[Portage1]

[COLOR=#000000! important]I've been playing the same sportsbook/casino for 10 years...losing most of the time, but I have received a few checks (via DHL...couple hundred dollars to $1,500 max). Again, I was probably down at least $15-20K over the past 10 years. Early this week, I hit a progressive slot machine for $232,000. Never would have imagined that happening!
Instead of feeling good about this, I now am facing the challenge of tyring to move these winnings into the U.S. (Pennsylvania, specifically). I am not trying to evade paying the taxes on the winnings. I would be glad to pay the 40%! However, I don't want to be arrested/possibly jailed, or have all of the money be taken from our crazy federal government, just because I transferred money into my bank account from my offshore sportsbook/casino.
ANY ADVICE? The sportsbook/casino is Sportsbook.com. I know, I know...many people claim to be slow payed by them. I have been too, but they do always pay. That is not my concern. The concern is getting the $ into the U.S.?[/COLOR]

[icsky3]

First concern should be getting your money from that outfit...THEN getting it into the US. BOL that is a HUGE chunk of change. Congrats!

[Portage1]

Thanks. Again, never expected it. I was just on to win a few and deposit a few without red bells being sounded. Everyone keeps saying it's a great problem to have...bullshit. I wish I only won a few thousand. Would of had a great summer vacation. Now I have lawyers who don't even know how to break apart the federal and state laws on this one...at a $190 per hour rate.

[midnight777]

take about 2500 via wire thru the whole yr... maybe open a few other us bank accounts... there is always ways around the system.. get some checks...

[durito]

Ignoring the fact this post is surely bs, it shouldn't be that difficult.

They can wire in installments or send to *********** where you can get wires in installments. Do 10k a week for 23 weeks. Get a good accountant for tax purposes.

[Portage1]

Durito, no bs. I thought about your way, and get an accountant. So I claim on my taxes that I won 232K. This doesn't raise red flags? Won't they ask where the money came from? I'm not an expert, so I don't know what they look for (you'd think they would be happy collecting $90K from someone who actually was claiming gambling winnings). I just think they would take everything citing federal law. I'm really starting to believe that anything won offshore is better off taken under the sheets...whatever amount that is sent to you.
Also, how long do you think *********** will be in existence? I have seen these companies come and go for years (some on a weekly basis).

[scottel]

if you deposit 10k or more the bank has to report it to IRS....would take my chances and just make small deposits over time and hope u get paid

[Portage1]

scottel, you should be a lawyer...that is exactly what one of them said. Small payments, couple accounts, & differen't payment options. He said the fed is not looking for the player, just the money, and the companies.

[Old Young]

Portage, you will be subject to more serious red flags by breaking the payments down/using different payment options as this will most likely trigger (in your banks system) a system generated SAR (Suspicious Activity Report) that you are trying to avoid BSA (Bank Secrecy Act) reporting requirements.

I don't have any experience at that sum of money (wish I did) but from my work experience; as long as you can get it out of that book and pay your taxes, the only thing that will happen is that the bank will report a CTR (Currency Transaction Report) to the IRS and the IRS systems will look to make sure you reported the correct amount/at the correct time. This is why its important to file and pay the estimated taxes by 15 June or 15 September depending on when the funds hit your account.

[Portage1]

OldYoung, so you are telling me that if I wire 200K+ into my bank account, pay the taxes (at least 40% which is welcomed by me 100%), that a SAR won't be tagged on me? This is the easiest way to get the money to me, but I see it as a way to also collect all of it back from me citing federal wire act laws. If I could know with only 70% confidence that I would be clear of any wrongdoing, paying the taxes, and collecting the rest, I would do it in a heartbeat.
I just foresee the roof falling in on this one.

[mirmiroa]

40% taxes OMG

[hunterwrot]

govt isnt going to arrest you for cashing out. dont worry about it. just do it

[relaaxx]

Thanks. Again, never expected it. I was just on to win a few and deposit a few without red bells being sounded. Everyone keeps saying it's a great problem to have...bullshit. I wish I only won a few thousand. Would of had a great summer vacation. Now I have lawyers who don't even know how to break apart the federal and state laws on this one...at a $190 per hour rate.

i do not see a problem. take out whatever increments you feel ok with. maybe $2000 a month. either check or wire or to *********** then to your bank by wire. no bank would even blink at this small amount going into your account a couple times a month. i would move just under $10000 a month. would not worry. whatever you do. enjoy the win. why bother betting if you would rather win less or lose. you would be happier with a couple thousand. you got it. a couple thousand hit a month. for over 100 months. enjoy it - BE HAPPY----DON'T WORRY

[durito]

Durito, no bs. I thought about your way, and get an accountant. So I claim on my taxes that I won 232K. This doesn't raise red flags? Won't they ask where the money came from? I'm not an expert, so I don't know what they look for (you'd think they would be happy collecting $90K from someone who actually was claiming gambling winnings). I just think they would take everything citing federal law. I'm really starting to believe that anything won offshore is better off taken under the sheets...whatever amount that is sent to you.
Also, how long do you think *********** will be in existence? I have seen these companies come and go for years (some on a weekly basis).

