question regarding taxes

Question

I understand that any deposits over $10000 are reported to the irs. I also understand that 2 subsequent deposits equaling $10000 or more is also reported.

My question is lets say i have $150,000 in a sportsbook. What would be the best way of recovering the funds without paying the tax.

Would withdrawing $3000-5000 a month for 3+ years raise red flags?

My worry is that at some point the bank questions where these funds are coming from, even though it is under the $10000

Or would i be better off cashing each check at a bank, and keeping the funds in cash?

Please advise, thanks

smartapple123 · Answer

I understand that any deposits over $10000 are reported to the irs. I also understand that 2 subsequent deposits equaling $10000 or more is also reported.

My question is lets say i have $150,000 in a sportsbook. What would be the best way of recovering the funds without paying the tax.

Would withdrawing $3000-5000 a month for 3+ years raise red flags?

My worry is that at some point the bank questions where these funds are coming from, even though it is under the $10000

Or would i be better off cashing each check at a bank, and keeping the funds in cash?

Please advise, thanks

DUDE-I-TOLD-YOU · Answer

This question again?we still never saw the "parlay" that paid "$150k".

smartapple123 · Answer

Just looking for a clear cut answer to if withdrawing $3000-5000 a month for 3+ years would raise red flags?

Also, if just cashing the checks at a bank is a good idea?

I do have a wager in the works, but I will not disclose what it is exactly.

This is hypothetically speaking if i win

thecentaur · Answer

I don&#x27;t know officer

smartapple123 · Answer

guess nobody has an answer to my question?

isport · Answer

I don&#x27;t know officer

magicalmke · Answer

A constant series of small but sizeable transactions will usually be reported to the Feds as suspicious. The reporting is not for tax purposes but money laundering. If you have $150k accumulate in an account under your control with no proof of income or taxes paid you will have problems and will likely be found guilty of tax evasion, especially as you are actively trying to avoid taxes.any advice given to help you avoid paying taxes will also result in someone possibly being considered an accomplice. My advice is to pay the taxes and avoid any future issues.

magicalmke · Answer

A constant series of small but sizeable transactions will usually be reported to the Feds as suspicious. The reporting is not for tax purposes but money laundering. If you have $150k accumulate in an account under your control with no proof of income or taxes paid you will have problems and will likely be found guilty of tax evasion, especially as you are actively trying to avoid taxes.any advice given to help you avoid paying taxes will also result in someone possibly being considered an accomplice. My advice is to pay the taxes and avoid any future issues.

Getty3 · Answer

Bear in my that any gambling income can be offset by reporting gambling losses on Schedule A. However, the losses are subject to an amount which exceeds 2% of your AGI and provided that you are able to itemize deductions.

Bottom line: Save your receipts, both wins and losses, and report them fairly. The alternative isn't pretty.

smartapple123 · Answer

Interesting points

question regarding taxes

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