What is the safe withdrawal amount?

[jebe99]

I have a friend who works in the bank, who tells me that getting a check from oversea( sportsbook), over certain amount is reported to gov.

Which leads me to the question: what is the safe amount to withdrawal by check without raising attention from banks?

Any personal experiences?

[ryanspeer2001]

I always thought that $2,500 was the limit before you get redflagged.

Most books will not send checks over that amount either and also something I've thought about before is there are people who work here but get paid from overseas companies that surely make $2500 in a bi-weekly check so it's not an amount worth worrying about.

[durito]

$135,323.23

[unde0087]

my mom works for a bank. After 911 all transactions $10,000 or more are reported to the government. Stay under that and you will be fine.

[durito]

Be fine with what?

You are not doing anything illegal, unless you are cheating on your taxes.

[Chi_archie]

tell him that he is already gambling... he might as well roll the dice with 5.001 dollar payout

[jebe99]

Durito, I see that you're not in USA. But those of us who are, we have to be careful of the big brother telling us if we can or can't gamble with our own money.
Don't tell me you didn't know that US govt. has been trying to ban online gambling for years.
I make big withdrawals regularly and just want to be safe.

PS- We don't need sarcasms on this forum.

[durito]

I run my business through the USA and I am a US citizen.

I can also promise you I know quite a bit about the subject.

[jebe99]

I run my business through the USA and I am a US citizen.

I can also promise you I know quite a bit about the subject.

That's cool. What do you feel is the safe number?
Or any other insights?

[DukeJohn]

Be fine with what?

You are not doing anything illegal, unless you are cheating on your taxes.

Durito is correct... Online gambling is only illegal in a few states and cashing a check is not illegal... However, if you cash anything over $10K it is automatically reported, not necessarily negatively... Less amounts are flagged by tellers, but again, this will not effect you per se, but may start an investigation as to the people who wrote the check...

[reno cool]

You're saying that sending large amounts regularly to and from sportsbooks from the US doesn't raise suspicion or brake any laws? Durito?

[HAPPY BOY]

I would say 2k or less. I got hot a few years ago and made several withdrawls in the amount of 2k for a total around 6k and never got into trouble. GL

[jebe99]

Reno, that's what I'm talking about.
Not to brag, but I cash out close to 5 figures a month, and just don't want to raise any red flags.
I been piecing them out to $2000 and under per check but was wondering if it was safe to go higher now that Obama's the prez.

[whatisit]

Durito is correct... Online gambling is only illegal in a few states and cashing a check is not illegal... However, if you cash anything over $10K it is automatically reported, not necessarily negatively... Less amounts are flagged by tellers, but again, this will not effect you per se, but may start an investigation as to the people who wrote the check...

Do you happen to know which states it is illegal in?

[Brock Landers]

if you are withdrawing LARGE amounts, like 10K, use bank wires, those are the safest, quickest way too for large transactions

[durito]

You're saying that sending large amounts regularly to and from sportsbooks from the US doesn't raise suspicion or brake any laws? Durito?

That's exactly what I'm saying.


Keeping withdrawals low as mentioned in this thread is ridiculous. What looks more suspicious: one $50,000 wire, or 5 $9,995 wires? Bank report suspicious looking transactions. Trying to keep your transactions small only looks like you are hiding something.

So, the question is are you all trying to hide your transactions and if so, from who? Receiving money from a sportsbook (and its not like they send you the money directly anyway, it's always a third party) is not illegal. Failing to report your income to the IRS is most certainly illegal.

[DukeJohn]

Do you happen to know which states it is illegal in?

Quick answer for states with Expressed Internet Prohibition: Illinois, Indiana, Louisiana, Montana, Nevada, Oregon, South Dakota(only if you are in the gambling business), Washington, and Wisconsin...

Keep in mind, some state have laws against any type of social gambling, so you would need to look more into your state...

For more info:

http://www.gambling-law-us.com/State-Law-Summary/

[jebe99]

That's exactly what I'm saying.


Keeping withdrawals low as mentioned in this thread is ridiculous. What looks more suspicious: one $50,000 wire, or 5 $9,995 wires? Bank report suspicious looking transactions. Trying to keep your transactions small only looks like you are hiding something.

