[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.

[Optional]

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.

There is no automatic reporting for a check of that size. 10,000 is the number most people seem to think triggers automatic reporting.

If your book offers bitcoin you might find it better to get setup with that right away and avoid the delays and dealing with your bank for checks.

[Prior]

There is no automatic reporting for a check of that size. 10,000 is the number most people seem to think triggers automatic reporting.

If your book offers bitcoin you might find it better to get setup with that right away and avoid the delays and dealing with your bank for checks.

So any check worth only a few grand is a safe bet to avoid bank reporting? I've thought about bitcoin before but at the end of the day I'm fairly nervous about the volatility of online currency.

[Optional]

So any check worth only a few grand is a safe bet to avoid bank reporting? I've thought about bitcoin before but at the end of the day I'm fairly nervous about the volatility of online currency.

There is no guarantees with checks as they use the traditional banking system which is designed to prevent offshore books paying to Americans. You really don't need to be overly concerned about reporting or being 'caught' receiving funds from a book though. If a bank does not like a check (they are often foreign) they will just not take it. And you just take it elsewhere, like just a different branch sometimes. But that's unusual really. They are just slow (some places take weeks to process them) and when the payment processor sending accounts get closed down you get bounces and more time to get them replaced. Those are the two things that would swing me away more than worrying about reporting. But if you are in zero rush they are fine to use.

You don't really have the issues people imagine can happen with bitcoin and price moves if you are just using it to move money. It's only in bitcoin for 10-20 mins for me usually. And like most regular users, I've never been badly caught out. I did avoid using the system during the week or two it was going crazy recently. But there has only been two periods, of a few weeks each, where it has been that crazy in the last 4 years. 95% of the time it's been more than steady enough to make money transfer painless.

You should look at the "Bitcoin Debit Card" thread in the Bitcoin sub forum.

[Waterstpub87]

So any check worth only a few grand is a safe bet to avoid bank reporting? I've thought about bitcoin before but at the end of the day I'm fairly nervous about the volatility of online currency.

Last year I was nervous about Bitcoin too, always worried about the untraceablity if a mistake is made. It really is 1000% easier than anything else. I would sweat each P2P transaction because many people get banned. Bitcoin is so easy once you get used to it. Would never go back. Like Optional said, if you are just doing transfer, you are unlikely to get hit with a big movement. Often times it can be a little less, say you sent 1100 worth of bitcoin, you might get 1097 or something. Sometimes it works the other way, and you get 1110.

How many checks for 1000$ do you think your bank gets daily? Probably thousands. 10,000 more of the cut off for reporting.

[RudyRuetigger]

and don't forget, the govt might seize that bank acct the check is drawn from or w/e else like bank holding it as suspicious

[blowjoe2020]

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.

If it isn't Bookmaker, or 5 dimes, or Betonline, or one of those places that charge for M-grm payouts, then just get a M-grm.

But if the check is drawn from U.S. bank then it is no problem. Make sure it isn't a canadian check or the bank will hold it for weeks.

[silverdollar444]

+1 for bitcoin! It's the fastest and cheapest way to cash out.