[goldengreek]

Does the old "under 10,000 so the banks dont report it " rule still apply ?

Or is it safe to ask for a 20,000 + withdrawl to be wired into your bank acct ?

[ncsubowen]

Does the old "under 10,000 so the banks dont report it " rule still apply ?

Or is it safe to ask for a 20,000 + withdrawl to be wired into your bank acct ?

Only you would have this problem today!

Keep it under 10k. You might also consider going to Vegas and getting some receipts. And not getting it all at once.

[goldengreek]

Anyone else ?

[John Dough]

Any amount is "safe" as long as you pay your taxes.

If you're looking for advice on how to commit felony tax evasion, I'll let someone else help you.

[chilidog]

That rule is more applicable to cash transfers. A wire transfer isn't a cash transfer, and it's fully traceable. All wires have to go through the Federal Reserve, and they're recorded at that point. Pay your taxes, and like John Dough said, any amount is safe. I've received 5 figure wires before (not from gambling), and my bank has yet to say one word.

[ncsubowen]

I don't think he's worried about paying taxes on it, I believe he's more concerned with how to report why 20k came into his bank account from Costa Rica...

[mrmarket]

It depends where you live. I believe in Canada FINTRAC flags transaction amounts if they exceed certain limits for a given time period. They also tag activity that can be constituted as bypassing threshold reporting (i.e. tailoring your deposits so they fall under $10,000.00 all the time).

For 99% of people just taking the wire as a full amount and reporting it on your taxes (whether you claim it as a windfall or income is another matter) is the best course of action. And please understand that I mean no offense when I say this, but if you can't figure it out by yourself then you are not in the other 1% and should stop trying to get one passed because you are not smart enough to do it atm.

[mrmarket]

That rule is more applicable to cash transfers. A wire transfer isn't a cash transfer, and it's fully traceable. All wires have to go through the Federal Reserve, and they're recorded at that point. Pay your taxes, and like John Dough said, any amount is safe. I've received 5 figure wires before (not from gambling), and my bank has yet to say one word.

FWIW tax agencies don't really care where/how the money is earned but only that it is reported. He might increase his audit risk somewhat but $20k is small beans.

[Counterfeit Cash]

I don't think he's worried about paying taxes on it, I believe he's more concerned with how to report why 20k came into his bank account from Costa Rica...

Pretty much...there is always some ass coming in telling someone to pay taxes etc, etc....it's not always about the fuking taxes for goodness sakes.

[John Dough]

I don't think he's worried about paying taxes on it, I believe he's more concerned with how to report why 20k came into his bank account from Costa Rica...

He reports it to the IRS as gambling income.

If he's not worried about paying taxes, he needs to explain what he's worried about.

[goldengreek]

Im worried about it getting flagged and the bank or goverment/ feds questioning me

them finding out i was gambling online ( its still against the law in the usa..isnt it ? )

i will report it as winnings when i do my taxes..not worried about that

[goldengreek]

Ive always done withdrawls 9,000 at a time.. I just dont feel like waiting 5 weeks for my money this time

and losing it back ( arent we all degenerates )

[secretstash]

i would do under 9K at a time bud... honestly.. open up a new book so u dont goto that old one and keep gambling away winnings there..

like say u have betjm funded and its at 30K... send 9K wires consecutive weeks (pay the 50$ fees.. whatever)... and in meantime post up at bookmaker.5dimes/etc etc to keep ur action going.

gl brah

-stash

[LLXC]

I thought anything over 3K gets flagged.

[John Dough]

Im worried about it getting flagged and the bank or goverment/ feds questioning me

them finding out i was gambling online ( its still against the law in the usa..isnt it ? )

i will report it as winnings when i do my taxes..not worried about that

I strongly suggest you watch the interview SBR recently conducted with Professor I. Nelson Rose regarding the legality of online gambling in the US.

[goldengreek]

i would do under 9K at a time bud... honestly.. open up a new book so u dont goto that old one and keep gambling away winnings there..

like say u have betjm funded and its at 30K... send 9K wires consecutive weeks (pay the 50$ fees.. whatever)... and in meantime post up at bookmaker.5dimes/etc etc to keep ur action going.

gl brah

-stash

Whats up bud !!!!

Miss you guys at CM !!

tell all my haters that im kicking massive ass

[goldengreek]

If i transfer say 9,000 to a reputable book like betjam or The Greek ...

