Avoiding Structuring

[easyliving]

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.

I don't see what the problem with once a week is. At one point in the summer when I was on a streak I made a withdrawal multiple weeks in a row and it was never an issue.

[Smoke]

Russia the only one with useful info in this thread

[Ghenghis Kahn]

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.

why would it be a death wish? i doubt it matters but when i get p2p from bovada, they say don't collect it from the same location for some reason. but if you can only get payouts once a week, maybe you should just request checks in max amounts. probably faster that way. besides, i doubt you can get $30,000 in p2p without getting flagged.

[Russian Rocket]

Russia the only one with useful info in this thread

[dollardream]

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

How am I going to explain the checks/wires to my accounts?

[dollardream]

Okay, everyone has been really helpful, but I'm not sure which course of action to take. I even feel like if I open an account at a credit union, that will be suspicious as well. Should I just do wires to Citibank, maybe two a year for under 5K each, and just wait a few years to bring out the 30K? Should I do 3 or 4 checks a year, or will almost 10K be structuring? I also can't report on my taxes because aside having to tell my family about gambling 40K, I don't have earning this year. I'm a screenwriter. Made a boatload of money in 2008, not much since. I can't file a tax return in general, but filing one with 0 income, but tens of thousands in gambling is sure to trigger an audit. The same could be said for depositing the money in the bank or withdrawing via P2P. I guess I'm just looking for personal answers as to what people themselves would do. I'm willing to just take out 5K a year if that keeps me under the radar.

[dollardream]

why would it be a death wish? i doubt it matters but when i get p2p from bovada, they say don't collect it from the same location for some reason. but if you can only get payouts once a week, maybe you should just request checks in max amounts. probably faster that way. besides, i doubt you can get $30,000 in p2p without getting flagged.

I guess it would be a death wish because I can't get the 30K without getting flagged, as you mentioned. And therefore, I have no idea what the amount I can draw out would be while staying under the radar. I would request checks for 2500, or a bit less, but I read DOJ/Credit Union info. that said even under 3K, they look for structuring. Regardless, if I request in checks for 2451, for example, how often should I space them out. If I ask for them every other month, can I have that 30K in my account and then not report it?

[easyliving]

I cant believe your having fits about withdrawing 30k from a sportsbook. theirs people that wire 40k+ to their bank accounts without any issues.

[Ghenghis Kahn]

what i wanna know is how did you get your balance up to 30k?

with your attitude, you don't seem like a risk taker.

[jjgold]

Your making way too much out of this

Never ever report gambling winnings from sports betting

[easyliving]

what i wanna know is how did you get your balance up to 30k?

with your attitude, you don't seem like a risk taker.

he didn't he deposited 40k and dropped his balance to 30k. Guy deposits 40k into a sportsbook yet can't tell his parents he gambles

[dynamite140]

Your making way too much out of this

Never ever report gambling winnings from sports betting

You have no clue about this b/c you are a degenerate loser/gambler with less than a 5k roll at most. Anyone that makes a decent amount reports it. Everything you said is just horrendous.

[bosigga]

What did you blow that 500k on?

[jjgold]

Jerkoffs report sports betting winnings

Easy way to get audited and get flagged

Have bank accounts in different Countries and many


I have a major clue

[dollardream]

Original Poster here. I apologize for my stupidity. I ran up 40K and stopped at 30K because I didn't realize how hard it was to get your money back from Sportsbook. I have combed 3,000 threads the past few days, disregarding ill-advised advice and general nonsense. But there are some well-informed posters, including yourselves. I need a little bit of hand-holding, so please bear with me.

What is the best way to withdraw that 30K from Sportsbook? In 1999, I won 3100 and it took forever to get it back. From tenor of posts online, it seems like they do everything they can to stall you, but eventually pay up. That's fine, as I'm concerned about making deposits to flagrantly. A few questions:

1) A lot of people say I should open a new bank. I'm at ________, who is stringent, so I want to open a new account at _____, who Sportsbook sends wires to. Is a new bank where I only deposit 100 bucks going to accept a wire transfer for, say, 4812 -- as my first transaction?

2) Ultimately, checks or wire transfers? Too many checks from Canadian banks draw red flags, no?

3) Live Help at both Sportsbook and 5Dimes recommend P2P vendors, and keep saying you can use them once a week? I'm under the impression that even once a month would draw red flags. And won't it be odd to have a record of all these random P2P people you got money from once a month? I'm also unclear about the amounts.

4) I am thrilled that people are saying I'm overeacting, but I just need a little bit of forward guidance. Thank you all so much.

[The Kraken]

Why are you making this more difficult than it needs to be? Either talk with your parents accountant and if thats not an option, go find your own accountant. Its simple. Hell, its not even tax season, you could probably do a walk in appointment and walk out an hour later with a solution for $100.

[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.?

1) Wait, international wire transfers are problematic? This is why I'm so concerned. Users seem to be very nonchalant about wire transfers, but then you're obviously an informed user and you say they're problematic. Yet I've heard similar about too many Canadian checks. So I don't know which method to use.

I'm paranoid about using P2P because on another thread, a well-spoken commenter talked about ** and ** are monitored closely. I also have an ethnic name and think it would be weird if I received cash from overseas, but mainly it's just that I don't know the legitimacy. In the late's 90's -- 2002, I deposited via **. But I've never withdrawn. And again, the frequencies seem out of whack. On one hand people warn against structuring for even amounts lower than 3K, on the other they advocate taking multiple checks, wires and P2P per *month*.

