it.

Swiss banks aren't like they used to be as Thrakesh states above. Check into the Caymen Islands.

Unless you are laundering an amount over $10,000 I wouldnt even worry about it. I say laundering because that is what you will be doing by using an offshore account to hide it.

If you choose to not report it, I hope you get caught and sent to a federal pmita. If I have to pay taxes, then you should too. If you don't, you are a terrorist.

Again, I'm not going to incriminate myself in the event that there is ever an attorney general who decides to take on the illegal internet gambling war.

Online poker is not illegal, at most you could argue it is a gray area. Tax evasion and money laundering on the other hand...

Don't do something foolish (and realize if you were to get audited they could request access to your poker accounts.)

Again, I'm not going to incriminate myself in the event that there is ever an attorney general who decides to take on the illegal internet gambling war.
You don't have to incriminate yourself. Winnings from a casino are reported the same way as winnings from an online poker site. One very easy, but somewhat temporary option is using a Neteller debit card (I just got mine in the mail :p: ). But they charge like 75 cents per POS transaction and $1.50 for a cash withdrawal. However, setting up a Swiss bank account costs like $800-$1,000. And Neteller isn't exactly secure from government eyes considering they have your SSN. AFAIK they don't report anything, but they could much more easily be subpoenaed than a poker site.

My reasoning is that I would like to be able to avoid paying taxes because I sincerely dislike them


:lol:

And Neteller isn't exactly secure from government eyes considering they have your SSN. AFAIK they don't report anything, but they could much more easily be subpoenaed than a poker site.

It doesn't matter much, the likely problem someone would run into would be getting audited. Once audited are you going to try to hide everything? have fun in prison :) the feds basically have access to anything they want from your end, they don't need poker site or neteller to cooperate.

You don't have to incriminate yourself. Winnings from a casino are reported the same way as winnings from an online poker site.

no they aren't. online poker sites do not report anything, while us casinos do some reporting. It depends on the casino and the amount won. At the very least, expect a transaction over $10k to be reported.

no they aren't. online poker sites do not report anything, while us casinos do some reporting. It depends on the casino and the amount won. At the very least, expect a transaction over $10k to be reported.
You misunderstood what I meant. I meant when you report online poker winnings, it is reported the same way as you "should" report winnings from a casino. AKA on the gambling income section of your tax return. It doesn't ask you what casino you won the money from.

It doesn't matter much, the likely problem someone would run into would be getting audited. Once audited are you going to try to hide everything? have fun in prison :) the feds basically have access to anything they want from your end, they don't need poker site or neteller to cooperate.
Oooooook.

I find it ironic that you're afraid of the legal consequences of your online gambling on a state level so you're willing to take a risk on a federal level. I think you really are just concerned about not paying taxes on your winnings as you first stated. Good luck with that.

I'm not sure I see the irony? I'm not going to do anything that is going to get me put into jail. I see admitting to doing something illegal as more risky than hiding something illegal in a way that would almost be impossible to find.

I don't know that such a way exists which is why I simply tossed the idea out there. It is just one option amongst many that I knew little about and figured maybe someone here did.

You misunderstood what I meant. I meant when you report online poker winnings, it is reported the same way as you "should" report winnings from a casino. AKA on the gambling income section of your tax return. It doesn't ask you what casino you won the money from.

Oh ok, you implied the winnings were being reported from the other end (at least that;s the way you typed it).

In both cases you report it as "other income".

Oooooook.

Was that a facetious reply?

The government will not care if you pay your taxes. They will if you don't.