Relatively new on this site.. had a question... just had a decent run on sportsbook.com and came up around $12K.. i wanted to throw it into an IRA or something so i can save up for either my kid or retirement... if i declare the winnings on my tax return, would i essentially be taxed on it twice if i then throw it into an IRA when I withdraw it? I want to be as legit as possible, if that's even possible.. appreciate any help.. thanks
To remove first post, remove entire topic.
Relatively new on this site.. had a question... just had a decent run on sportsbook.com and came up around $12K.. i wanted to throw it into an IRA or something so i can save up for either my kid or retirement... if i declare the winnings on my tax return, would i essentially be taxed on it twice if i then throw it into an IRA when I withdraw it? I want to be as legit as possible, if that's even possible.. appreciate any help.. thanks
No idea what you mean by making it look legit. I dont know what the govt would do if you declared it as gaming winnings. Best way is probably just use it as cash and pay bills if you get all that money out, use your salary for your investment.
IRA carries a 5.5k limit, you can also choose the ROTH IRA option where it is not tax deductible this year but you will not have to pay taxes when you withdraw. If you hold a steady middle class job then 5k shouldnt be a problem, but if you declare income of 10k or something and then suddenly have 5k to invest that may raise a problem.
No idea what you mean by making it look legit. I dont know what the govt would do if you declared it as gaming winnings. Best way is probably just use it as cash and pay bills if you get all that money out, use your salary for your investment.
IRA carries a 5.5k limit, you can also choose the ROTH IRA option where it is not tax deductible this year but you will not have to pay taxes when you withdraw. If you hold a steady middle class job then 5k shouldnt be a problem, but if you declare income of 10k or something and then suddenly have 5k to invest that may raise a problem.
Get small withdraws from the book and deposit it into your savings account. As long as the deposit is under 10K the bank won't ask any questions.
thats not actually true, the 10k rule is a hard rule requiring the bank to report the deposit, banks have their own rules and regulation on how to deal with "questionable" deposits even if its under 10k. No bank want to be named in some money laundering scandal.
Banks have software to detect patterns. Plenty of people have been investigated for making 9k deposits because of the 10k rule. If there is any signs of a irregular deposit pattern above your normal usage you will be flagged.
Quote Originally Posted by josbran:
Get small withdraws from the book and deposit it into your savings account. As long as the deposit is under 10K the bank won't ask any questions.
thats not actually true, the 10k rule is a hard rule requiring the bank to report the deposit, banks have their own rules and regulation on how to deal with "questionable" deposits even if its under 10k. No bank want to be named in some money laundering scandal.
Banks have software to detect patterns. Plenty of people have been investigated for making 9k deposits because of the 10k rule. If there is any signs of a irregular deposit pattern above your normal usage you will be flagged.
ur contemplating what to do with money u will never get? and if u do get it, it wont be by your retirement, it will probably be closer to the time your kid retires
sorry buddy, nice run, but basically u done nothing more than won urself a game of monopoly. those hotels on boardwalk, park place, pennsylvania , no carolina, and pacific avenue sure looks good though. always loved that contrast of red to blue and green.
at least u proven ur good enough to win though, for what thats worth
ur contemplating what to do with money u will never get? and if u do get it, it wont be by your retirement, it will probably be closer to the time your kid retires
sorry buddy, nice run, but basically u done nothing more than won urself a game of monopoly. those hotels on boardwalk, park place, pennsylvania , no carolina, and pacific avenue sure looks good though. always loved that contrast of red to blue and green.
at least u proven ur good enough to win though, for what thats worth
I put a 29k deposit into a savings account from a real estate sale and my bank put five day hold on the money to make sure the check cleared. Other than that there was no problem. We cleared tax laws also, so no problem there.
I put a 29k deposit into a savings account from a real estate sale and my bank put five day hold on the money to make sure the check cleared. Other than that there was no problem. We cleared tax laws also, so no problem there.
ive come up with a solution for u to possibly collect some money out of this. call them up in a humble, noble voice, and tell them some sad bleeding heart story of how u have a life and death emergency and u need 2k ASAP. tell them u no longer have the desire to bet and will voluntarily forfeit the remaining 10k in ur account. if u do that, they just might concede to ur request. hey , 2k of something is better than nothing of a glorified mirage.
i mean if u try and get "unreasonable" and ask for more than that, they might accuse u of cheating or syndicate betting. there are many ways and reasons they can come up with to NOT pay u anything at all.
ive come up with a solution for u to possibly collect some money out of this. call them up in a humble, noble voice, and tell them some sad bleeding heart story of how u have a life and death emergency and u need 2k ASAP. tell them u no longer have the desire to bet and will voluntarily forfeit the remaining 10k in ur account. if u do that, they just might concede to ur request. hey , 2k of something is better than nothing of a glorified mirage.
i mean if u try and get "unreasonable" and ask for more than that, they might accuse u of cheating or syndicate betting. there are many ways and reasons they can come up with to NOT pay u anything at all.
the perceived "oh you will never get paid" from some of these posters is irresponsible and typical of the negative climate around sportsbooks these days... sportsbook.com was the first book i ever joined, 1999 maybe ?? although i rarely have request a payout, i have never had a problem getting paid... yes, it takes a while - too long for some peoples taste, but take your money out 2500 at a time and you'll get every penny within 2-4 months ...good luck to you and congrats on a great run.
the perceived "oh you will never get paid" from some of these posters is irresponsible and typical of the negative climate around sportsbooks these days... sportsbook.com was the first book i ever joined, 1999 maybe ?? although i rarely have request a payout, i have never had a problem getting paid... yes, it takes a while - too long for some peoples taste, but take your money out 2500 at a time and you'll get every penny within 2-4 months ...good luck to you and congrats on a great run.
Hot Forum Topics
