spinnuh 0 Posted January 15, 2007 Share Posted January 15, 2007 Hey guys... I'm pretty excited right now because I just had my biggest win in my poker "career".I took down the FTP 12,000 guarantee for 4895 and was my first score over 1000 dollars lol...I was just wondering what the max i can cash out is without having any kind of trouble with the IRS or anything... im wantin to cash out 3000.... would i have to do anything out of the ordinary from withdrawing like 300?? Link to post Share on other sites
mb5322 0 Posted January 15, 2007 Share Posted January 15, 2007 What cashout form do you use? IE: neteller, firepay, epassporte etc....,? if you cashout directly to your bank, cash out $999.00 is the max you can "win" before the IRS wants a piece of the pie, so I guess my answer is cashout $999.00 daily until you get the amount you wan.t Link to post Share on other sites
spinnuh 0 Posted January 15, 2007 Author Share Posted January 15, 2007 So if i cashout 999 dollars once a week through neteller.. i wont have any problems??? Link to post Share on other sites
mb5322 0 Posted January 15, 2007 Share Posted January 15, 2007 So if i cashout 999 dollars once a week through neteller.. i wont have any problems???If you want to cashout $3000.00 to neteller, then cashout $3000.00 to neteller, but when you cashout from neteller to your bank, do it in increments of $999.00, the IRS only wants you to pay taxes on "gambling wins over $1000.00" thats why alot of the slot machines etc.... jackpots are $999.000, so yes my answer is you will be fine if you cashout this way. Link to post Share on other sites
spinnuh 0 Posted January 15, 2007 Author Share Posted January 15, 2007 Alright coolThanx for the advice.Like i said... I'm new to this winning more than 1000 dollars thing, so whoever has any advice let me know Link to post Share on other sites
navybuttons 15 Posted January 15, 2007 Share Posted January 15, 2007 does anyone have a question about transferring money in or out of a poker site? Link to post Share on other sites
hblask 1 Posted January 15, 2007 Share Posted January 15, 2007 You do realize that theoretically you owe taxes whether you cash out or not? And that cashing out in small chunks doesn't change that? And that you risk being caught by making lots of small cash-outs?If you are OK with that, follow the above advice. Othewise, get an accountant. Link to post Share on other sites
seanthecon 0 Posted January 15, 2007 Share Posted January 15, 2007 so what if i deposited $450 a week into my bank for a full year???would the irs know?? would they throw an 18 yr old in jail?? Link to post Share on other sites
navybuttons 15 Posted January 15, 2007 Share Posted January 15, 2007 so what if i deposited $450 a week into my bank for a full year???would the irs know?? would they throw an 18 yr old in jail??they wouldn't know this year, and they'd probably never throw you in jail. hell, i never registered for the draft. the governmentaments got their head so far up their ***. 450x52=23,000. i doubt you'd have to pay any real taxes on that. if you did you'd probably get em back.what do i know though? i've been playing poker for the last 17 hours. Link to post Share on other sites
mb5322 0 Posted January 15, 2007 Share Posted January 15, 2007 And to agree with everyone else, your better off just declaring it, paying the small amount of taxes that you will owe on it and being done with it. Link to post Share on other sites
ROGUE06 0 Posted January 15, 2007 Share Posted January 15, 2007 Just take your time, spread the money out through a few months with small increments that way there's no risk of being caught. Link to post Share on other sites
quadaces 0 Posted January 15, 2007 Share Posted January 15, 2007 If you want to cashout $3000.00 to neteller, then cashout $3000.00 to neteller, but when you cashout from neteller to your bank, do it in increments of $999.00, the IRS only wants you to pay taxes on "gambling wins over $1000.00" thats why alot of the slot machines etc.... jackpots are $999.000, so yes my answer is you will be fine if you cashout this way.Do not cash out $3,000 to neteller and then cash out $999 increments. The longer it is in Neteller the more likely someone will hack into your account and steal it. Link to post Share on other sites
H_Factor73 2 Posted January 15, 2007 Share Posted January 15, 2007 So if i cashout 999 dollars once a week through neteller.. i wont have any problems???This is known as smurfing. And yes, the government will catch on if you get audited.And the threshold is a lot more than $1000. Link to post Share on other sites
RyTime 0 Posted January 15, 2007 Share Posted January 15, 2007 ANSWER = Neteller Debit Card....no bank account to trace! Link to post Share on other sites
mtdesmoines 3 Posted January 15, 2007 Share Posted January 15, 2007 Hey guys... I'm pretty excited right now because I just had my biggest win in my poker "career".I took down the FTP 12,000 guarantee for 4895 and was my first score over 1000 dollars lol...I was just wondering what the max i can cash out is without having any kind of trouble with the IRS or anything... im wantin to cash out 3000.... would i have to do anything out of the ordinary from withdrawing like 300??Do what everyone else does. Declare it. Go to casino and take out $XXXX ATM. Tell the IRS you lost it all back. No taxable event. Link to post Share on other sites
Mercury69 3 Posted January 15, 2007 Share Posted January 15, 2007 Don't do it, there's a cashout curse in effect. Link to post Share on other sites
spinnuh 0 Posted January 15, 2007 Author Share Posted January 15, 2007 This is known as smurfing. And yes, the government will catch on if you get audited.And the threshold is a lot more than $1000.what do you mean the threshold is alot more than $1000... u think if i just straight up cash out 3500 from my neteller account that i wont have any kinds of problems??and do i just wait til the end of the year to declare these winnings or what? Link to post Share on other sites
WhatArunAA 0 Posted January 15, 2007 Share Posted January 15, 2007 what do you mean the threshold is alot more than $1000... u think if i just straight up cash out 3500 from my neteller account that i wont have any kinds of problems??and do i just wait til the end of the year to declare these winnings or what?lol.. you remind me of Tweak from South Park. Link to post Share on other sites
juggalo41729 0 Posted January 16, 2007 Share Posted January 16, 2007 A PAC once told me that you can counterset any gambling wins with other LEGAL gambling losses. So you cash out the $3k, then acquire all the old lottery tickets, off track betting stubs, and other forms of proof you can find totalling a $3k loss and declare evency. Just when picking off track betting stubs up off the floor make sure they don't have footprints on them, he said he knew of a case where footprints on some stubs got someone in trouble because it was proof he was picking them up off the floor. Link to post Share on other sites
Wandigo 1 Posted January 16, 2007 Share Posted January 16, 2007 I think you guys are missing the main point of his post..... congrats on the win!! Link to post Share on other sites
finztotheleft 0 Posted January 16, 2007 Share Posted January 16, 2007 It irritates me to no end that we have to pay taxes on this money that the US government says that we have no right to legally win. Link to post Share on other sites
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