Will I have any difficulties cashing my checks?

[Mac4Lyfe]

I made over 10Gs when I was 18 in a couple of months playing poker in the Bahamas one summer. I started with $300 and kept rolling it. I had a strict money management and most days I cleaned house. The nice thing about the Bahamas is they don't report chit and I carried the cash in my pocket back home.

Like I said earlier, if you don't have any other sources of income then this won't put you over much in terms of taxes. You can also write off your gambling losses as well. If you have a grandparent then maybe some of the earnings was theirs, if there in a low tax bracket or maybe your dad's if he had more gambling expenses.

[MartinBlank]

Whoa...

This kid took 200 bucks and turned it into 30K in 30 days time betting sports?

That must have been one hell of a roll.

[betplom]

This isn't rocket science guys.

Try and do an online search of the Bank Security Act of 1970.

If you cash a check in excess of 3k---it gets flagged. Even if it is at a check cashing locale. The check cashing place will require picture ID---and if it is on paper--it is traceable.

Now, if you are going to cash a check in excess of 10K--your bank will fill out a form called a FinCEN Form 104 which will provide all the details of the transaction to the US Treasury.

If you try and cash out the entire 30K-----your bank could very well fill out another form---90-22.47 and OCC Form 8010-9 which is a Suspicious Activity Report.

Why did you cash out all 30K at once?

You should have done this as partials over a period of time.

Only in America, land of the "free".

[cheesehead004]

Whoa...

This kid took 200 bucks and turned it into 30K in 30 days time betting sports?

That must have been one hell of a roll.

I was trying an experiment to see what would happen if I used 0 money management, and this was the result I guess. I had to risk a lot to win a lot, and it ended up working out.