Bookmaker
I love the fact that their checks come super fast (2 days), even though their is often a $50 withdraw fee. I let my account build up for almost a year and had $17k in my account and I wanted to cash it out to spread my bankroll around to other betting sites.. I was stuck, do I request a large wire from Costa Rica and have my bank report it to the IRS, or do I request $2500 checks (max check was $2500, but recently was raised to $3,000) for 7 weeks. I was not in a big hurry, so went with the check method. The fees were less ($350 over the $600 wire fee) and nothing is reported to the IRS. I’m currently on week 5 of my $2500 weekly payments and no problems at all..
this guy seems to think this is a way around it
You guys are funny. I have been reading your stuff throughout several threads here. This IRS avoidance is laughable.
Let me fill you in on some facts. Not conjecture, not urban myths - facts.
1. Your bank does not report anything to the IRS, unless it is suspicious. Banks are not in the business of reporting income other than interest that they pay you. How would a bank know that a 17k incoming wire isn't a payment for a car you sold?
2. The IRS expects you - the taxpayer - to report income. They expect that you will report all income, including gambling winnings (offset by gambling losses).
3. You are allowed to deduct any losses off of your winnings that you report. How would your bank - or anyone really - know that the 17k incoming wire didn't start with a 50k balance and that you are really down 33k? How would they know that your 17k incoming wire isn't offset by 100k of losses elsewhere?
4. There is no amount that will trigger "red flags" as far as your bank reporting something to the IRS. Yes, if you have a 5 year history at your bank of making 1k a week, paying bills - and then suddenly you get 100k they might make a suspicious activity report - but this is not for the IRS. This is for money laundering and criminal activity. People have such misconceptions about this.
5. Electronic transfers, and checks - do not have a limit where you get submitted to any authority. If you have 10k in cash on you at any time, you are required to fill out a fincen report - but this is green cash. Not electronic transfers.
I just shake my head when I hear statements like the OP say "I know the IRS investigates anything over 10k". What??? Every bank transaction over 10k gets investigated by the IRS????? HUH? So if I have 2 bank accounts, and I transfer 10k back and forth 1,000 times to myself and from myself - some agent at the IRS is investigating me? That is his fulltime job?
The IRS is an honor system that sometimes requires proof. It is your honor - and responsibility - to report income. If the IRS audits you and asks questions, you will have to prove income (or lack of income). But they don't proactively investigate anything over 10k, or anything over 1 million for that matter. They would have to have a million employees investigating people all the time.
I don't suggest you avoid taxes on your gambling income. So that being said - bring in all the money you want. The IRS wont care because at filing time, they will get their share (if you owe them anything). If you are planning on avoiding reporting your income - I highly suggest you don't take your own advice or anyone elses - because it is all conjecture and guesses. You are so misinformed it is scary.
I don't suggest you avoid taxes on your gambling income. So that being said - bring in all the money you want. The IRS wont care because at filing time, they will get their share (if you owe them anything). If you are planning on avoiding reporting your income - I highly suggest you don't take your own advice or anyone elses - because it is all conjecture and guesses. You are so misinformed it is scary.
van, i think you miss the point..he wants to avoid paying taxes on gambling income..at filing time, he does not want to share with the irs..the irs audits at random..it's easier to explain 4 three thousand dollar checks than it is one ten thousand dollar check..as far as the bank not reporting "suspicious" behavior, i'm not so sure about that..i was told by a lawyer , checks written under my name when i owned my own business , should be kept at x amount of dollars
I don't suggest you avoid taxes on your gambling income. So that being said - bring in all the money you want. The IRS wont care because at filing time, they will get their share (if you owe them anything). If you are planning on avoiding reporting your income - I highly suggest you don't take your own advice or anyone elses - because it is all conjecture and guesses. You are so misinformed it is scary.
van, i think you miss the point..he wants to avoid paying taxes on gambling income..at filing time, he does not want to share with the irs..the irs audits at random..it's easier to explain 4 three thousand dollar checks than it is one ten thousand dollar check..as far as the bank not reporting "suspicious" behavior, i'm not so sure about that..i was told by a lawyer , checks written under my name when i owned my own business , should be kept at x amount of dollars
I see the point clearly. I am not blind.
