withdrawing funds from neteller??

If i want to withdraw straight to my bank account, I use the "EFT" option, correct?

i believe so

http://www.cardschat.com/introduction-to-neteller.php

Yes. EFT stands for "Electronic Funds Transfer". In my experience you will expect to see the money a few days before it clears on the site and it will do the same depositing. So try not to deposit then withdraw too soon to each other because you will have to wait for your uncleared transfers to clear first.

thats correct. i think they also save/send you something for your taxes, but im not entirely positive on that. (i was waiting til after tax day to download all my earnings....)

NETeller has never sent me any kind of a tax statement. They would have absolutely no way of knowing of how much you lost or won, just what you deposited or withdrew. They're not even a bank. At least, that's what customer support once told me in an email. Anyway, with a site like BoDog you could deposit via NETeller and withdraw with a check. There are so many ways of obfuscating income from playing poker.

I'm not saying you should hide money from Uncle Fingers, just that it is a very difficult thing for them to audit right now, especially if you're like me and withdraw from NETeller using the ATM card.

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I heard somewere that you can only get taxed if you are a pro. If you have a job they cant tax you. If you are a pro then all you have to do is write down your losses in a notebook or log. Then just bring it to HR block. For most people you dont have to worry about it.

This has been discussed at great length on pocketfives and rec.gambling.poker. Accountants say if you derive any income from playing poker online you have to pay taxes on it. If the IRS audits your bank records and sees a series of transfers from NETeller and the like where deposits exceed withdrawals, you will be in a world of trouble.

If you make $2500 in a year from mowing lawns you have to report that, too. Even if you make $100,000 a year as an investment banker.

What I have expressed concern about is that the government has said online poker is illegal. If you report your income as gambling on your tax forms, can the IRS turn you over to the feds? I've asked this question and I have been told the IRS does not care about the source of the income as long as it is reported. They do not freely hand information over to law enforcement without a fight.

In a few days a CPA on pocketfives is going to answer questions from forum members about tax issues related to gambling income. I would say it would be worth taking a look at.

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