I have had a cash business for some years, never really thought about
it, just a way to earn some extra bucks on the side my regular job.
Recently, business is doing pretty good, and I need a way to move some
cash into my bank account without setting off flags. I'm not talking
anything crazy, let's say $500/week.
This is my plan, looking for
suggestions. I will find an online sportsbook that accepts prepaid
credit cards, when I reach about 2K cash, I will fund that card wherever
they sell them, I will then move the 2K credit on that card into an
online sportsbook. Now I don't really want to play around too much with
the funds in that account. Maybe try some middles, where I'm only really
risking juice. If I happen to hit a middle, great, but I just want
there to be action on the account in order to not set off flags with the
book either. Once I reack about 5k in the betting account, ask them to
cut me a cheque, or a wire transfer into my bank account, and then I
have achieved my goal.
10 years ago, this would have been an easy
problem. Take your cash to the local casino, play 20 mins of blackjack,
cash out, take your chips to the cage, and ask them to issue a cheque.
Things are different now. At least that's what I read.
Hoping to use Sportsinteraction or 5dimes if anyone knows if they accept vanilla credit cards.
Save
your, are you a drug dealer comments. I have a full time job, but that
job is tip based mostly, therefore I have a lot of cash and little pay
cheque. Now with my side job paying mostly cash too, I just need a way
to get that into my bank account, and into my RRSP's easily.
I have had a cash business for some years, never really thought about
it, just a way to earn some extra bucks on the side my regular job.
Recently, business is doing pretty good, and I need a way to move some
cash into my bank account without setting off flags. I'm not talking
anything crazy, let's say $500/week.
This is my plan, looking for
suggestions. I will find an online sportsbook that accepts prepaid
credit cards, when I reach about 2K cash, I will fund that card wherever
they sell them, I will then move the 2K credit on that card into an
online sportsbook. Now I don't really want to play around too much with
the funds in that account. Maybe try some middles, where I'm only really
risking juice. If I happen to hit a middle, great, but I just want
there to be action on the account in order to not set off flags with the
book either. Once I reack about 5k in the betting account, ask them to
cut me a cheque, or a wire transfer into my bank account, and then I
have achieved my goal.
10 years ago, this would have been an easy
problem. Take your cash to the local casino, play 20 mins of blackjack,
cash out, take your chips to the cage, and ask them to issue a cheque.
Things are different now. At least that's what I read.
Hoping to use Sportsinteraction or 5dimes if anyone knows if they accept vanilla credit cards.
Save
your, are you a drug dealer comments. I have a full time job, but that
job is tip based mostly, therefore I have a lot of cash and little pay
cheque. Now with my side job paying mostly cash too, I just need a way
to get that into my bank account, and into my RRSP's easily.
Until I get audited and have to account for 2k/month extra cash deposits, on top of what I already deposit in cash for my living expenses, and car payment, insurance etc.
Until I get audited and have to account for 2k/month extra cash deposits, on top of what I already deposit in cash for my living expenses, and car payment, insurance etc.
Do you pay cash for all of your expenses other than your standard bills? What paying your bills with money orders (paid for with cash) and then just leaving the deposits alone (the ones you normally make to pay bills). Those deposits haven't raised any white flags as of yet, correct?
Do you pay cash for all of your expenses other than your standard bills? What paying your bills with money orders (paid for with cash) and then just leaving the deposits alone (the ones you normally make to pay bills). Those deposits haven't raised any white flags as of yet, correct?
Not sure if I got it all correct, so feel free to make it simpler... You want to Fund a PPCC with $2k, then reach $5k on a book, but only deposit $500?
From my own experiences, you won't get very far with (most) prepaid cards. And Vanilla Visa has to be the worst; I'm pretty sure you can flip to the back and read where it says "not for gambling sites/purposes". In fact, the "Vanilla" brand/switch was specifically for preventing that use (heard from Visa and multiple books). Years ago I was hesitant to use my bank card and I would drive all over town buying those cards up. Once the change happened, I was only able to use a bank card. But I think the issue was that I had to register with a social.
And why worry about making deposits, when you'll have to use a social to find a book, sign up with a PP Credit Card, and then need all your bank info to request a payment? I use 5d, and I know that every time I make a deposit I'm gonna see the disclaimer that says (summarized) "No payout can be processed without submitting copies of documentation..." Basically a driver's license, voided check (acct number) and bank statement.
If you have ways to get around all that, and you are still concerned with your original plan of "how to deposit", I would suggest a savings acct. No other acct is made from deposits, in most cases like/similar amounts, and is always welcomed by the bank.
Not sure if I got it all correct, so feel free to make it simpler... You want to Fund a PPCC with $2k, then reach $5k on a book, but only deposit $500?
