I have a high 5 figure sum balance in a book. They do accept wire transfers up to $25k. Is there anything wrong with requesting up to 3 wire transfers of $25k and then paying the taxes on this? How would I go about paying the taxes? I do wait until April and then file them correct? Any help would be appreciated. Definitely not trying to cheat the system at all. Just wanting to know what the legal and correct thing to do would be.
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Contact an accountant and/or tax attorney.
Short answer: When you deposit it into your bank is irrelevant as far as taxes are concerned, WHEN you earned that income is what matters (i.e. if you won something in 2010 it should have been reported on your 2010 tax return). If your winnings are from 2011, then yes, you declare them when you file next April.Comment -
Ok. The winnings are from 2011 so I will be reporting them then. Will the large wires be any issue?Comment -
No, believe it or not $25k isn't a big deal, but breaking down down ur deposit (structuring) will definately raise sum flags. but as long as it isn't "cash" and u pay ur taxes you all good man.Comment -
Awesome. Thanks for the help guys. Makes me feel pretty confident and easy about it all.Comment -
If you're not going to file as a Professional Gambler, then it gets noted on your tax form as "Other Income".
Gambling Losses in 2011 can be applied against Gambling Wins in 2011.
You may be asked to document the losses.
For that matter, you may be asked to document the win and prove that you didn't have other winnings.
If you keep a record of your Win/Loss, that's all you have to show them.Comment -
Your bank could close your account.Comment -
Don't listening to sum of these people man, get ur money, if you wanna i have sum links 4 u, to easy ur aniexty.Comment -
Ok what are some of the links. Just curiousComment -
Oh yeah, this won't end badly.
For some reason my gut says it would be better to listen to one of those offers where some middle eastern wants to hide $20,000,000 with me in exchange for me getting a 20% fee if I just provide my ID, social security number, and banking information.Today is the tomorrow we worried about yesterday.Comment -
You're not getting the wire, directly from the Sportsbook. It's coming from a bank, and your bank will have no clue where the money actually came from.
If it's bookmaker, you can work with Mickey and he will come to your door if you're a long time customer.
Not ideal, but he has done this for me 2-3 times over the last 10 years.Comment