So, the question is are you all trying to hide your transactions and if so, from who? Receiving money from a sportsbook (and its not like they send you the money directly anyway, it's always a third party) is not illegal. Failing to report your income to the IRS is most certainly illegal.

Durito, you are wrong! It's not illegal to gamble online, but funding and receiving funds from gambling sites are!

From your post, you obviously never withdrew any big amounts of money from sportsbooks, otherwise you would know better.

Are you saying we should report our gambling income to IRS when IRS themselves say that it's illegal to receive money from them?

I have to deal with this issue every month, and I've been doing this for years.

I've been getting 4-5 $2000 checks a month, but was wondering if it's safe to increase that amount no wthat Obama's the Prez.

[durito]

Durito, you are wrong! It's not illegal to gamble online, but funding and receiving funds from gambling sites are!

From your post, you obviously never withdrew any big amounts of money from sportsbooks, otherwise you would know better.

Are you saying we should report our gambling income to IRS when IRS themselves say that it's illegal to receive money from them?

I have to deal with this issue every month, and I've been doing this for years.

I've been getting 4-5 $2000 checks a month, but was wondering if it's safe to increase that amount no wthat Obama's the Prez.

lol. i don't even know where to start

[DukeJohn]

Durito, you are wrong! It's not illegal to gamble online, but funding and receiving funds from gambling sites are!

It is not the individual bettor that the UIGEA is aimed at but institutions. The UIGEA prohibits the transfer of funds from a financial institution to an internet gambling site, with the notable exceptions of fantasy sports, online lotteries, and horse/harness racing. Banks have until 12/01/2009 to comply...

Are you saying we should report our gambling income to IRS when IRS themselves say that it's illegal to receive money from them?

Actually the IRS now allows for standard business deductions if you claim you are a professional gambler.

I've been getting 4-5 $2000 checks a month, but was wondering if it's safe to increase that amount no wthat Obama's the Prez.

Currently, Obama being president, has not changed anything regarding this issue. However, soon the future may change, but the world is going to end in 2012 anyway.... so...

[jebe99]

lol. i don't even know where to start

Why don't you answer? Got none?

[durito]

Durito, you are wrong! It's not illegal to gamble online, but funding and receiving funds from gambling sites are!

.

It is not in anyway illegal for you to send or recieve money from an online sportsbook. It is illegal for banks to process certain transactions. You personally are not breaking any law.

From your post, you obviously never withdrew any big amounts of money from sportsbooks, otherwise you would know better.

lol. you really want to get into a dick measuring contest here?

Are you saying we should report our gambling income to IRS when IRS themselves say that it's illegal to receive money from them?

The IRS says what? The only thing the IRS says you must pay taxes on all gambling winnings (illegal or legal).

If you are not doing this, you have been breaking the law.

I have to deal with this issue every month, and I've been doing this for years.

So, i guess in fact you are breaking the law. I'd file amended returns and pay my back taxes immediately.

I've been getting 4-5 $2000 checks a month, but was wondering if it's safe to increase that amount no wthat Obama's the Prez.

It doesn't matter who is President. The IRS wants it's cut, and if you are really making that much, you should be paying.

Don't trust me, get yourself a competent tax attorney or accountant.

[jebe99]

Duke , thank you for your answer.
I understand what you're saying. But I just can't trust the govt. that lies, declare myself a prof. gambler, and play by the books.
Just get that feeling that it will come back to haunt me in the years to come.
Law may say one thing, but........

[Mac4Lyfe]

Any bank transaction could raise a red flag... Any amount. Don't think because you make small deposits that they can't be tracked. If the government wants too it can track every dime in an account. Even accepting or sending wire funds can be tracked so you have to be careful with that as well. The only thing somewhat safe is if nothing is in your name...

[reno cool]

Duke , thank you for your answer.
I understand what you're saying. But I just can't trust the govt. that lies, declare myself a prof. gambler, and play by the books.
Just get that feeling that it will come back to haunt me in the years to come.
Law may say one thing, but........

This is kind of how I feel.
Even though Durito should know what he's talking about, I'd guess he'd have less to worry about since he's out of the country.

You don't want to be in front of a judge trying to explain that technically you might not be braking any laws. Or try to explain to IRS that your income comes from on-line gambling.
Plus I remember reading on here about a couple of cases of someone being charged for playing poker online.

