Avoiding Structuring

[dollardream]

I have about 40K in losses, 30K in winnings coming to me over the next year. I can't put this info on my taxes because I can't file without my parents' knowledge and their accountant. Because of my lack of foresight, I quit gambling six months ago and am now just waiting for my payouts, which are arriving now with the World Series and all.

I've read 3,000 posts in the last week. Lots of terrible advice, lots of great advice. I want to use checks to get my money, as there are paper trails for **, paper trails for everything. To use bank wires, I'd have to set up a brand new bank account, and that raises red flags. The problem is, even if I request a check for 2358 once a month, that seems to be structuring. So what is the best way to bring back the money?

[dollardream]

Bump

[jjgold]

Don't even bother

For what??

$500 refund??

[dollardream]

Thanks for the response, JJ. The reason for my concern is the IRS. I realize that's laughable to a lot of season veterans like yourself, but I'm terrified. I messed up by depositing so much, and now my concern isn't getting my money back over the next few years, even though it will be hell to do so, it's getting in trouble for depositing checks and/or wires. I've heard so much conflicting info about which is the preferred method. I also don't know how often to space out my withdrawals. Any advice?

[dollardream]

Also, Sportsbook has asked me a couple of times (when I present my concerns) to do a P2P withdrawal, namely from **. But I've read that they monitor transactions even more stringently than bank deposits. I just don't know whether to do wire or check, and how often. Plus, again, I've set up a new account at Citibank, and I'm concerned that wires and checks will raise red flags, namely the former. Should I just clear out my personal bank account at Chase, deposit it at a new bank, and then deposit check withdrawals to Chase since I'm already established there?

[Big Bear]

either your not very good at explaining or my reading comrehension
is not very good.

probably a little bit of both lol

[Russian Rocket]

JJ, I realize that's laughable to a lot of season veterans like yourself

now that's laughable...

[dollardream]

PMin you, Big Bear.

[d2bets]

Why are you afraid of your parents and their accountant?

[dollardream]

Because I don't want them to know I'm gambling.

[Russian Rocket]

Also, Sportsbook has asked me a couple of times (when I present my concerns) to do a P2P withdrawal, namely from **. But I've read that they monitor transactions even more stringently than bank deposits. I just don't know whether to do wire or check, and how often. Plus, again, I've set up a new account at Citibank, and I'm concerned that wires and checks will raise red flags, namely the former. Should I just clear out my personal bank account at Chase, deposit it at a new bank, and then deposit check withdrawals to Chase since I'm already established there?

there are many internet based checking accts that u can open up right now...use them for the wires instead of the big banks- they don't raise any red flags with the transfers like that.

small credit unions is another option

[dollardream]

there are many internet based checking accts that u can open up right now...use them for the wires instead of the big banks- they don't raise any red flags with the transfers like that.

small credit unions is another option

Can you recommend an Internet-based checking account? Or a small credit union? Thanks.

[dollardream]

I'm on pins and needles because I've never used a wire before, rarely deposit checks. I'm an unemployed screenwriter. Five years ago I sold a script for 500K. Two years ago, I made 25K, and that same producer wants to hire me for 50K. But in general, I'm unemployed and pretty pathetic. As evidenced by this post. All this to say, I never make deposits at Chase, so I'm concerned about depositing a check or wire. One is fine, I'm sure, but I don't know how many I can get away with over the course of the year. As mentioned, I set up a Citibank account, but don't know if it's a bad idea to right away use a fresh account to be cashing international checks.

[Russian Rocket]

Can you recommend an Internet-based checking account? Or a small credit union? Thanks.

for small credit union u have to look where u live...some open up an acct just on the fact that you live in a certain county or a city

for checking acct, try these:

[pinnacle420]

Because I don't want them to know I'm gambling.

Fuking grow a set!!!! What are you 14? Say fukk you I gamble and I also do drugs... Funk you I'm a grown ass man...
stay in your lane!!!

[pulledclear]

Dead as a hammer.

[dollardream]

Sportsbook told me that Capital One is a no go. I will look into credit unions, but are they preferable to Internet-based checking accounts? My understanding from what you posted is that both stay under the radar in terms of wires *and* checks?

Do most people just withdraw and deposit their money into a standard bank account without paying taxes?

[Russian Rocket]

Sportsbook told me that Capital One is a no go. I will look into credit unions, but are they preferable to Internet-based checking accounts? My understanding from what you posted is that both stay under the radar in terms of wires *and* checks?

