Originally Posted by
Prior
I'm considering cashing out my total bank value on a particular site I'm on. I've never cashed out before, as I'm relatively new to online gambling. The amount I'm cashing out is about a grand.
My question is if I were to receive a personal check would it be in my best interest to get the amount in cash, as opposed to depositing into my bank account (or does it even make a difference). This question is due to IRS reporting. Are banks required, when a customer cashes a check of significant value, to report this to the IRS?
I'm not even sure if this sort of check would be considered income. Ideally it wouldn't be, as I receive a fair amount of federal subsidies for my health insurance. Thanks for any help that can be provided.