Large Cashouts??

Hello,

I was recently wondering what some of the top players, as well as people with a big one-time hit do when they win a big multi-table tourney? Assuming one would pay taxes, say someone won $100K in a large tournament, how would they receive their winnings, do they just have it transferred into their account? I'm fairly sure that if someone wins an amount such as that at a casino, they have to fill out a tax form on the site, but what would one do if they won alot online, and wanted to put it in the bank? My apologizes if I am being ignorant on the subject, but I couldn't find much about this and I'd be curious as what to do if I was ever (hopefully!) in that situation, thanks for any input you may have.

[jman220]

Its a fair question. A transfer of cash like that even electronically to a bank, is going ot raise all kinds of red flags.

Yeah, thats what I'm assumed, I'm wondering if any 2+2'ers have had that kind of win? I mean there are tournaments with $30+ prizes for first prize every day, I'm sure not everyone keeps a majority in their online bankroll. Also, I know a string of smaller ($5K at a time, etc.) payments over time would raise the same flags, so I was trying to think what online pros, at least those living in the US do? If anyone has any banking or tax knowledge about this, it would be real appreciated. Ya know, so when I win my first mil, I'll know what to do with it, haha. Take care everyone.

[BarronVangorToth]

I'd recommend to anyone who wins 6 figures to drop a few hundred and take an hour with their accountant to figure out what's best to do.

Barron Vangor Toth
BarronVangorToth.com

[Sniper]

As long as you are paying taxes on your winnings, you have nothing to worry about!