The IRS will not do anything as long as you pay them what you owe them. They are like that. Don't pay them and you may be in for a world of trouble. You have done nothing illegal.

There are plenty of pro's making that much every year and paying their taxes on it.

[BROOKLYN BOY]

If you get a lets say BkofAma check from a book for say 2800 and you take it to BkofAma to cash it yet you dont have an account with BkofAma does anyone take notice? I mean this is better than depositing it in your own account, correct?

[Portage1]

Thanks durito. I wish I just had 5 minutes with one of those pros...to see what they do with their earnings...would make it easier for me and for others I'm sure. There is probably one person per day that is hitting handsome jackpots/paralys/contests/etc..., but NOBODY out there gives you advice on how to react/respond if you're the one. What a crazy hobby.

[elgreco]

Portage, you will be subject to more serious red flags by breaking the payments down/using different payment options as this will most likely trigger (in your banks system) a system generated SAR (Suspicious Activity Report) that you are trying to avoid BSA (Bank Secrecy Act) reporting requirements.

I don't have any experience at that sum of money (wish I did) but from my work experience; as long as you can get it out of that book and pay your taxes, the only thing that will happen is that the bank will report a CTR (Currency Transaction Report) to the IRS and the IRS systems will look to make sure you reported the correct amount/at the correct time. This is why its important to file and pay the estimated taxes by 15 June or 15 September depending on when the funds hit your account.

I'm not a lawyer, but I think this dude is right. Transfer it all over, pay the estimated taxes, and it's cool. My friend did that with a 50k Pokerstars tourney victory & a large UltimateBet victory within the past few years. I think flags get raised when transactions appear to be broken down to avoid detection. 100k+ checks are a very common daily occurrence in the banking industry.

[Eagle1958]

Take it out in small increments of $3000 per week by check. When you receive the checks, avoid your own bank. Take the checks to these check cashing places that charge about 2% as a fee to cash them. You would pay about $60 per check to cash them. This way there is no risk on your part to get the money. $3000 per week is a nice weekly income for a year and a half.

[durito]

Thanks durito. I wish I just had 5 minutes with one of those pros...to see what they do with their earnings...would make it easier for me and for others I'm sure. There is probably one person per day that is hitting handsome jackpots/paralys/contests/etc..., but NOBODY out there gives you advice on how to react/respond if you're the one. What a crazy hobby.

I just told you what is done. It wasn't a hypothetical.

[terpkeg]

i do not see a problem. take out whatever increments you feel ok with. maybe $2000 a month. either check or wire or to *********** then to your bank by wire. no bank would even blink at this small amount going into your account a couple times a month. i would move just under $10000 a month. would not worry. whatever you do. enjoy the win. why bother betting if you would rather win less or lose. you would be happier with a couple thousand. you got it. a couple thousand hit a month. for over 100 months. enjoy it - BE HAPPY----DON'T WORRY

i wouldnt do this. sounds like the federal crime of structuring. intentionally breaking down deposits to under 10K to avoid federal reporting requirements.

[terpkeg]

if you dont care about paying the tax, get it out as fast and as much as possible. also, you can deduct your loses this year up to the amount of your winnings, obviously the IRS does not know the exact amount of your losses, so you can offset a large amount of your winnings. it is not like they are going to recieve a 1099, like they would have from a US based casino. IRS will be pleased you are reporting the income and you will have no problems with the feds.

[relaaxx]

plenty of people have bank wires and checks going into and out of thier bank accounts many times a month for various large sums. noone cares. over $10000 bank notifies goverment. happens all the time day in day out many many times a day. over $3000 bank keeps a record of the transaction. happens so much it is crazy to think anyone keeps track of who is doing what. it is just what the banks are told to do. keep a record of transactions over $3000.so many people with numerous accounts. moving money all day long into other accounts for varius reasons. and all those records being kept. it is just to much information to do anything with. noone is watching you. don't give them a reason to. moveing around a few thousand a month here and there is nothing. there are so many people. so many accounts. a huge amount of moving money and tranactions daily. we are not that important to anyone. if you are not shouting out loud to everyone that you are screwing the goverment and or breaking the law. noone will know. keep it quiet and to yourself. why worry about anything because you won. worry if you lose. and still try and enjoy life when you lose. for god's sake you have to at least enjoy life without worrying when you win. i like to gamble and i like a couple other things that is not acceptible to most. i would not bother doing any of them if i always was worried about it. i would put down the joint and shut off the computer if i was always looking out the window for the police. everyone-----enough already. you win. at a place that will pay you. enjoy it.

