pd1.pfan is trying to help relax,but i do feel the way you do somewhat,and thats exactly what i was thinking .i do have a nrtteller debt card and i use it to withdraw money all the time.never had a check written to me from these places,but i figure you use the debit card and withdraw a 5k check once in a while from netteller .wouldnt like to keep that high of a balance in there but wtf,better than paying to the man.
whats the best way to cash out big money
- Thread starter moe777
- Start date
Just curious.....what would happen if you withdrew 7-10k a month from Western Union. I know Western Union will leave a paper trail, but does the IRS dig into Western Union withdrawals?
Western Union will probably pay you by check thus leaving an enormous paper trail to be worried about. I am sure they are required to report any amount over a certain number. If you did SEVERAL withdraws a month to keep it under the reporting amount you would probably pay as much in Western Union fees as you would in taxes. I have heard the number is $1000, and I am pretty sure you have to show ID an give up a social security number for amounts over $999, I could be wrong about that though.
pd1 said:
jesus! was that really necessary? i can't believe how some people are talking to other members in here lately. it's gonna stop too. watch!
pd1 said:
and if you get caught NOT declaring, who is the idiot?
personally, i'd stay clean with the irs, but that's me. if you're gonna cheat, neteller is the way to go.
good luck in the tourney!
U know I really like the neteller way to using their debit card, have one and use it. But I really wonder if that is hiding anything from the irs because guess what Neteller is out of Chicago, wouldn't they report large transactions just like a bank. Just my 2 cents!! I would just report it versus your loses, and pay the uncle sam, don't be like bonds and rose.
Take this FWIW as I have no personal experience, but I have *heard* that it is a common misconception that you can cash a 5k-10k check a month to stay under the 10k IRS radar. I've heard that banks will report it if you continuously do that and it will catch up with you. If you do not want to pay the taxes I would use the neteller card.
As far as taxes, I thought my dad told me on big wins he's had he's payed a pretty significant chunk to uncle sam.
If you guys want, I have a patient coming in 2 weeks from now who is a CPA and big gambler. I can run it by him and post his advice on here. All of our appts we talk about gambling he would be a good source.
As far as taxes, I thought my dad told me on big wins he's had he's payed a pretty significant chunk to uncle sam.
If you guys want, I have a patient coming in 2 weeks from now who is a CPA and big gambler. I can run it by him and post his advice on here. All of our appts we talk about gambling he would be a good source.
definatly ask him and post.i usually see my accountant 1 a month for nonbuisnes,i got to ask hin also..btw still cant get the final table going,had 7 on sat night.saint said:
saint said:
I'd like to second that request. I would very much like to hear what he has to say. I had a CPA give me advice last tax time and if I filed wrong I CERTAILNY want to know about it.
Thanks
penguinfan said:
He's not coming in until June 14th so I will bump this thread up then when I talk with him.
Seems like bad karama to me - I would worry about winning first and then figure out what to do with it later. You never seem to see the "what if" guys coming back telling us that "if" hit.
LOTS of experience on this one:
Banks MUST file form 8300's when:
1) Single withdrawal is 10K or above
2) Multiple (same day) withdrawal from different bank locations exceed 10K
3) Bank teller believes customer is making multiple (under the threshold) withdrawal in an attempt to avert form 8300 being filed (ie. Suspicious transactions).
Western Union/NET teller: These institutions are HIGHLY regulated following 911 (patriot act). All deposits in excess of 10K are reported and multiple (under the threshold) deposits are also reported.
NET/NET- Pay the tax!
Banks MUST file form 8300's when:
1) Single withdrawal is 10K or above
2) Multiple (same day) withdrawal from different bank locations exceed 10K
3) Bank teller believes customer is making multiple (under the threshold) withdrawal in an attempt to avert form 8300 being filed (ie. Suspicious transactions).
Western Union/NET teller: These institutions are HIGHLY regulated following 911 (patriot act). All deposits in excess of 10K are reported and multiple (under the threshold) deposits are also reported.
NET/NET- Pay the tax!
hope your wrong sun,it was just something i was thinking about and figured it would still be a question worth asking in this type of forum.didnt want to jinks myself but wtf,tried doing a seasrch and couldnt find antthing on it.youd think in this forum this question would come up alot more.would love to hear from raymond who i hear has hit 80k parlay.also some times i wonder if i should just leave my offshore account (if i have a good year ofcourse)alone and see what i can do in a year and not withdrawing.but that maybee a no no.still waiting to play this final table.Sun Tzu said:
