furlong
07-14-2010, 12:45 PM
I'll start out by saying that I'm completely in the dark on these rebate shops. I recall Congress making off-shore betting shops illegal some number of years ago...am I wrong on this point? Anyways, we all know the takeout problems with the sport, but this is the problem I have with the concept of the rebate shops:
1) All your wagers are there for the IRS to see.
2) How to know which ones are legit. When I want to make a withdrawal, will
I actually receive a check.
I have issues because once when I was younger, and a lot more naive about government, I hit a signer and I sign it myself. The government proceeded to get the rest of the winnings and more because it pushed me into a higher bracket. I know this is rare but it certainly made me take note.
If you own a small business and you claim your losses that's guaranteed to get you an AUDIT! I have a friend going through that right now. I guess maybe when you're retired I could see it but for now I'll pay a ten-percenter and keep the IRS in check.
I might use a rebate shop if someone could alleviate these issues. Who doesn't need some of their wagering dollars back? :)
1) All your wagers are there for the IRS to see.
2) How to know which ones are legit. When I want to make a withdrawal, will
I actually receive a check.
I have issues because once when I was younger, and a lot more naive about government, I hit a signer and I sign it myself. The government proceeded to get the rest of the winnings and more because it pushed me into a higher bracket. I know this is rare but it certainly made me take note.
If you own a small business and you claim your losses that's guaranteed to get you an AUDIT! I have a friend going through that right now. I guess maybe when you're retired I could see it but for now I'll pay a ten-percenter and keep the IRS in check.
I might use a rebate shop if someone could alleviate these issues. Who doesn't need some of their wagering dollars back? :)