1) do they count it as a withdrawl

2) how long do i have to play with the book the $ is being transfered to before before i can take it out ? Is there a time limit / wager amount limit ?

[secretstash]

BetJam in believe a no bonus on transfer is a 1x roll. But call Scotty and ask to be sure bud.

-stash

[vyomguy]

greek and betjam have 4x rollover btw.

[Josy]

I would stay unde 10k with a few hundreds.
But actually I never had this problem (living in country with no tax on gambling).
GL mate.

[vyomguy]

I would stay unde 10k with a few hundreds. But actually I never had this problem (living in country with no tax on gambling). GL mate.

Which country is this?.....I want to move there

[Scooter]

Which country is this?.....I want to move there

Outside of Amerika there are several/many countries without tax on gambling and/or without tax on gambling if not one's primary income and/or no tax if one is a non-professional gambler (definition of that varies by country).

[ThaWoj]

i did a 9980 withdrawal from bodog via echek and was fine. and i still dont agree with the tax thing. unless its an insane amount that you are transferring (i.e. a poker cashout in the 100k range) i dont think you would get audited. and i may be in the wrong but you shouldnt have to report gambling winnings unless its a slot payout of over 1200 or horse racing exotic ticket over 1200 (for a $2 bet, eg 600 for a $1 play). if i go to the casino tonight and win $20,000 playing blackjack or dice or whatever and deposit it in my bank account on monday, I DO NOT HAVE TO PAY TAXES ON THAT. but yall can do whatever u feel u need to do

[John Dough]

i did a 9980 withdrawal from bodog via echek and was fine. and i still dont agree with the tax thing. unless its an insane amount that you are transferring (i.e. a poker cashout in the 100k range) i dont think you would get audited. and i may be in the wrong but you shouldnt have to report gambling winnings unless its a slot payout of over 1200 or horse racing exotic ticket over 1200 (for a $2 bet, eg 600 for a $1 play). if i go to the casino tonight and win $20,000 playing blackjack or dice or whatever and deposit it in my bank account on monday, I DO NOT HAVE TO PAY TAXES ON THAT. but yall can do whatever u feel u need to do

US tax law says you do.

[stickbit]

I've had discussions with my tax attorney about this...you shouldn't worry about getting into trouble gambling online...but you definitely SHOULD pay taxes on the winnings.

[Josy]

I see Scooter already answered your question vyomguy.
In most of this countries you do not pay tax on your gambling incomes if you are not a pro gambler (it is not your main income).
At least that's what I know.

[AribaAriba]

what if you lost on gambling a lot, would you get non-tax deductible or tax gain?

[boscokid]

i would do under 9K at a time bud... honestly.. open up a new book so u dont goto that old one and keep gambling away winnings there.. like say u have betjm funded and its at 30K... send 9K wires consecutive weeks (pay the 50$ fees.. whatever)... and in meantime post up at bookmaker.5dimes/etc etc to keep ur action going. gl brah -stash

terrible advice. structuring transactions to avoid reporting will land you in the same amount of trouble

[John Dough]

what if you lost on gambling a lot, would you get non-tax deductible or tax gain?

No, but you deduct gambling losses up to the amount won.

[John Dough]

terrible advice. structuring transactions to avoid reporting will land you in the same amount of trouble

Agreed!

[John Dough]

I see Scooter already answered your question vyomguy.
In most of this countries you do not pay tax on your gambling incomes if you are not a pro gambler (it is not your main income).
At least that's what I know.

Not true in the US.

[AribaAriba]

No, but you deduct gambling losses up to the amount won.

ya but if the net losses would be the equal of those two. Meaning you you lost more than you have won in a given year that I think they considered just an expense or any other purchases right.

[John Dough]

ya but if the net losses would be the equal of those two. Meaning you you lost more than you have won in a given year that I think they considered just an expense or any other purchases right.

Yes, you're SOL if you're a net loser, but if you're a losing gambler, you likely should be more focused on your gambling losses than taxes.

[chase hardy]

i wouldnt take over 10k in my opinion

[Counterfeit Cash]

Why is everyone STILL going on about the guy paying taxes? Are you all obsessed or something? He clearly stated he is not asking for tax purposes, he is asking in reference to bank inquiries...what the hell??? You all are so hell-bent on getting a stupid assed point across that you make one off tangent statement and stick to it like grimm death...

and yes, i'm talking about 2 of you in particular. Must be undercover IRS agents in this thread.....