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Author: [Gaming Industry - US] Topic: Anyone use check chasing places for sports book checks?
Riceboi send a private message View Space | Friends | Playbook | My Sportsbook: 5Dimes |
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#1
Posted: 10/28/2012 4:55:56 PM
Do they just check your ID to make sure the name matches the name on check and that's it? Or do you have to give them your social security number, address, etc? Do they keep your info on file for govt. organizations to see?

Just wondering if you guys can share your experiences?
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MAC316
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#2
Posted: 10/28/2012 5:05:36 PM
of course they would have to have all your information,  nobody is going to just give you money and take your word for it.  Why would you want to do that anyways and add another fee?  Just deposit it in your bank or do wu or mg.
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#3
Posted: 10/28/2012 5:19:05 PM
i'm blacklisted from WU and MG
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MAC316
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#4
Posted: 10/28/2012 5:22:22 PM
well i guess just use your bank or get someone that you can really trust and use them to receive the payout if your sportsbook will do that. 
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MAC316
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#5
Posted: 10/28/2012 5:25:30 PM
i really don't know what else to tell you because i have never been blacklisted by either nor have i ever used a cash checking place to cash anything.  Good luck!
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walktheline send a private message View Space | Blog | Friends | Playbook |
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#6
Posted: 10/28/2012 8:02:23 PM
QUOTE Originally Posted by MAC316:

of course they would have to have all your information,  nobody is going to just give you money and take your word for it.  Why would you want to do that anyways and add another fee?  Just deposit it in your bank or do wu or mg.

You're missing the whole point. Checks are usually free from the books, so the fee you pay to cash it at a cashing place is lower than WU or Moneygram. So there isn't an "additional fee" whatsoever.

Only a complete fool would routinely cash thousands of dollars in checks through their personal checking account. Very, very, very negative consequence potential. There is absolutely no need to expose your finances or your personal activities to banks. If you really believe that banks and the government don't know what you're actually doing, you're very naive. 
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#7
Posted: 10/28/2012 8:11:30 PM
QUOTE Originally Posted by Riceboi:

Do they just check your ID to make sure the name matches the name on check and that's it? Or do you have to give them your social security number, address, etc? Do they keep your info on file for govt. organizations to see?

Just wondering if you guys can share your experiences?

ID. No more, no less. No, they don't keep your info for the government. 

Also, back to using your own bank accounts. If you're ever audited, you're likely fucked. Simple example:

For example, say your bank deposits a total of $100,000. The AGI on your tax return may be only $55,000, broken down as follows: a capital gain of $2,000, rental loss of $15,000 as well as wages of $68,000. But if you dig into the tax return, there may be adjustments: net pay was only $60,000, rental income before deductible expenses was $18,000 and gross proceeds from the stock sale before subtracting basis was $22,000 for a total of $100,000. The IRS will be satisfied that your tax return matches your financial activity for the year.

If you cannot match income in this manner and cannot explain any bank deposit overages that dont coincide with income listed on your tax return, the IRS may classify the overage as taxable income and calculate additional tax on it. The auditor may believe you are hiding income. Remember: Guilty until proven innocent is the mantra within the offices of the Internal Revenue Service.

Take this as a lesson in audit-proofing your income tax return. You may want to mark your deposit receipts or your bank statements each month with the source of income for all bank deposits. That way, if you are audited, you have answers at hand. After all, a $5,000 gift from grandma or a $350 refund on a dress you returned is not taxable income and will account as such if the IRS ever asks.




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MAC316
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#8
Posted: 10/28/2012 8:43:51 PM
QUOTE Originally Posted by walktheline:


ID. No more, no less. No, they don't keep your info for the government. 

Also, back to using your own bank accounts. If you're ever audited, you're likely fucked. Simple example:

For example, say your bank deposits a total of $100,000. The AGI on your tax return may be only $55,000, broken down as follows: a capital gain of $2,000, rental loss of $15,000 as well as wages of $68,000. But if you dig into the tax return, there may be adjustments: net pay was only $60,000, rental income before deductible expenses was $18,000 and gross proceeds from the stock sale before subtracting basis was $22,000 for a total of $100,000. The IRS will be satisfied that your tax return matches your financial activity for the year.

