[Power Play]

please give the fastest and safest way please thanks

[jboy4]

Dont do it. Take it out in 5 or 6 lump sums. Otherwise, your asking for trouble.

[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

[Power Play]

so 1 check every week?

[penguin]

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

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....

[katstale]

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.

[Power Play]

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)

[Power Play]

i think it's a story because he's the only person that ever got arrested for online gambling in the united states

[thespeculator]

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

[Power Play]

what about wire smaller amounts; i don't hear people getting arrested very often (if ever)

[BigdaddyQH]

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.

[Trucker George]

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.

[BigdaddyQH]

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.

[Trucker George]

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.

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.

[Trucker George]

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).

[sq764]

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)

This person should find the nearest bridge and shoot himself in the head then jump

[THEGREAT30]

You should go to the FBI and explain it all to them, good day

[sq764]

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.

Dude are you serious?? There is no question because these are ILLEGAL WAGERS... You're going to try to write off ILLEGAL gambling losses to offset winnings through the IRS? Are you effing crazy??

[durito]

Dude are you serious?? There is no question because these are ILLEGAL WAGERS... You're going to try to write off ILLEGAL gambling losses to offset winnings through the IRS? Are you effing crazy??

wrong, wrong, and wrong again.

[Boner_18]

See my post in the identical thread in the think tank. Just get it all however you want, declare it on your taxes, and offset net winnings with losses. If you don't have losses you can find ways to generate them. Don't be paranoid about offshore wagering and the IRS. The Internal Revenue Code is not a tool to reign in criminal activity. It is a revenue raising tool and the IRS doesn't care if you won the money gambling, made it dealing drugs, or gained it by stealing art.

[Power Play]

hey durito gave you some points and sent you a question via pm

[Power Play]

thanks boner for your hint

[sq764]

wrong, wrong, and wrong again.

Trust me, its not wrong. You can win $10 million and SAY you lost $10 million to offset your winnings, no one disputing that. Obviously unless you are audited, you are on your word.

However, if you're audited, would love to see the outcome of you explaining to the IRS that you are claiming losses to offshore gaming books..

This theory is so comical its almost beyond belief.

[sq764]

[quote=BigdaddyQH;3287731] If you have losses that equal or exceed your winnings, you do not have to pay any tax on your winnings.

quote]

This is not how it works.... Your winnings are calculated as additional taxable income, THEN you can offset them with losses.. The problem lies within the fact that lets say the winnings push your income into a new tax bracket, you're going to end up paying taxes on the winnings and not being able to offset them.

[pokernut9999]

It is quite obvious that most people here do not have a clue


If you pay your taxes the government could give a damn if your money comes from an offshore book.

If they did I would have been arrested years ago if any bank turned over my banking records.

If you are worried about collecting $30K then do not win $30K

[jboy4]

I will say, that is a problem I would love to have

[Snowball]

interesting. I replied to this question last night, my post is gone.
Probably means SBR is protecting our interests.

[landers781]

First thing is block your account. I won a boatload last year but only saw 10% because of my own degenerate ways. Before that happened was asking my friends and one knew a guy that worked in wells fargo fraud department. He told me about 5k a month was a pretty safe way to do it and that I should mix the method (checks, wire)

Good luck

[sq764]

It is quite obvious that most people here do not have a clue


If you pay your taxes the government could give a damn if your money comes from an offshore book.

If they did I would have been arrested years ago if any bank turned over my banking records.

If you are worried about collecting $30K then do not win $30K

Why would you ever claim offshore winnings? Thats kinda mind boggling

[pokernut9999]

Why would you ever claim offshore winnings? Thats kinda mind boggling

IRS takes down more people than anybody , get a clue guy.

[John Dough]

Why would you ever claim offshore winnings? Thats kinda mind boggling

Why would you commit tax evasion? THAT's mind-boggling.

For those who don't know, this poster doesn't have the slightest clue what he's talking about. The IRS doesn't care about the source of your income. In fact, there is a law specifically preventing other government agencies from using your tax return to go after you criminally. Furthermore, unless you live in a state the specifically outlaws online gambling, it is not illegal.

There's so much bad information in this thread that it's scary.

[pokernut9999]

Why would you commit tax evasion? THAT's mind-boggling.

For those who don't know, this poster doesn't have the slightest clue what he's talking about. The IRS doesn't care about the source of your income. In fact, there is a law specifically preventing other government agencies from using your tax return to go after you criminally. Furthermore, unless you live in a state the specifically outlaws online gambling, it is not illegal.

There's so much bad information in this thread that it's scary.

[Power Play]

got to pay uncle sam

[Snowball]

for that amount of money you can just travel to the bank of the book
and cash the bank check in person. then walk out and enjoy the cash.
end of story.

[frostno98]

wire all it on one shot. Just make sure you report it on your tax return, then you'll be fine.