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The IRS treats overseas online gambling accounts as foreign financial accounts that must be reported on form TD F 90-22.1 -- the "FBAR" form. The form requires you to list the addresses of the foreign "financial institution." This isn't easy to find for online gambling sites, but Russ Fox has compiled a list of online gambling site physical addresses. This is an excellent public service by Russ, but note his disclaimer, too:
Note: This list is presented for informational purposes only. It is believed accurate as of January 1, 2011. However, I do not take responsibility for your use of this list or for the accuracy of any of the addresses presented on the list.
So be careful out there, and think twice about using such an account if you can't get reporting information from them.
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The items included in the Tax Update Blog are informational only and are not meant as tax advice. Consult with your tax advisor to determine how any item applies to your situation.
Joe Kristan writes the Tax Update items, and any opinions expressed or implied are not necessarily shared by anyone else at Roth & Company, P.C. Address questions or comments on Tax Updates to