From my own experiences, you won't get very far with (most) prepaid cards. And Vanilla Visa has to be the worst; I'm pretty sure you can flip to the back and read where it says "not for gambling sites/purposes". In fact, the "Vanilla" brand/switch was specifically for preventing that use (heard from Visa and multiple books). Years ago I was hesitant to use my bank card and I would drive all over town buying those cards up. Once the change happened, I was only able to use a bank card. But I think the issue was that I had to register with a social.
And why worry about making deposits, when you'll have to use a social to find a book, sign up with a PP Credit Card, and then need all your bank info to request a payment? I use 5d, and I know that every time I make a deposit I'm gonna see the disclaimer that says (summarized) "No payout can be processed without submitting copies of documentation..." Basically a driver's license, voided check (acct number) and bank statement.
If you have ways to get around all that, and you are still concerned with your original plan of "how to deposit", I would suggest a savings acct. No other acct is made from deposits, in most cases like/similar amounts, and is always welcomed by the bank.
"I need a way to move some
cash into my bank account without setting off flags. I'm not talking
anything crazy, let's say $500/week."
Why do you need to move cash into a bank account "without setting off flags"? You say something like that and people will assume (reasonably) that you are asking for help laundering money.
"I need a way to move some
cash into my bank account without setting off flags. I'm not talking
anything crazy, let's say $500/week."
Why do you need to move cash into a bank account "without setting off flags"? You say something like that and people will assume (reasonably) that you are asking for help laundering money.
I need to move $500 a week or 2k a month cash into my bank acct on top of the 1k or so I already deposit there. 12k/year in cash that I deposit is fine, I can explain this extra income because I claim it on my taxes. What I can't explain 36k a year cash deposits. There for that 2k/month has to be deposited as something other than cash. And yes of course currently I pay for everything I possibly can via cash.
Quick plan was to top up a few pre paid cc's and anonymously fund a betting account up to say 6 or 10k and then after a while have them cut me a cheque for like 7k and deposit that into my acct. then five months later, repeat.
I need to move $500 a week or 2k a month cash into my bank acct on top of the 1k or so I already deposit there. 12k/year in cash that I deposit is fine, I can explain this extra income because I claim it on my taxes. What I can't explain 36k a year cash deposits. There for that 2k/month has to be deposited as something other than cash. And yes of course currently I pay for everything I possibly can via cash.
Quick plan was to top up a few pre paid cc's and anonymously fund a betting account up to say 6 or 10k and then after a while have them cut me a cheque for like 7k and deposit that into my acct. then five months later, repeat.
And for the record, I don't care of the book has my banking details, I just need to be able to fund that book with anonymous payments so the money going in will not be traced back to me.
And for the record, I don't care of the book has my banking details, I just need to be able to fund that book with anonymous payments so the money going in will not be traced back to me.
$500 a week in cash is what a Denny's waitress would deposit into their checking account from their tips. I'm pretty sure you'll be ok. And I'm not busting on waiters or waitresses. I'm just trying to point out that a few million people do what you're doing and the IRS have bigger fish to fry.
$500 a week in cash is what a Denny's waitress would deposit into their checking account from their tips. I'm pretty sure you'll be ok. And I'm not busting on waiters or waitresses. I'm just trying to point out that a few million people do what you're doing and the IRS have bigger fish to fry.
I need to move $500 a week or 2k a month cash into my bank acct on top of the 1k or so I already deposit there. 12k/year in cash that I deposit is fine, I can explain this extra income because I claim it on my taxes. What I can't explain 36k a year cash deposits. There for that 2k/month has to be deposited as something other than cash. And yes of course currently I pay for everything I possibly can via cash.
Quick plan was to top up a few pre paid cc's and anonymously fund a betting account up to say 6 or 10k and then after a while have them cut me a cheque for like 7k and deposit that into my acct. then five months later, repeat.
Hope that was clearer.
How is that any better then depositing cash directly into your account? If anything, you;re make your money even dirtier. Furthermore, I don't think a sportsbook would appreciate you using them launder money.
Get a safe deposit box at the bank or something and put it in there.
I need to move $500 a week or 2k a month cash into my bank acct on top of the 1k or so I already deposit there. 12k/year in cash that I deposit is fine, I can explain this extra income because I claim it on my taxes. What I can't explain 36k a year cash deposits. There for that 2k/month has to be deposited as something other than cash. And yes of course currently I pay for everything I possibly can via cash.
Quick plan was to top up a few pre paid cc's and anonymously fund a betting account up to say 6 or 10k and then after a while have them cut me a cheque for like 7k and deposit that into my acct. then five months later, repeat.
Hope that was clearer.
How is that any better then depositing cash directly into your account? If anything, you;re make your money even dirtier. Furthermore, I don't think a sportsbook would appreciate you using them launder money.
Get a safe deposit box at the bank or something and put it in there.
How is that any better then depositing cash directly into your account? If anything, you;re make your money even dirtier. Furthermore, I don't think a sportsbook would appreciate you using them launder money.
