Quote:
|
Originally Posted by jwkniska
The reason for that is that when you hit 300X, it automatically generates an IRS reported event. I really hope you get the $$ back from them, as you're going to have to report it on your taxes next year regardless, as it's already in the IRS database (if you don't claim it, you will have a BIG red flag for an audit)!
|
That is probably not the case. Offshore books are not generally interested in IRS reporting requirements.
Also, there is no way you would be liable for taxes on a winning bet which you never received. It is not a winning bet unless they pay you.
Offshore sportsbooks and racebooks often make you jump through some ID hoops as a stalling measure. At best (from their perspective), you will not comply, and they will get to keep your money. At worst, they get to keep your money a little longer while you struggle to meet their ID requirements.
--Dunbar