deadmoney19 0 Posted September 26, 2006 Share Posted September 26, 2006 Hey guys,I need some help on this.Say I won a good sum of money online, like 5k for example ( i didnt win that) what would be the best way to get it out? can i legally or will i get the feds on my ***. I need some opinions on what would be the best thing to do. Also if I did withdrawl that much, do I have to pay taxes on it???Thanks for the help Link to post Share on other sites
CobaltBlue 662 Posted September 27, 2006 Share Posted September 27, 2006 If you take it out in small enough sums over a long enough period, it's not extremely likely to get noticed. That said...yes, legally, you have to pay taxes on it. Link to post Share on other sites
deadmoney19 0 Posted September 27, 2006 Author Share Posted September 27, 2006 If you take it out in small enough sums over a long enough period, it's not extremely likely to get noticed. That said...yes, legally, you have to pay taxes on it.what if i voluntarily pay taxes on it will i get in trouble once they know its from a poker site or is it legal Link to post Share on other sites
FatBurger 0 Posted September 27, 2006 Share Posted September 27, 2006 Most people try not to drawl online, but if you want to, go for it! Link to post Share on other sites
CobaltBlue 662 Posted September 27, 2006 Share Posted September 27, 2006 what if i voluntarily pay taxes on it will i get in trouble once they know its from a poker site or is it legalThe IRS really doesn't care that much. They just want you to pay your taxes. As for the legality of online poker in the US, that's murky right now, but your chances of being found out and prosecuted are really really really tiny. Link to post Share on other sites
Wandigo 1 Posted September 27, 2006 Share Posted September 27, 2006 Most people try not to drawl online, but if you want to, go for it!So how do the "pros" make money that they can have in they're bank accounts to pay bills? Link to post Share on other sites
FatBurger 0 Posted September 27, 2006 Share Posted September 27, 2006 So how do the "pros" make money that they can have in they're bank accounts to pay bills?Dunno, maybe the tellers can understand their non-Southern accents? Link to post Share on other sites
jfdobb 0 Posted September 27, 2006 Share Posted September 27, 2006 what if i voluntarily pay taxes on it will i get in trouble once they know its from a poker site or is it legalJust a note, you technically should pay taxes on your gross winnings (sum of all winnings) and deduct your gross losings (sum of all losings) as an itemized deduction. So just declaring 5000 probably isn't correct (unless you always win, in which case never mind) and could potentially get you in trouble. But I'm not in any sense of the word a tax professional, so you should probably check with one next year when you do your taxes in case I'm totally wrong. Link to post Share on other sites
Suited_Up 2 Posted September 27, 2006 Share Posted September 27, 2006 So how do the "pros" make money that they can have in they're bank accounts to pay bills? Link to post Share on other sites
JMoney2681 0 Posted September 27, 2006 Share Posted September 27, 2006 Hey guys,I need some help on this.Say I won a good sum of money online, like 5k for example ( i didnt win that) what would be the best way to get it out? can i legally or will i get the feds on my ***. I need some opinions on what would be the best thing to do. Also if I did withdrawl that much, do I have to pay taxes on it???Thanks for the helpLOL. Well, for starters you can always withdrawal the funds "legally" but you have to pay taxes on any winnings. So legally you can withdraw them, but you then you would also legally have to claim them...Of course, claim your losses as well. Link to post Share on other sites
sleepi 0 Posted September 27, 2006 Share Posted September 27, 2006 If you take it out in small enough sums over a long enough period, it's not extremely likely to get noticed. That said...yes, legally, you have to pay taxes on it.how small should the sums be? is $300-400 each time ok? Link to post Share on other sites
CobaltBlue 662 Posted September 27, 2006 Share Posted September 27, 2006 how small should the sums be? is $300-400 each time ok?Supposedly $10k is the cutoff mark for "flagging". That said, I've heard rumors that they'll flag smaller periodic sums than that. I've never taken out more than $4k at a time, but I report my earnings/losses for taxes. Link to post Share on other sites
JMoney2681 0 Posted September 27, 2006 Share Posted September 27, 2006 Supposedly $10k is the cutoff mark for "flagging". That said, I've heard rumors that they'll flag smaller periodic sums than that. I've never taken out more than $4k at a time, but I report my earnings/losses for taxes.Yes sir you are correct. $10,000.01 and over must be reported, by law, to the IRS from any financial institution. It is called a CTR report. (Currency transaction report) Link to post Share on other sites
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