[jebe99]

Any bank transaction could raise a red flag... Any amount. Don't think because you make small deposits that they can't be tracked. If the government wants too it can track every dime in an account. Even accepting or sending wire funds can be tracked so you have to be careful with that as well. The only thing somewhat safe is if nothing is in your name...

Exactly. my point is that I don't want to play by the govt.'s rules and report everything I earn, only to get screwed by them in the future. I've seen it happen.

Is there a way to open an acct. under different name?

I even thought about getting an offshore acct., out of US jurisdiction.

[durito]

This is kind of how I feel.
Even though Durito should know what he's talking about, I'd guess he'd have less to worry about since he's out of the country.

You don't want to be in front of a judge trying to explain that technically you might not be braking any laws. Or try to explain to IRS that your income comes from on-line gambling.
Plus I remember reading on here about a couple of cases of someone being charged for playing poker online.

I don't have anything less to worry about. I bank and run my business in the USA.

The IRS does not care how you make your money, only that you pay your taxes. If I am audited I have accurate records that match my tax returns regarding all gambling transactions. If you are cheating them and you are audited, you are ****ed.

Again, if you all are making serious money doing this you should be consulting qualified professionals to help you.

[durito]

Exactly. my point is that I don't want to play by the govt.'s rules and report everything I earn, only to get screwed by them in the future. I've seen it happen.

Is there a way to open an acct. under different name?

I even thought about getting an offshore acct., out of US jurisdiction.

You would still owe tax on said income.

I understand your concerns regarding the US gov't. However, the IRS has always operated as an independent entity and by stiffing them money owed you are asking for much bigger trouble.

[tullamore]

If you are a US resident, as long as you pay your taxes on your gambling winnings, you have nothing to worry about. Transaction get flagged all the time, that doesn't mean something illegal transpired.

[jebe99]

You would still owe tax on said income.

I understand your concerns regarding the US gov't. However, the IRS has always operated as an independent entity and by stiffing them money owed you are asking for much bigger trouble.

I hear you Durito. My concern is that if I report to IRS, then I'll be opening myself to them, and be at their mercy if or when they decide to change their policy on going after online gamblers.

When I was living in Vegas I reported everything. But Online is different because legally they could come after us for colluding with offshore fund processesors.

Remember Neteller fiasco?

Bottom line: I will not/ can not trust what this govt. says, when it comes to their ever changing views on online gambling.

[Sin City Sharp]

I have a friend who works in the bank, who tells me that getting a check from oversea( sportsbook), over certain amount is reported to gov.

Let me get this straight. You have a friend who works in the bank, who told you that getting a check from an overseas sportsbook over a certain amount will be reported to the government? However, he didn't bother to tell you what "that amount" is?

[Sin City Sharp]

Are you saying we should report our gambling income to IRS when IRS themselves say that it's illegal to receive money from them?

Al Capone went to prison for tax evasion, not for the murders that he committed.

[jebe99]

Al Capone went to prison for tax evasion, not for the murders that he committed.

They could also put you in prison for colluding with the offshore fund processors.

Way I see it, there are two choices. Keep it quiet and be discreet on your deposit and withdrawals, OR report all and hope that US govt. will be fair with you.

If you're withdrawing a couple of K's a month, there 's no problem.
But when you're withdrawing 10K or more a month for years, it's pain in the ass.

I would like to report everything to them and be at peace, ONLY if they promise me I'll never get in trouble with them in the future.

But would you trust them?, given their track record?

[reno cool]

Al Capone went to prison for tax evasion, not for the murders that he committed.

That's a good point. They'll pin on you whatever they can, and it proves that various agencies cooperate with one another. If they can't prove tax evasion they'll accuse you of illegal gambling...same difference.

[LVHerbie]

any transaction over 10k requires reporting and banks are suppose to report any other suspicious transactions in lesser amounts... The best advice is to just pay your taxes on your winnings then you don't have to worry about what is and isn't reported and don't have to worry about the real issue of committing tax fraud...

It always seemed obvious to me that if the amount you won is significant that it would pretty dumb to think that you could hide it and if it is a small amount the little extra provides alot of peace of mind thorugh not having to worry about the things being discussed here...

I don't have personal experience but from what I've heard that prison isn't a fun place... Personally I don't like paying taxes as much as anyone else but I'd rather gamble with my money then on my freedom (or what is left of it...)