For the full-time cappers...

[TodaysLocks]

This is a serious question so looking for quality answers please.

I've always used a local guy, but recently stopped for a few reasons. For the first time in years I'm going to be wagering online.

Here is my concern. I'm very methodical and manage my bankroll well. I'd collect from my guy twice a month.

But with all the bank, government, credit card regulations, I'm concerned about the long term.

Of course I lose sometimes like everyone. But say I withdraw twice a month and 3-4k each time.

Won't at some point my bank start questioning where these funds are coming from?

Also if the funds are directly deposited in my bank account, won't the bank question the origin of the funds?

Same with a check. And how are taxes handled?

Obviously I'm raw to the online portion of handicapping and don't wanna jeopardize myself due to lack of knowledge.

If you only cash out like once every few months this doesn't apply to you.

But for the guys that month in,month out or week in, week out cash out from online sportsbooks and do this part time or full time, how does this all work?

Please enlighten me so I don't make any mistakes and draw attention to myself.

I want to do everything the right way.

What's the secret fellas?

[TodaysLocks]

Was this asked in the correct forum?

[Fishhead]

Pay your taxes..........

[pavyracer]

How are the taxes handled with your local?

[RudyRuetigger]

Pay your taxes..........

not a hard concept to follow

[Jessica]

3-4k twice a month not bad

[TodaysLocks]

I know but won't the IRS question gambling funds???

Since online gambling is prohibited w banks and credit cards..

Won't my bank start looking into these funds??

Im really noobish with the online aspect of this.

[Automat]

offshore bank a/c.........??
jus a suggestion

[RudyRuetigger]

I know but won't the IRS question gambling funds???

Since online gambling is prohibited w banks and credit cards..

Won't my bank start looking into these funds??

Im really noobish with the online aspect of this.

if you are worried about that, just do ** or **...or go to rebate wager and only use the grendot card

[TodaysLocks]

Does anyone deposit with echecks, withdraw through echecks, and have no problems?

Will the website send a 1099?

[RudyRuetigger]

Does anyone deposit with echecks, withdraw through echecks, and have no problems?

yes very easy

Will the website send a 1099?

no

[Hareeba!]

I know but won't the IRS question gambling funds???

Since online gambling is prohibited w banks and credit cards..

Won't my bank start looking into these funds??

Im really noobish with the online aspect of this.

The IRS is only concerned with you paying the correct tax. Legality of your business is not their brief.

Should be none of the bank's business where your money comes from. They do have certain reporting requirements however but if you are clean with the IRS and not involved in money laundering, drugs or weapons you should have no fear of that.

[TodaysLocks]

If they don't send 1099 then how would I file?

[chilidog]

It's your responsibility to keep track of your winnings and/or losses, and accurately report that to the IRS. Keep in mind that tax returns that report gambling wins/losses typically have a higher rate for audits than others. Just keep very detailed logs, and you should be fine.

[MartinBlank]

Do you pay taxes on the money you win with your local, do you report those multi-monthly cashouts with your local?

Just askin.

How would that be any different than cashing out via ** or ** via online?

[cobalt king]

Just cash out through money gram it takes one day or less on most fees and your bank will only see what you deposit, put the rest under the mattress or in a strippers butt

[TodaysLocks]

Do you pay taxes on the money you win with your local, do you report those multi-monthly cashouts with your local?

Just askin.

How would that be any different than cashing out via ** or ** via online?

Martin I also do consulting with the local so it's easy to tie in. I just charge more for my services certain weeks if that makes sense. I pay taxes on all that.

[tanner40]

wrong forum. There is probably 2-3 people who could advise you

[ebbearsfb1]

pay your taxes on... or don't with draw so much