Do most people just withdraw and deposit their money into a standard bank account without paying taxes?

most people pay taxes

if a Capital One a no go, then just use Credit Unions because the other two banks are more highend and strict about their policy

[Russian Rocket]

I will look into credit unions, but are they preferable to Internet-based checking accounts? My understanding from what you posted is that both stay under the radar in terms of wires *and* checks?

they are not preferable...it's just another option for you to utilize

[dollardream]

most people pay taxes

if a Capital One a no go, then just use Credit Unions because the other two banks are more highend and strict about their policy

Thanks. I'll look them up and pick one. Do you have a recommendation as to how much to withdraw and deposit? Every other month perhaps?

[Russian Rocket]

Thanks. I'll look them up and pick one. Do you have a recommendation as to how much to withdraw and deposit? Every other month perhaps?

I really can't recommend you anything on this...just try and see what works for u

[dollardream]

Okay, but isn't it odd that people who aren't paying taxes are depositing check after check in a small window of time?

[Russian Rocket]

Okay, but isn't it odd that people who aren't paying taxes are depositing check after check in a small window of time?

I have no idea

[dollardream]

Got it. Thank you. Last question: Should I consider P2P? It seems like gettin 1K in cash every month or every other month draws red flags, but yet a lot of people are doing this. I apologize for the elementary questions, so thanks for bearing with me. It seems like if P2P is viable, maybe I should do it that way.

[Russian Rocket]

Got it. Thank you. Last question: Should I consider P2P? It seems like gettin 1K in cash every month or every other month draws red flags, but yet a lot of people are doing this. I apologize for the elementary questions, so thanks for bearing with me. It seems like if P2P is viable, maybe I should do it that way.

some people do P2P twice a week...ain't nothing wrong with that
use different P2P providers and you should be good to go.

[Sam Odom]

"30K in winnings"

Which book are you using that cannot pay you 30K in one check ?

[chilidog]

Banks don't pay much attention to small transactions. Consider how much money is transferred daily. The only issue you might have is if you are getting incoming international wire transfers. You might have to explain the source of a larger international wire transfer, and I'm defining larger as whatever is normal for your account. International transfers are given more scrutiny by both banks and the government, while domestic transfers are relatively safe.

Why are you paranoid about using W.U. or M.G.?

[dollardream]

Banks don't pay much attention to small transactions. Consider how much money is transferred daily. The only issue you might have is if you are getting incoming international wire transfers. You might have to explain the source of a larger international wire transfer, and I'm defining larger as whatever is normal for your account. International transfers are given more scrutiny by both banks and the government, while domestic transfers are relatively safe.

Why are you paranoid about using W.U. or M.G.?

I've just read that banks now look for structuring in terms of wire transfers under 3K. Probably why Sportsbook and others give you checks for 2500 and under, but that looks fishy as well. I am definitely down to do **/**, but I read last night that there is even more oversight with them. If not, how do you recommend using them. Do I use multiple W.U. locations, and multiple ** locations? Seems suspicious. How often do I withdraw? I get that people do it several times a month, but that seems too much. Is once a month more safe? Won't I have to account/answer for 30K in **/**?

[dollardream]

some people do P2P twice a week...ain't nothing wrong with that
use different P2P providers and you should be good to go.

Use ** and **, but the same two locations? And how often? Thanks.

[chilidog]

Really, the best advice is something you don't want to hear. Talk to your parent's accountant, and he'll be able to help you. You have to report the $30k in winnings, but you also get to offset those winnings with the $30k in losses (you can only claim losses up to the amount you won). There's no reason to hide the transactions, $30k isn't a large amount. And structuring only comes into play if you're trying to evade taxes.

Solution: don't evade taxes. You won't owe any anyway, because your losses are greated than your winnings. You really have to man up on this one.

[Ghenghis Kahn]

do p2p for $9,000 or until they ban you and withdraw rest of it in checks.

and if your parents or your accountant asks about the checks, tell them it's from your offshore investment.

what's the problem here?

[Ghenghis Kahn]

Use ** and **, but the same two locations? And how often? Thanks.

allegedly, you shouldn't go to the same place to collect and if you do the max p2p from the place that starts with the w reaching in the amount of $10000 in less than 3 months, you might get banned from that place. not sure about the place that starts with m.

[dollardream]

P2P, I think Sportsbook only allows 1K at a time.

1) How often should I ask for 1K? Once a week seems like a death wish. Is once a month safe from **, then the next month from **?

2) And never the same location?

3) Draw the rest in checks? Why not just draw it all in checks then, or all in P2P? Thanks so much for your help.

[easyliving]

if your down 10k for the year why would you report anything in your taxes at all. just don't mention it at all. its not like you actually made any money

[jjgold]

now that's laughable...

Rocket I might be the most experienced guy here