karnoir Posted April 24, 2007 Report Share Posted April 24, 2007 hello.I was stupid to gamble on line and i accumulated a significant debt in 2005-6 on my credit cards. Now the cards are in collection (still with the OC). I have recently learned that online gambling is illigal for us citizens. My questions are:If my cc is charged off can i still deduct the money spent gambling or is it too late to cancel those charges?If yes...would the gambling site go after me ?And would the OC have to remove all finance charges that resulted from charges to the gambling website? Thanks....This could help me out A LOT. Link to comment Share on other sites More sharing options...
SecretAgentWoman Posted April 24, 2007 Report Share Posted April 24, 2007 The fact that it is illegal isn't going to stop the CCs from collecting from you. After all, you didn't gamble directly, did you? No, you used an online so-called "shopping account" that you knew was directing the money to the off-shore gambling operation, but your card company did not know it, otherwise they wouldn't have authorized the charges. You are probably pass the deadline to dispute the charges per your card agreement, at any rate.However, the illegal online gambling/money laundering companies will not be able to collect if you still owe them anything. I know, my mother owes them.Stay away from gambling. It ruined my mother. She is destitute, having gambled away her home, her marriage, all her personal items (that she hocked) - to the tune of several hundred thousand dollars. And for what?(yes, I'm bitter) Link to comment Share on other sites More sharing options...
karnoir Posted April 24, 2007 Author Report Share Posted April 24, 2007 thx for the input.Do you think i should call the oc and try to dispute these items?What should i tell them?Uh these charges are from on line gambling which are illegal, please remove them? Link to comment Share on other sites More sharing options...
nascar Posted April 24, 2007 Report Share Posted April 24, 2007 If my cc is charged off can i still deduct the money spent gambling or is it too late to cancel those charges?You can only deduct gambling losses to the extent that you have an equal amount of gambling income. Link to comment Share on other sites More sharing options...
karnoir Posted April 24, 2007 Author Report Share Posted April 24, 2007 You can only deduct gambling losses to the extent that you have an equal amount of gambling income.I'm talking about online gambling, which is illegal. Link to comment Share on other sites More sharing options...
nascar Posted April 24, 2007 Report Share Posted April 24, 2007 I'm talking about online gambling, which is illegal.So is smoking crack, but if you max out your credit cards on cash advances to get high, you're still expected to pay the bill. Do you think because you did something illegal with the money, you don't have to pay it back? Link to comment Share on other sites More sharing options...
jq26 Posted April 24, 2007 Report Share Posted April 24, 2007 I'm talking about online gambling, which is illegal.You can only deduct gambling losses to the extent that you have an equal amount of gambling income.LOL. Nascar, I don't think he meant 'deduct' as in 'deduct from federal gain' but more like 'deduct from his collection tab'. BTW, you are required to add online gambling income to your return just like any other income. And you can offset gains with losses like nascar says. But in your case, you cannot deduct the amount from your tab. Since it is fairly recent, I don't suggest you wait it out. Maybe you can settle for a smaller amount with the creditor plus a deletion from your credit reports. Link to comment Share on other sites More sharing options...
cracrap Posted April 24, 2007 Report Share Posted April 24, 2007 been there done that ...pm me Link to comment Share on other sites More sharing options...
cracrap Posted April 24, 2007 Report Share Posted April 24, 2007 karnoir Link to comment Share on other sites More sharing options...
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