what's the best way to withdraw $30,000 from a sportsbook in the united states?
please give the fastest and safest way please thanks
Dont do it. Take it out in 5 or 6 lump sums. Otherwise, your asking for trouble.
have the sportsbook freeze your account so you cant play with the money and just withdraw th emoney slowly. $30k is gonna put a HUGE RED FLAG in the air
so 1 check every week?
Great suggestion....I, on the other hand, am a total idiot. In January, I turned $500 into $27,000 in less than 1 week by hitting many lucky parlays. This was with a book that only allows a $4K max withdrawal each week. (I didn't realize that when I signed up.) Because I felt that I was so "hot," (after my first $4K withdrawal and waiting until I was eligible until my next withdrawal) I continued to wager my remaining balance and I continued to lose my shirt....and pants. Grrrrr.....In hindsight, obviously, I wish I would have frozen my account and then slowly removed it all.....p.s. -- power play, you may even want to space out the withdrawals to every other week or something like that and don't run the amounts too close to $10K....Originally Posted by suckerforparlays
have the sportsbook freeze your account so you cant play with the money and just withdraw th emoney slowly. $30k is gonna put a HUGE RED FLAG in the air
you can never be too paranoid in a situation like this. I would go for the couple week spacing. transfer some to another book if you are still interested in playing and get a payout/check from them after you roll it. Deposit to different banks if you have that option.
thanks guys; also should i file it with the irs because i though i read somewhere that someone got in trouble because he reported it in his taxes (he wouldn't be in trouble otherwise)
i think it's a story because he's the only person that ever got arrested for online gambling in the united states
use more than one bank , the bank tellers have a lot of power , don't piss them off, i once had a check rejected by the teller and one the managers was a friend of mine, it wasn't like he could go over and over rule the teller, he was able to help by taking the block off, but i wouldn't worry about your book paying it more getting the money into your bank
what about wire smaller amounts; i don't hear people getting arrested very often (if ever)
The question is how much have you really won over the past year. If you have losses that equal or exceed your winnings, you do not have to pay any tax on your winnings. You should be able to prove your losses by printing out your wagering record. So everyone knows that you did not win $30,000. The question is how much did you actually win? If you won 30, but lost 20 in the process, you actually only owe taxes on 10.
This is how many gamblers get away with things in Vegas. When you make a wager in Vegas, your name does not appear on the ticket, so no one has any way of knowing who purchased the ticket. If I want to wager 5K on a game, I can simply make 10 $500.00 wagers. If I win, no taxes. I can also collect losing tickets. Now that is a pain in the tail, but if you pay a couple of the cuties who work in the sportsbook serving cocktails, you would be suprised as to how many losing tickets you can collect. State and local lottery tickets also count, as do race track tickets. There are many tricks to the trade. You are severely limited on line, but you can still collect losing tickets. Do things right and you can write off 30K easily.
There are some states (about five of them) that don't permit you to write off your losses vs. your winnings. In these states if you win 30K you are responsible for paying state income tax on 30K, even if you lost 30K (or more) in that year. These states' gambling income tax laws were obviously not written with sports betting in mind, but instead hitting the lottery. The reasoning is if you hit the lottery and then go on to gamble it all away, then too bad for you, they are still going to consider it income. Yeah, I know, it's backwards. But the backwardness of these laws falls right into alignment with the rest of the US' gambling laws, which are the epitome of backwardness to the point of retardation.The question is how much have you really won over the past year. If you have losses that equal or exceed your winnings, you do not have to pay any tax on your winnings. You should be able to prove your losses by printing out your wagering record. So everyone knows that you did not win $30,000. The question is how much did you actually win? If you won 30, but lost 20 in the process, you actually only owe taxes on 10.
This is how many gamblers get away with things in Vegas. When you make a wager in Vegas, your name does not appear on the ticket, so no one has any way of knowing who purchased the ticket. If I want to wager 5K on a game, I can simply make 10 $500.00 wagers. If I win, no taxes. I can also collect losing tickets. Now that is a pain in the tail, but if you pay a couple of the cuties who work in the sportsbook serving cocktails, you would be suprised as to how many losing tickets you can collect. State and local lottery tickets also count, as do race track tickets. There are many tricks to the trade. You are severely limited on line, but you can still collect losing tickets. Do things right and you can write off 30K easily.
I was basically referring to Federal Tax Laws. I am from California, and we have no such laws prohibiting us from writing off our gaming losses. Lottery winnings are also not taxed at the State Level.
Yeah, I realize you were referring to Federal taxes.I was basically referring to Federal Tax Laws. I am from California, and we have no such laws prohibiting us from writing off our gaming losses. Lottery winnings are also not taxed at the State Level.
As we all know state income tax rates are much lower than federal rates (with the average state rate being around five to ten percent). I once did the math for what a high rolling sports bettor would expect to have to pay in one of these types of states (such as Ohio, for example) and found out that after all was said and done and the smoke had cleared, the state income tax amount-to-pay was higher than the federal amount, even though the state rate percentage was a fraction of the federal. That is shitty.
Just wanted to note that now that I think about it, "hitting the lottery" is not a good example of the reasoning behind these states' consideration of gambling income. The state I live in does not tax state-run lottery winnings either. Nevertheless, their reasoning is the same: that the gambler should be liable for state income tax on all gambling winnings regardless of losses (a position I strongly disagree with and would like to see changed).