But if you wanted to avoid paying taxes on gambling income, it is just funny the way you guys suggest doing it. I feel like we are watching an episode of Worlds Dumbest Criminals.
How is it easier to explain 4 three thousand dollar checks than one 12 thousand dollar check to the IRS? If it gets this far, they will already have the checks in question in their hands. They have the routing numbers, accounts, payee - everything. I have absolutely no idea how you would go about explaining either of these.
I was under the assumption that you guys thought that getting the smaller checks would make you less likely to be audited - which of course isn't true either.
So just to understand - your angle for avoiding paying taxes on income is to get a large amount of smaller checks rather than one big check?
Maybe someone should inform the IRS so that they can change their strategy of investigation.
How is it easier to explain 4 three thousand dollar checks than one 12 thousand dollar check to the IRS? If it gets this far, they will already have the checks in question in their hands. They have the routing numbers, accounts, payee - everything. I have absolutely no idea how you would go about explaining either of these.
ok, once it gets to the irs , it's case closed..bottom line, small increments look less suspicious..i'm talking with the bank only, not irs..if i were depositing money into my account, i would feel a lot better with small increments..is this true or not , i don't know..you're probably right..for piece of mind, i'm going small..
You guys are funny. I have been reading your stuff throughout several threads here. This IRS avoidance is laughable.
Let me fill you in on some facts. Not conjecture, not urban myths - facts.
1. Your bank does not report anything to the IRS, unless it is suspicious. Banks are not in the business of reporting income other than interest that they pay you. How would a bank know that a 17k incoming wire isn't a payment for a car you sold?
2. The IRS expects you - the taxpayer - to report income. They expect that you will report all income, including gambling winnings (offset by gambling losses).
3. You are allowed to deduct any losses off of your winnings that you report. How would your bank - or anyone really - know that the 17k incoming wire didn't start with a 50k balance and that you are really down 33k? How would they know that your 17k incoming wire isn't offset by 100k of losses elsewhere?
4. There is no amount that will trigger "red flags" as far as your bank reporting something to the IRS. Yes, if you have a 5 year history at your bank of making 1k a week, paying bills - and then suddenly you get 100k they might make a suspicious activity report - but this is not for the IRS. This is for money laundering and criminal activity. People have such misconceptions about this.
5. Electronic transfers, and checks - do not have a limit where you get submitted to any authority. If you have 10k in cash on you at any time, you are required to fill out a fincen report - but this is green cash. Not electronic transfers.
I just shake my head when I hear statements like the OP say "I know the IRS investigates anything over 10k". What??? Every bank transaction over 10k gets investigated by the IRS????? HUH? So if I have 2 bank accounts, and I transfer 10k back and forth 1,000 times to myself and from myself - some agent at the IRS is investigating me? That is his fulltime job?
The IRS is an honor system that sometimes requires proof. It is your honor - and responsibility - to report income. If the IRS audits you and asks questions, you will have to prove income (or lack of income). But they don't proactively investigate anything over 10k, or anything over 1 million for that matter. They would have to have a million employees investigating people all the time.
I don't suggest you avoid taxes on your gambling income. So that being said - bring in all the money you want. The IRS wont care because at filing time, they will get their share (if you owe them anything). If you are planning on avoiding reporting your income - I highly suggest you don't take your own advice or anyone elses - because it is all conjecture and guesses. You are so misinformed it is scary.
Appreciate the information-- So now that ive been waiting to figure things out and continued building, I know have $72,000 in hertage and $23,000 in betdsi.
How do you suggest I withdrawl this, and then when taxes come about- I literally just claim "$100,000" in other income..
And u don't think they are going to question it?
I'm a student in med school. I have no business adding 100k++ to my bank account. That's why I am asking for advice bro
Gambling winnings go on line 21 of your 1040. Gambling losses go on Schedule A as a deduction.
I am confused as to your confusion. "And you don't think they are going to question it?" means what?
Gambling is legal. Not paying your taxes is illegal. What would they possibly question?
