Re: Depositing Large Sums of Cash
Even if you are an upstanding tax paying citizen, before depositing the cash you should talk to an accountant regarding the tax consequences of such income. It would SUCK to find out in April (or April of next year or the next quarter depending on when the gain is reported) that you have to go in your pocket and duke the gov't some insane percentage of money you spent time and effort winning and already spent. If you are in a position to be depositing winnings of 10K or more, tax planning and record keeping is a must. This does not just mean tracking losses to deduct against gains (or going to the racetrack and scooping up losing tickets). I am a lawyer and I have seen some people get absoultley SCREWED for failure to take simple precautions.
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