Hey, at about a 30% tax rate, that's $20,000 you won! Unless they are digging out a pile of penalties too... But I think if you win more than $2500 they make you sign a form. Sure as heck never happened to me. p.s. now that I've made my usual off-topic nonsense post, you can close the thread
Truth is stranger than fiction. The IRS siezes this guys assets, 7 years after the fact, and he doesn't get any notice from them, doesn't get the email, doesn't get the 1st class mail. sneed, all this qualifies you to run a Hedge Fund of at least 500 million. Who wants to invest?
What an idiot! Sheesh! Let's straighten a few things out here. First, the IRS didn't "decide to withdraw" some money from your account. They SEIZED the money when you failed to pay your taxes. This happens AFTER considerable notice to you, opportunity to dispute, pay, resolve, settle. They only seize after they have exhausted other efforts. So no, you weren't going to dispute anything with the IRS at that point, whether IB notified you or not. The IRS was way past listening to anything you had to say. They wanted the money. Second, every deadbeat in the world has the same lament that you have expressed. "I wasn't notified." "They didn't tell me." "I didn't know." Bullcrap you fool. The IRS notified you, warned you, etc, and after it happened, IB told you. Don't blame others for your own ignorance and irresponsibility. Your next act of irresponsibility was to link IB to your problem of "missing money" in the title of this thread. Yeah, right, you just couldn't think of even one reason why some money had "disappeared" suddenly from your account. LOL! Around the same time as some other money disappeared from a different account (remember, they only took part of what you owed). Duh! Gee, I wonder where the money went! "A problem with IB" indeed. Yeah, I wonder if anyone else with IB had a problem of this type? LOL! So you thought you would create a problem for IB with an irresponsible title. And that says all that it needs to regarding your character. After wading through all the misinformed crap in this thread, all the "wondering" what happened, the subtle "questioning" of IB, we find out that you are just another deadbeat who had some money seized by the IRS because you failed to pay your taxes over a long period of time. I have dealt with IB now for a number of years. I have had few problems, and none of them have ever had to do with my money. In my opinion IB is the finest broker I have dealt with in my career, and that career is longer than some of you are old. Over the years I have moved much of my money to IB from other accounts/firms. OldTrader
I for one would like to thank Shneed for a most entertaining thread. This one's a beaut! However, I do feel he owes me an apology. While we're at it, I'd also like an apology from IB. And just to be on the safe side, I'd appreciate it if Baron would go ahead and apologize to moi, as well. Thankyou, Harold PS - Oh yes! And I do apologize for this post.
Old trader, First of all, whatever money I won that weekend was lost the following (and then some). Second, I did not receive a notice from the IRS, probably because I moved in1999 to Florida. Third, the reason I did not report these winnings is because they ammounted to about 5% of all the money I lost in AC and Las Vegas that year. I don't have a problem with IRS, this matter will be resolved one way or another. I don't have a problem with IB, other then not receiving any information about this. As far as being a deadbeat, I probably paid more in taxes in the last 18 years then you will ever earn in your lifetime. The only reason I posted here was simply to find out if anyone had the same problem, in case you missed it. shneed
shneed, When you "came down" from your "gambling fever" you were digging deep. Late one afternoon you checked your online acct at IB. You remembered your log in and that you had 15 C-notes there after all those years. You were surprised to see that adjustment and IB's customer service left you hanging. You posted here... I have moved several times out of state..and in state. The US post office has a very handy, "change of address" kit. When I move the first thing I do is to notify the people I get mail from. Then I go in my file cabinet and get those places (you must keep three years of records). Then I go in my checkbook register (yes I actually keep one of those and reconcile my account once a month) and see if I missed anybody. Then I notify the IRS (handy form online from their website) and go register my car (if moving out of state then wait and do this after the move) and get a drivers license or State ID card. At this point I notify any licensing agencies that I have a license with...next come any memberships I may have. oh, by the way..I give the postman a thank you letter and a tip, then I go to the main post office and forward my mail...I am ready to move now. Lastly, I look in my wallet and little black address book seeking anybody I have forgotten...down to the grocery store club cards! Don't forget your magazines and Newspapers...even the free ones! After I move I follow up on any mail I get with the little yellow forwarding labels that the post office had to put on, because the orginator did not use the correct address. Don't forget the three credit bureaus and to order new checks for your checking account (s) Oh yes...tell any employers or previous employers you new address for your 1099's and W2's. Online accounts are easy to forget also...look at all your bookmarks to jog your memory...don't forget PayPal and the Auto Club... Michael B. P.S. shneed...it's funny you were cognizant enough to get your cell phone, electricity and cable TV changed over I bet!
Didn't have to change them over, different state different companies. I did fill out a change of address form with the Post Office, but that only works for a limited amount of time. The problem is that the casinos only report to the IRS what your winnings are, not your overall losses as anyone that gambles knows. That's another thread, or another topic. In any case this whole thread is moot. The money was found, and the thread can now be closed. I only solicited information from anyone who might have had a similar problem, not for entertainment. I would appreciate if the moderator closed this thread. shneed
So what.... You need to follow the loose ends from your previous address. You sound like an idiot and naive and not responsible. You just don't escape from your problems! and so what if you had found another loser on ET....what good would it have done you? You sound like that "easy come ...easy go" sort of guy...its more like "stupid in...stupid out".
As most are aware, gambling winnings are required to be reported to the IRS on your 1040. Most ignore the rule. However, you can also report gambling loses. If "shneed" had any sense whatsoever he would have done so and not had to pay taxes, penalty, and interest on his winning because he is, by his own statement, a loser. I think we should be nice to shneed, he appears to be getting old and forgetful.