Your bank might very well question it. Be prepared to have them question you. They might very well ask you to leave their bank.
But as far as paying taxes, they question when you don't report income. I doubt they have ever questioned anyone for reporting too much income.
That's what kills me.. Wish I was posting my plays all along- I posted a few lengthy write-ups from the elite 8 (starting with the ND-UK game) straight through the finals. Didn't lose a game. All I got was hate responses and bashed for my write-ups.. Mainly because I blew up main stream belief- i.e. I was telling people Kentucky was going to lose eventually..
Also I have terrible luck on covers, I am the kiss of death. I have no problem if u want to PM me your number or email and I can give you my picks. I hammered bulls +190 for the series and +4.5 and ml for game 1. Didn't have a lean on Houston- and glad I laid of Rangers, will probably take them game 4.
Van- My point is.. anyone doing anything "illegal" can deposit money into their bank- whether it be cash-check-bankwire- doesn't matter.. and u think all they have to do is say "oh that 100,000$ I deposited in the last 3 months.. that's just gambling winnings.. but don't worry, I'll pay my taxes!!!"
Everyone with "dirty" money (drug dealers/mob/etc) would claim their cash as 'gambling winnings.' I have my doubts. I might go to an attorney or tax professional and fact find a little bit. I can't imagine overseas bank wires and checks are kosher with the US government. There is also a gray area between online gambling being illegal and legal.
You guys are funny. I have been reading your stuff throughout several threads here. This IRS avoidance is laughable.
Let me fill you in on some facts. Not conjecture, not urban myths - facts.
1. Your bank does not report anything to the IRS, unless it is suspicious. Banks are not in the business of reporting income other than interest that they pay you. How would a bank know that a 17k incoming wire isn't a payment for a car you sold?
2. The IRS expects you - the taxpayer - to report income. They expect that you will report all income, including gambling winnings (offset by gambling losses).
3. You are allowed to deduct any losses off of your winnings that you report. How would your bank - or anyone really - know that the 17k incoming wire didn't start with a 50k balance and that you are really down 33k? How would they know that your 17k incoming wire isn't offset by 100k of losses elsewhere?
4. There is no amount that will trigger "red flags" as far as your bank reporting something to the IRS. Yes, if you have a 5 year history at your bank of making 1k a week, paying bills - and then suddenly you get 100k they might make a suspicious activity report - but this is not for the IRS. This is for money laundering and criminal activity. People have such misconceptions about this.
5. Electronic transfers, and checks - do not have a limit where you get submitted to any authority. If you have 10k in cash on you at any time, you are required to fill out a fincen report - but this is green cash. Not electronic transfers.
I just shake my head when I hear statements like the OP say "I know the IRS investigates anything over 10k". What??? Every bank transaction over 10k gets investigated by the IRS????? HUH? So if I have 2 bank accounts, and I transfer 10k back and forth 1,000 times to myself and from myself - some agent at the IRS is investigating me? That is his fulltime job?
The IRS is an honor system that sometimes requires proof. It is your honor - and responsibility - to report income. If the IRS audits you and asks questions, you will have to prove income (or lack of income). But they don't proactively investigate anything over 10k, or anything over 1 million for that matter. They would have to have a million employees investigating people all the time.
I don't suggest you avoid taxes on your gambling income. So that being said - bring in all the money you want. The IRS wont care because at filing time, they will get their share (if you owe them anything). If you are planning on avoiding reporting your income - I highly suggest you don't take your own advice or anyone elses - because it is all conjecture and guesses. You are so misinformed it is scary.
Appreciate the information-- So now that ive been waiting to figure things out and continued building, I know have $72,000 in hertage and $23,000 in betdsi.
How do you suggest I withdrawl this, and then when taxes come about- I literally just claim "$100,000" in other income..
And u don't think they are going to question it?
I'm a student in med school. I have no business adding 100k++ to my bank account. That's why I am asking for advice bro
5. Electronic transfers, and checks - do not have a limit where you get submitted to any authority. If you have 10k in cash on you at any time, you are required to fill out a fincen report - but this is green cash. Not electronic transfers.
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