aren't bankwires going to raise red flags at our u.s. banks?

collegebaskets1 · 03-20-07, 11:16 AM

actually this is my 3rd post. cant remember what my previous two posts were. oh well, i believe this is the first thread i've started here.

thx

vanzack · 03-20-07, 12:21 PM

What exactly is your concern?

It is totally legal for you to send the bankwire. The honess is on the bank to stop the wire. If it goes through or gets stopped, it it not your fault.

If your concern is that the bank might flag you as a gambler and a person they dont want to do business with, I think this is a valid concern. I have proudly been kicked out of 2 major banks for this reason.

I suggest that you open up a seperate bank account at a smaller local bank, just for the purposes of wiring and gambling. Keep your main bank for paying bills etc. Then if your gambling account asks you to leave, you are not ****ing up all of your bill paying stuff and its easy. You just go to the next local bank.

I am aware of the one post on here about a seizure of a bank wire, but after checking with my lawyer and hearing other advice about it, honestly I dont believe it happened or at least believe it happened for the reasons that were stated here. Im not saying its impossible, but I am saying its such a longshot that I wouldnt worry about it - and almost certainly illegal. But that is a road I dont think you want to go down.

GL

vanzack · 03-20-07, 12:24 PM

Or, the best possible solution, open an account at Antigua Overseas Bank and just do an account to account transfer with WSEX or Matchbook and wire money elsewhere using online banking.

Antigua will NEVER shut down or question this account, they are the biggest proponent of online gambling possible.

Downside is that you have to report it to the IRS if you keep 10K or above in it, but there is nothing illegal about it as long as you report it and pay taxes on your winnings. If you are willing to open this door to an IRS audit then you are home free and never will have a problem funding again. You have created your very own personal neteller.

GL

austintx05 · 03-20-07, 12:30 PM

vanzack - have you taken this route in funding an Antigua bank account?

vanzack · 03-20-07, 12:35 PM

Originally posted by austintx05

vanzack - have you taken this route in funding an Antigua bank account?

Dont really want to say on a message board just to be extra careful, but lets just say that I have first hand knowledge about this process and it is easy and foolproof.

GL

austintx05 · 03-20-07, 12:50 PM

ok...thanks

y0yoyo99 · 03-20-07, 03:45 PM

i have the same concern because national city put me on hold for 2 minutes right after i asked for my ABA routing #...i want to know what they were doing in those 2 minutes...after the operator came back from hold she asked me what i needed the routing # for and i told her it was for a internet site like ebay that wanted the # for a transaction...she then told me it was on my personal checks and confirmed my # for me...i dont know if i should be concerned or not but i dont want a fed or IRS dood calling me as well as having my bank account cancled

vanzack · 03-20-07, 08:52 PM

Originally posted by y0yoyo99

i have the same concern because national city put me on hold for 2 minutes right after i asked for my ABA routing #...i want to know what they were doing in those 2 minutes...after the operator came back from hold she asked me what i needed the routing # for and i told her it was for a internet site like ebay that wanted the # for a transaction...she then told me it was on my personal checks and confirmed my # for me...i dont know if i should be concerned or not but i dont want a fed or IRS dood calling me as well as having my bank account cancled

For asking your bank for your routing number?

Jesus. Paranoia runs deep.

She probably put you on hold to take a piss or blow her nose. Your routing number is essential to any transaction you make out of your checking account including direct deposit from your job.

The last thing on her mind was if you gambled or not.

freebie · 03-20-07, 09:24 PM

When they ask for swift code, isn't that the same thing as routing number to U.S. residents using U.S. banks?