If you cannot match income in this manner and cannot explain any bank deposit overages that dont coincide with income listed on your tax return, the IRS may classify the overage as taxable income and calculate additional tax on it. The auditor may believe you are hiding income. Remember: Guilty until proven innocent is the mantra within the offices of the Internal Revenue Service.

Take this as a lesson in audit-proofing your income tax return. You may want to mark your deposit receipts or your bank statements each month with the source of income for all bank deposits. That way, if you are audited, you have answers at hand. After all, a $5,000 gift from grandma or a $350 refund on a dress you returned is not taxable income and will account as such if the IRS ever asks.




 

i'm not missing any point,  he can't do wu and mg so he is screwed anyways,   who do you think is more likely to be audited,  a personal account or a check cashing place,   so who is naive now.  i know what i am doing,   he is obviously already on someone's radar because he blacklisted by mg and wu.  i know what i do and what i would do,  it wasn't about me.  i know how all the junk works that you are talking about,  if you think there isn't a way to figure out no matter what way you do it,  then you are naive.  it is all attached to your name, period.  you are missing the point entirely,  he can't use mg or wu so really he is screwed already.

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#9
Posted: 10/28/2012 11:32:52 PM
QUOTE Originally Posted by MAC316:

 

i'm not missing any point,  he can't do wu and mg so he is screwed anyways,   who do you think is more likely to be audited,  a personal account or a check cashing place,   so who is naive now.  i know what i am doing,   he is obviously already on someone's radar because he blacklisted by mg and wu.  i know what i do and what i would do,  it wasn't about me.  i know how all the junk works that you are talking about,  if you think there isn't a way to figure out no matter what way you do it,  then you are naive.  it is all attached to your name, period.  you are missing the point entirely,  he can't use mg or wu so really he is screwed already.


He's not screwed. I'm simply explaining to you why this is the best method by far, it's not a matter of opinion. Check cashing places don't report to the IRS unless it's over 10,000 and the only way they issue their records is through court subpoena. Why do you think illegals and people with tax liens and/or child support payments cash their paychecks this way?

Also, many reputable books have issued bad batches of checks at times. Although they make it right, it takes time and that doesn't fix the problem if you overdraft your account. 

I was explaining in detail why you don't "just deposit it in your bank" or use Western Union or Moneygram. There isn't a single cash transaction in the world monitored more than a MG or WU. This is for several reasons, including ever increasing fraud, terrorism and money laundering. 

I never said you wouldn't be OK depositing through your bank, it's just not the best way to do things. It's the only way to do things if you're doing more than a few checks a year. Small time? You're fine.

Once again, I wasn't insulting you. I was simply explaining in detail why you were wrong with your advice. 
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MAC316
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#10
Posted: 10/28/2012 11:43:59 PM
it's all good man,  but no one reports to irs unless it is a significant amount.  And check cashing places aren't going to just accept it with just an id either because they don't want to get screwed either.  Anyways good luck to everyone in whatever they do.
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MAC316
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#11
Posted: 10/28/2012 11:58:37 PM
everyone has an opinion and i disagree but to each their own.
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#12
Posted: 10/29/2012 12:43:17 AM
I was blacklisted from MG but still get transactions thru WU 
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#13
Posted: 10/29/2012 1:30:07 PM
There's really no need to use a check cashing place because there fees are just way too high. Just deposit the check in your checking or savings account using the atm machine. You don't have to go to a teller window.
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#14
Posted: 10/29/2012 5:29:43 PM
QUOTE Originally Posted by nick69:

There's really no need to use a check cashing place because there fees are just way too high. Just deposit the check in your checking or savings account using the atm machine. You don't have to go to a teller window.

It's usually 2-3% on cashier's checks, what most books send. 
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