Cashing in from a book

Raven66 · 09-12-10, 10:58 PM

Originally posted by c20baller

Been on an unbelievable run, turned $1k into over $25k in about the past month. I posted here about collecting from Sportsbetting.com, and am going to send them the forms and whatnot. A few questions:

A)They limit the checks to $2500, one free per month, then $40 after that. At this point I really dont care about the $40 per check and would take about $20k out. My question is, would my bank get curious about all these $2500 cashiers checks? Should I go to one of those check cashing places and pay the fee to cash it? How do those work?

B)What are the tax implications? Odds are that I will get audited with that many deposits?

C)What are the odds I am able to even collect these winnings?

Put everything on the Chiefs tomorrow night.

c20baller · 09-13-10, 11:07 PM

Thanks for the Chiefs play, but does anyone have any input on this?

thespeculator · 09-14-10, 08:19 AM

25k won't get you audited, it is a very small amount, depending on your other income,

Ryangene · 09-14-10, 08:21 AM

what thespeculator said $25k is a good amount but no worries.

John Dough · 09-14-10, 08:34 AM

A. Your bank should care less about a $2500 check, think about how many transactions they process in a day.

B. Report your income, pay your taxes, no greater chance of being audited than anyone else. The IRS only cares about tax evasion, not where your income comes from.

C. No reason not to expect to get paid.

c20baller · 09-14-10, 11:59 AM

Excellent...thanks guys