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Just checked my Neteller account. The little box on the right with your account info.? My status now says uncertified.
Just a little reminder to everybody considering writing their frozen NETELLER account off of their taxes.
For affiliates:
The income has to be reported before you can claim it as a write off! If I make $50,000 as an electrician and $10,000 in affiliate commissions, I would report a combined gross income of $60,000 and pay taxes on that amount. If ten thousand is stuck in my NETELLER account, I would deduct the $10,000from $60,000 NOT THE $50,000.
If you have already filed your taxes with income included in your NETELLER account, than you have to wait until their is proof that the debt will actually never be paid or file an amended tax return.
This is essentially just a write off of the income stuck in your NETELLER account so that you do not pay taxes on any income that has not been recieved. IT IS NOT A TAX CREDIT! – You cannot write off a loss of income that you have never declared as income in the first place.
Sorry to bust anybody’s bubble, and know this whole situation sucks and smells very much like political protectionism for state gambling enterprises( big tax money), but unfortunately if NETELLER folds and does not release your funds than you don’t get jack chit from Uncle Sam.
For Gamblers:
You might think you can just fill out form W2-G and claim it as a gambling loss, but the amount of deductible gambling losses are limited to the amount of winnings. Basically, if you haven’t claimed any winnings than you can’t write off the losses.
You can however, write if off as an ordinary loss on your itemized deductions IF you believe that the debt will never be paid. But, if your standard deduction is greater than your itemized deductions…you get screwed, and even if it isn’t than you still get screwed because you’re only getting pennies on the dollar.
On a side note, does anybody else find it odd that the unlawful internet gambling enforcement act was part of a ten part republican values campaign, yet we can still write off gambling losses EVEN lottery tickets. I also find it strange our government would endorse the freezing of funds that we can spend at home.
I’m not a tax lawyer so as always, just my two cents.
As a point of interest, http://majorwager.com:80/index.cfm?page=27&show_column=414 has this to say:
Every U.S. banking partner has stopped all association with the company meaning that Americans have absolutely no way of getting to their money
from the above article, anybody else remember neteller making the following anouncement:
After the UIGEA was passed in October, NETeller examined their situation and announced they would be phasing out American clients.
WRONG! Bush was not voted in by the people. I am pretty sure that Gore won the popular vote eg he had more individual aka real american votes than did Bush, yet bush got the job.
The second time around there was plenty of vote rigging and other extracurricular activities going on just as there was in the first vote. Dont be so protective of a system which is not the same old “forefather” system any more.
Hard to believe it.. but this statement is absolutely 100% true.
Sickens me remembering that.
CGW,
http://www.infoplease.com/ipa/A0876793.html
Al Gore won he populas vote. By a narrow margine, but he did win none the less. The problem here is the Electorial College needs to be manidated (Which its currently not). Just because a constituents electorial district says to vote for X, that Collegue can vote for whomever he/she pleases. This is why it needs to be mandated.
As for Americans need to stand up and take action. Well we did in November. Now it’s up to the Congress to make our voices heard. This is how a Republic works, we vote for our reps and they “Supposed” to stand up for our ideals. Unfortunetly, seems like this does not happen 100% of the time. Under certain Admin’s it dont happen at all.
I do not know the last time anyone was able to get funds out by neteller atm card, but I talked to my son last night who was able to withdraw the last of his funds late Thursday afternoon. Seemed strange to me…..
After the UIGEA was passed in October, NETeller examined their situation and announced they would be phasing out American clients.
This is bs. I really doubt so many Americans would be sitting here three months later with money sitting with them if they had announced this then.
Every U.S. banking partner has stopped all association with the company meaning that Americans have absolutely no way of getting to their money
If they mean US banks in general, then there is one way to find out.
Neteller was not trying to phase out American customers or get their affairs in order. They were still accepting money from online gambling interests (to be transferred to and from US persons) until about 10 minutes after their founders were arrested. There was no notification to US customers that they were going to be phased out, or even a warning that some worst case scenario like what happened was possible.
I don’t consider a sudden freeze of money and shares a sign of a “phase out” plan.
Quote:America has suffered some serious damages and losses of freedoms as result of Bush and his cronies being in office, but it is not irreparable damage, it can’t be, because if it is, why the hell are we all still here?Tell that to the hundreds of thousands of dead Iraqis not to mention the 3000+ American soldiers, or 30-50,000 injured. The damage is irrepairable. We can go forward from this point, but there is nothing that can be fixed about the lives that were crushed in the wake of this illegal war. And there is nothing we can say or do that will aleviate that. Peoples parents, brothers, sons, sisters, mothers and daughters will not be able to be “fixed”
Poker Dude wrote:http://www.usatoday.com/tech/news/2007-02-01-net-betting-crackdown_x.htm?csp=34I guess I’ll take my $ 3,000 “bad debt” loss on my taxes next year…..
Can any eWallets now be trusted ?? Is ePassporte next ?
This is nonsense, The U.S. DoJ can’t freeze funds from a foreign country.
Sheesh, this misinformation is getting out of hand.
ok, not to take offtopic.
I live in wales.
I gamble and affiliate.
Why wont they process my withdrawal as i have completely nothing to do with this situation, i requested 3 weeks ago, left the next day as usual, normally takes 3 days to hit my bank, nothing yet, and i needed that cash badly.
Are they gonna screw me up as well, as all i wanna do is cash out and be on my way.
i have previously stated that Finance ,forex currency exchange is my primary job.I worked for Bank of montreal in Canada for 6 years so have some knowledge which may or may not be useful to any of you. My take is your neteller money is lost …forever.If neteller dont claim bankrupct the DOJ will seize it as proceeds of a crime if there is a comviction. There is a small clause in the electronic banking act which allows you to dispute any electronic transaction up to 90 days. So if it were me and neteller had my money tied up ,I would be going in the bank with the last 3 month bank statements and disputing any and all debits from my bank TO NETELLER. I realise this will not help alot of us but may help some who use neteller for gambling.
Yes I know this will cause a chain reaction in the industry but at the end of the day i would be looking out for my finances and my heart would not be bleeding for the casinos , processors and credit card companies.
For me personally I am not affected because my account is in canada and I havent made a deposit in neteller in 6 months ,just use it to collect my commissions but some people here Earn their commissions then gamble them away .
In 2 months at least half the industry has walked away from the US market and those choosing to stay are falling over eachother to find a way to keep the US market .
There is another reason I am posting this , It is so we can see what neteller is thinking right now .Any person who gambled online in the past 90 days can get 100% of their money back .All those millions deposit via banks in past 90 days can be reversed just by filling out a form .So netellers millions get wiped out , the casinos get the reversals and it trickles down the chain. That is the risk right now folks and that rick wont be passed for neteller until some time in April .
I agree with you Casinobonusguy, I am not positive, but I think the only way those stops can be put on are if the player made a bank deposit, not just a deposit to the casino with affili earnings etc….
also….funds can not be frozen by DOJ or how would some be able to atm withdraw as late as Thursday afternoon……I doubt the DOJ would freeze some and not others…
I think the neteller cards were on different server and maybe that is why there was a delay between the acct balances /checks stopped and the cards.My card still works in canada ,I have one in usd dollars that no longer works but my canadian card balance works.It seems anything in USD currency is blocked. I only had 68.00 on my usd card and last night the machine spit my card back at me lol.
It may have been the royal bank machine , any canadians with usd accounts still working?