Get a safe deposit box at the bank or something and put it in there.
I was just about to say the same thing. It doesn't make any sense. He's worried about the total deposits being to large and the irs auditing him, because he isn't claiming all his income. So the IRS is all of a sudden going to not care because it's a check being deposited?
How is that any better then depositing cash directly into your account? If anything, you;re make your money even dirtier. Furthermore, I don't think a sportsbook would appreciate you using them launder money.
Get a safe deposit box at the bank or something and put it in there.
I was just about to say the same thing. It doesn't make any sense. He's worried about the total deposits being to large and the irs auditing him, because he isn't claiming all his income. So the IRS is all of a sudden going to not care because it's a check being deposited?
The point is, it's a cheque coming from a company. It's not cash coming out of thin air. If I were to get audited, gambling winnings cannot be questioned. As long as there is no trail leading back to me funding the account with cash, an auditor would be at a dead end. If you guys think that people don't walk into casinos with large sums of money under 10k, play for a little while, and then cash out and ask for a cheque, NOT cash, you're mistaken. It's just risky now because pit bosses, and the eyes in the sky watch for this suspicious behavior.
Anyhow, perhaps I'm being paranoid. Depositing 40k in cash over a year will not raise any red flags.
The point is, it's a cheque coming from a company. It's not cash coming out of thin air. If I were to get audited, gambling winnings cannot be questioned. As long as there is no trail leading back to me funding the account with cash, an auditor would be at a dead end. If you guys think that people don't walk into casinos with large sums of money under 10k, play for a little while, and then cash out and ask for a cheque, NOT cash, you're mistaken. It's just risky now because pit bosses, and the eyes in the sky watch for this suspicious behavior.
Anyhow, perhaps I'm being paranoid. Depositing 40k in cash over a year will not raise any red flags.
if its gambling winnings, wouldn't you still have to pay taxes on it?
No you only get taxed if you win a certain multiple of your bet. I forgot what it is but it's a pretty big number. Even so you can deduct your losses up to you winnings.
if its gambling winnings, wouldn't you still have to pay taxes on it?
No you only get taxed if you win a certain multiple of your bet. I forgot what it is but it's a pretty big number. Even so you can deduct your losses up to you winnings.
No you only get taxed if you win a certain multiple of your bet. I forgot what it is but it's a pretty big number. Even so you can deduct your losses up to you winnings.
yes, I know how it works in u.s. legally you have to report everything but only get w4 for certain amount, but don't know how it works in Ontario with online books, how you gonna show papertrail if you do get audited?
No you only get taxed if you win a certain multiple of your bet. I forgot what it is but it's a pretty big number. Even so you can deduct your losses up to you winnings.
yes, I know how it works in u.s. legally you have to report everything but only get w4 for certain amount, but don't know how it works in Ontario with online books, how you gonna show papertrail if you do get audited?
The point is, it's a cheque coming from a company. It's not cash coming out of thin air. If I were to get audited, gambling winnings cannot be questioned. As long as there is no trail leading back to me funding the account with cash, an auditor would be at a dead end. If you guys think that people don't walk into casinos with large sums of money under 10k, play for a little while, and then cash out and ask for a cheque, NOT cash, you're mistaken. It's just risky now because pit bosses, and the eyes in the sky watch for this suspicious behavior.
Anyhow, perhaps I'm being paranoid. Depositing 40k in cash over a year will not raise any red flags.
1) These auditors aren't morons. They'll scrutinize EVERY PENNY!
2) Gambling winnings CAN and WILL be questioned. Especially if you're doing it at an offshore sportsbook.
3) Just because a cheque(Canadian spelling!) comes from a company, it doesn't mean it's ignored and put through without a hitch. It's probably more suspicious to the banks when they see $5000 checks coming in from Costa Rica or wherever the f*ck.
The point is, it's a cheque coming from a company. It's not cash coming out of thin air. If I were to get audited, gambling winnings cannot be questioned. As long as there is no trail leading back to me funding the account with cash, an auditor would be at a dead end. If you guys think that people don't walk into casinos with large sums of money under 10k, play for a little while, and then cash out and ask for a cheque, NOT cash, you're mistaken. It's just risky now because pit bosses, and the eyes in the sky watch for this suspicious behavior.
Anyhow, perhaps I'm being paranoid. Depositing 40k in cash over a year will not raise any red flags.
1) These auditors aren't morons. They'll scrutinize EVERY PENNY!
2) Gambling winnings CAN and WILL be questioned. Especially if you're doing it at an offshore sportsbook.
3) Just because a cheque(Canadian spelling!) comes from a company, it doesn't mean it's ignored and put through without a hitch. It's probably more suspicious to the banks when they see $5000 checks coming in from Costa Rica or wherever the f*ck.