[Portage1]

One last question...and thank you Relaaxx and terpkeg for making my sleep a little better:
Would any of you personally talk to your banker to let them know that a significant amount of money will be wired to your checking/savings account? I was thinking of just saying that the money is from online poker winnings? In this current day, online poker is somewhat acceptable, however wagering on sports or playing in an online casino is considered criminal. Seriously, you could have a few neighbors selling meth/heroin/cocaine, or neighbors that don't work because of a bogus workman's comp injury, and they are seen as the typical American. However, you win cash online through an offshore casino, and you can be thrown to the wolves as some sort of money laundering terrorist. WTF? and don't say I'm being a pussy...the feds are always chasing the money!

[durito]

Do not tell your bank that the money is from any type of gambling related activity.

[Raleigh77]

just take out the money by check, cash them or deposit them at a couple local banks where you set up checking/savings account and you are good to go, stop worrying and carrying on like a little bitch because you won a ton of money, no one wants to hear your so-called problem and no one will arrest you as long as you pay your taxes, simple proble, simple solution.

[magicbuck]

Just a couple thoughts. It is my understanding that wire transfers are much more likely to be flagged by banks and/or scrutinized by the feds if the wires are sent to or coming from a foreign country...even those under 10K. Obviously some foreign countries are looked at more closely than others. I agree that discussing this with your banker would be pointless (at best) and problematic (at worst). If I were you I would definitely talk to an accountant and possibly a tax attorney to figure out the best way to handle this (assuming you intend to pay taxes on your winnings) but at the end of the day I think Old Young is probably right in terms of how the IRS would view your situation.

[oldtim]

File the 45% tax once the large wire hits. Still over 100K in profit, You never hear of these other books here cash big on a slot machine. Good Job, good job Sportsbook.com

[scottel]

good problem to have....like the suggestion of getting smaller checks sent ,once month etc, cash it at check cashing place ,pay the % wtf....less than taxes.....govt gets plenty from us already.....bank never sees the check and u can deposit cash as you like.....thing with the banks they are supposed to be responsible to thwart internet gambling.....every time I make deposit by CC I have to lie and tell em I am buying phone cards,lol...........so they will approve the transaction.....I say screw paying govt 40%......get small checks every 2 weeks or whatever and no one knows the diff......need the dumb asses in wash to legalize this......lotteries, horse racing OTB, church bingo , indian casinos etc but not internet gambling.........they will never stop it, might as well legalize and collect taxes from the shops when u cash out and u report it on tax return

[Brick]

Talk to sportsbook and see if they will have someone deliver the cash to your door for a 30k fee. That way you clear 200k and its delivered to you.

[raiders72002]

I call bullshit. How about a screen shot of the win?

[Portage1]

Not bullshit. If they haven't already, they should be posting the jackpot, with my stupid "winners quote" on their main page, or the casino page....slightly over 232K was the win. I appreciate all of the responses & advice. Some make total sense, while others are f-ing crazy. I like the guy that called me a little bitch...my neighbor called me the same thing last night. Just want to do the right thing...get some ideas.
I just wish the actual book/casino would assist with a big payout...give ideas as to what others have done. It's almost like they're waiting to see how I "F" with this one. After I hit the progressive, I didn't receive one congratulatory phone call...this is 5 days later. I did receive a very vague email saying that I won a progressive (without any $ amount on it) , then continued to say that I need to send them a picture and utility bill info before I make a withdraw. I have literally been withdrawing from sportsbook for 10 years, and had to do this shiite about 7X. It's funny that they're making me do it again now that I hit something of significance, without even saying I'm withdrawing anything.
Anyway, thanks again.

[Bostongambler]

if you deposit 10k or more the bank has to report it to IRS....would take my chances and just make small deposits over time and hope u get paid

Thats only 10,000 in cash deposits.

[Bostongambler]

Durito, no bs. I thought about your way, and get an accountant. So I claim on my taxes that I won 232K. This doesn't raise red flags? Won't they ask where the money came from? I'm not an expert, so I don't know what they look for (you'd think they would be happy collecting $90K from someone who actually was claiming gambling winnings). I just think they would take everything citing federal law. I'm really starting to believe that anything won offshore is better off taken under the sheets...whatever amount that is sent to you.
Also, how long do you think *********** will be in existence? I have seen these companies come and go for years (some on a weekly basis).

If you pay the taxes the Gov. won't care it came from.

[jmillionz]

4k bankwires evry other day.

[DBurton81]

$232,000....are you serious??