Dbldown11 · 03-21-07, 12:21 AM

a depositing method that I have been using lately for the past few months is moneygram. The only site i know for sure that offers it is vip. it's a small 9.50 depositing fee, and i have not run into any problems

jjgold · 03-21-07, 06:09 AM

Bank Wires take too long and too complicated

The overseas way though is probably the best way to go if you like doing bank transfers. I do not know of any banks in antigua though.

ferndog · 03-21-07, 10:29 AM

vanzack

Vanzack, do you still have to report if you have less than 10k in the account? I suppose you have to report any winnings from gambling no matter how much it is but if you have less than 10k in that bank acct do you have to report it? And how do you report your winnings? Do you have to actually have to record all your bets ...winners and losers or just state in your tax report that you won some money at gambling.

TLD · 03-21-07, 01:54 PM

Originally posted by ferndog

Vanzack, do you still have to report if you have less than 10k in the account?

I believe the rule is if at any point you have $10,000 or more cumulatively in your foreign bank accounts, you have to inform the IRS of their existence. If you never have above that level, you do not need to report them. (Any income you receive from them, for instance if you have an income bearing foreign bank account, of course you still have to report, regardless of whether your balance is above or below $10,000.)

My question, though, and maybe someone with more knowledge of such matters can chime in, is does it have to be a “bank” account specifically? What about Neteller or money transfer companies that one might have accounts with? Or the sportsbooks themselves? Are you technically supposed to be telling the government as soon as you have at least $10,000 offshore anywhere, or does it have to be in banks specifically?

Originally posted by ferndog

I suppose you have to report any winnings from gambling no matter how much it is

Correct. Winnings from gambling are simply income, same as if you made money with a second job or whatever.

Originally posted by ferndog

And how do you report your winnings? Do you have to actually have to record all your bets ...winners and losers or just state in your tax report that you won some money at gambling.

You count winnings as income and losses as deductions. Contrary to what many believe, you do not simply count your net profits as income. For example, if last year you had $500,000 in winning wagers and $480,000 in losing wagers, you do not put down $20,000 as your gambling income. You put down $500,000, and then are allowed to take a deduction of $480,000.

Different forms of gambling require different levels of detail. With most casino gambling, for example, you are allowed to go by winning and losing “sessions” rather than individual bets, because they recognize how unrealistic it is to expect someone to record, say, the results of each individual pull on a slot machine. So if you sit there and play it for an hour and end up with $50 less than you started with, that counts as one $50 loss, even though you really had dozens or hundreds of wins and losses during that hour.

It is recommended you keep a journal recording your gambling results throughout the year. This is not something you are required to submit with your taxes; it is something useful to have in case you are later audited and they allege there is some discrepancy between what you won and what you reported.

They’ll look at things like the verifiable amounts going in and out of your bank accounts, and if that matches your return, it really doesn’t matter if you kept good records or any records at all, because there isn’t any discrepancy to explain. But if, say, you claim to have made $20,000 last year, but you deposited $50,000 more than you withdrew with your bank, that’s prima facie indication you’re cheating, so now the burden of proof is on you to show otherwise.

For this purpose, courts have determined they want a written journal like described above. The more information you include, the better, such as date, type of gambling, establishment, result, etc. So, for instance, “February 1, Caesar’s Palace, Las Vegas, blackjack, 9:00 PM-10:30 PM, lost $425.” Any kind of receipts or documentation you can get (ATM withdrawal receipts from within casinos, losing race track tickets, etc.) will further bolster what you claim in your journal, but isn’t mandatory to have.

Cyclone · 03-21-07, 09:42 PM

To answer the original question, when I have made wire deposits, they have gone to entities with generic names that shouldn't raise anyone's concern.

JoshW · 03-22-07, 09:51 AM

TLD. I think you would be crazy to list all your winnings and losses like that for the IRS. Even a 1k bettor could bet 500k in winners and 480k in losers. You put that on a IRS form and you are begging to get audited. Tax laws are always complicated, but there are other methods to show gambling winning and losses. As you say the session can be different lenghts. I think season is a good way to do it. You could also do monthly account of wins and losses and use that to create the net. Could do quarterly, and yes some tax advised people use NET to report for the year. Not a tax advisor, but lot of ways to do it. If one does bet big a tax lawyer or an account is a good idea.