So you only want to add 2k a month without claiming it? Your expenses are less then the 2k a month?Wow, that is a feat all by itself. My last mortgage was close to 2k.
You don't have any family members that don't work? I don't know what the business is, but can't you just deposit it and pay a family member low enough to where they won't get taxed on it?
So you only want to add 2k a month without claiming it? Your expenses are less then the 2k a month?Wow, that is a feat all by itself. My last mortgage was close to 2k.
You don't have any family members that don't work? I don't know what the business is, but can't you just deposit it and pay a family member low enough to where they won't get taxed on it?
An auditor can question all he likes. If he can't prove it was me funding this online book (because it was funded anonymously through pre paid credit cards that have no personal information what so ever), he will be at a dead end. Is an auditor going to ask for my gambling records at sportsinteraction and sift through each bet I've ever made? I doubt that.
My expenses are about 2k a month. My income on paper, is about 1.5k a month. So I top up whatever my paycheque can't cover with cash each month, plus another grand that goes into an RRSP. All that is fine, that will never raise a flag. However, If I throw in an additional 2k in cash deposits every month I need to account for where that money came from.
Perhaps the pre paid credit card, online gambling thing is a bad idea, and I'm listening to what everyone has to say, then I'll figure out another way. I have a buddy that is an accountant, perhaps he has better suggestions. But one way or another, I need to get about 25k with of cash into my RRSP next year to put a down payment on a 400K house.
An auditor can question all he likes. If he can't prove it was me funding this online book (because it was funded anonymously through pre paid credit cards that have no personal information what so ever), he will be at a dead end. Is an auditor going to ask for my gambling records at sportsinteraction and sift through each bet I've ever made? I doubt that.
My expenses are about 2k a month. My income on paper, is about 1.5k a month. So I top up whatever my paycheque can't cover with cash each month, plus another grand that goes into an RRSP. All that is fine, that will never raise a flag. However, If I throw in an additional 2k in cash deposits every month I need to account for where that money came from.
Perhaps the pre paid credit card, online gambling thing is a bad idea, and I'm listening to what everyone has to say, then I'll figure out another way. I have a buddy that is an accountant, perhaps he has better suggestions. But one way or another, I need to get about 25k with of cash into my RRSP next year to put a down payment on a 400K house.
An auditor can question all he likes. If he can't prove it was me funding this online book (because it was funded anonymously through pre paid credit cards that have no personal information what so ever), he will be at a dead end. Is an auditor going to ask for my gambling records at sportsinteraction and sift through each bet I've ever made? I doubt that.
My expenses are about 2k a month. My income on paper, is about 1.5k a month. So I top up whatever my paycheque can't cover with cash each month, plus another grand that goes into an RRSP. All that is fine, that will never raise a flag. However, If I throw in an additional 2k in cash deposits every month I need to account for where that money came from.
Perhaps the pre paid credit card, online gambling thing is a bad idea, and I'm listening to what everyone has to say, then I'll figure out another way. I have a buddy that is an accountant, perhaps he has better suggestions. But one way or another, I need to get about 25k with of cash into my RRSP next year to put a down payment on a 400K house.
why dont you just continue to top that account with $500 cash to pay your bills and $1000 for RRSP and then open a separate savings account where you can deposit a portion(say $200) of your tips(make it a diff. amt. every week) .the rest of the cash you're left over with...bury it in the backyard and use it to buy things for the house...furniture,appliances,repairs, renos,vacations,groceries,clothes and even entertainment.
as long as you arent living beyond your means no one will ever question you for such a small amount of money. good luck
An auditor can question all he likes. If he can't prove it was me funding this online book (because it was funded anonymously through pre paid credit cards that have no personal information what so ever), he will be at a dead end. Is an auditor going to ask for my gambling records at sportsinteraction and sift through each bet I've ever made? I doubt that.
My expenses are about 2k a month. My income on paper, is about 1.5k a month. So I top up whatever my paycheque can't cover with cash each month, plus another grand that goes into an RRSP. All that is fine, that will never raise a flag. However, If I throw in an additional 2k in cash deposits every month I need to account for where that money came from.
Perhaps the pre paid credit card, online gambling thing is a bad idea, and I'm listening to what everyone has to say, then I'll figure out another way. I have a buddy that is an accountant, perhaps he has better suggestions. But one way or another, I need to get about 25k with of cash into my RRSP next year to put a down payment on a 400K house.
why dont you just continue to top that account with $500 cash to pay your bills and $1000 for RRSP and then open a separate savings account where you can deposit a portion(say $200) of your tips(make it a diff. amt. every week) .the rest of the cash you're left over with...bury it in the backyard and use it to buy things for the house...furniture,appliances,repairs, renos,vacations,groceries,clothes and even entertainment.
as long as you arent living beyond your means no one will ever question you for such a small amount of money. good luck
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