I kind of like things the way they are now, not officially legal or illegal, generally.
I like the idea of winning a huge amount and putting it in a neutral country's bank. The Grand Caymans or Belize maybe and then filtering a little at a time back to the states as I need it.
I think as it is now in the US if more than 5000 dollars is moved or deposited through banking institutions, the financial institution has to file papaerwork with the IRS or Homeland security of who, when, where etc.
At least I think that's the case, I unfortunately don't move that kind of money around and don't know for sure.
If Internet poker is legalized by the US congress we can look for rules and regulations stating that transactions coming from gaming entities may have to file forms identifying the recipiant for winning over a certian amount so it can be taxed.
So on one hand I want it legalized formally on the other hand I don't.
How is it in the UK, Europe or anywhere else any of you might be? Are the authorities informed if you have large winnings so you can be taxed on it?
This stuff is still new and I see a lot of possibilities of government regulation including having a tax paid by the poker site
at a fixed rate and they send you whats left. We could eventually have to win 200 in order to cash out 100.
Britan seems to be rather proud of being a base for online gambling. How are they taxing gaming? Are they? Just curious.