[dollardream]

why would it be a death wish? i doubt it matters but when i get p2p from bovada, they say don't collect it from the same location for some reason. but if you can only get payouts once a week, maybe you should just request checks in max amounts. probably faster that way. besides, i doubt you can get $30,000 in p2p without getting flagged.

This is important -- Are you saying that I couldn't, for example, withdraw 30K via ** once a month for 30 months? Or that I can't do it once a week. Because Live Help said they offer it once a week, which seems like it's asking for trouble. Do you mean red flags from the IRS, or red flags from the P2P vendor?

[easyliving]

I also have an ethnic name and think it would be weird if I received cash from overseas

odds that his name is Mohammed -200

[chilidog]

If you don't regularly receive international wire transfers, then it's possible that you might have to explain the source of it, if it's a larger than normal amount for your account. Understand how banking works - there's simply too many transactions for a human to monitor, so software monitors everything. Anything that's out of the ordinary for your account will get flagged. Just because it's flagged doesn't mean anything in and of itself, though. It really comes down to what is normal for your account.

Small amounts aren't going to matter one bit. A $2,500 wire - nobody's going to blink an eye at that. A $30,000 international wire transfer is a bit of a different story (if you don't regularly receive them).

1) Wait, international wire transfers are problematic? This is why I'm so concerned. Users seem to be very nonchalant about wire transfers, but then you're obviously an informed user and you say they're problematic. Yet I've heard similar about too many Canadian checks. So I don't know which method to use.

I'm paranoid about using P2P because on another thread, a well-spoken commenter talked about ** and ** are monitored closely. I also have an ethnic name and think it would be weird if I received cash from overseas, but mainly it's just that I don't know the legitimacy. In the late's 90's -- 2002, I deposited via **. But I've never withdrawn. And again, the frequencies seem out of whack. On one hand people warn against structuring for even amounts lower than 3K, on the other they advocate taking multiple checks, wires and P2P per *month*.

[dollardream]

If you don't regularly receive international wire transfers, then it's possible that you might have to explain the source of it, if it's a larger than normal amount for your account. Understand how banking works - there's simply too many transactions for a human to monitor, so software monitors everything. Anything that's out of the ordinary for your account will get flagged. Just because it's flagged doesn't mean anything in and of itself, though. It really comes down to what is normal for your account.

Small amounts aren't going to matter one bit. A $2,500 wire - nobody's going to blink an eye at that. A $30,000 international wire transfer is a bit of a different story (if you don't regularly receive them).

Hi. I'm the knucklehead from the thread. You advised:

If you don't regularly receive international wire transfers, then it's possible that you might have to explain the source of it, if it's a larger than normal amount for your account. Understand how banking works - there's simply too many transactions for a human to monitor, so software monitors everything. Anything that's out of the ordinary for your account will get flagged. Just because it's flagged doesn't mean anything in and of itself, though. It really comes down to what is normal for your account.

Small amounts aren't going to matter one bit. A $2,500 wire - nobody's going to blink an eye at that. A $30,000 international wire transfer is a bit of a different story (if you don't regularly receive them).

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This is essentially my problem. I bank at Chase. They're tough of deposits, don't accept int'l wires from Sportsbook. I can open a TD account, but as you say, with no history, it would be strange to cash out 30K in checks from Canada. Maybe I could get away with 1 wire for under 5K, and that's it? Then clear out my Chase account, put that elsewhere, and try depositing 2500 dollar checks, say, 2 during that same year? That way, I'll have 5K via TD, and 5K at Chase. Do the same next year? The thing is, I don't even know if that one 5K wire to TD will be raise red flags. Or the 5K one I do the next year.

I also can't withdraw via **, because there is only one in my podunk down, and SB won't let me use one in the next town/zip code over. Thanks so much for any insight you can offer.

[dollardream]

latest

This is what I sent in a PM to someone on this thread:

So, I just got home after going to TD Bank and my bank at Chase. At TD, I opened a new bank account, depositing a check for 10K from my TD Ameritrade stock market account. So it doesn't look fishy. I got their wire info, and even mentioned that I'll be depositing checks from Canada. They said it'd be no problem, but who knows.

I then went to my Chase, and before ID'ing myself or my account, I sat down with a 30-something guy my age. I was honest with him, and while I didn't say I want to cash out 30K from an gambling account, I told him I have to close my Chase account because I want to deposit a check for 2500ish I won playing online poker. He said, "Oh, that's not a big deal." He assured me many times that it's not a big deal, that they recently closed a guy's account because he was using that solely as his pro gambling account. But it's not like they confiscated the money. He did say that if the first transaction I do at TD is an incoming int'l wire, that would raise a red flag for sure. But he then went on to say that even that is not a big deal, as it's an internal red flag that isn't reported to the IRS. Who knows if that's the case. Perhaps I should assume that an SAR is generated, and maybe the IRS is informed.

But it looks like if I deposit 2500 a month or every other month to Chase with Canadian checks, it should be okay. I'd love to start off by getting 4800 from Sportsbook into that TD account, but I don't know if I should. It just seems like it would be easier to get a wire or two for 4800, then to get 4 checks from SB without half of them bouncing, or taking forever. Though taking forever might be a good thing to space things out. Does any of this seem foolish to you? Thanks again.

[Lo$t]

Beards over Birds.