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#1
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Getting a large amount of money online \"out\"? (taxes)
I've contacted Party, Stars and Full Tilt and I know that they do not report on any any balances of the players.
NETeller does not, as well, however any transactions to/from your bank account above $10k are "on the radar" from what I know. You also cannot travel across the border without declaring if you are carrying more than $10k in cash. Let's say you have a large amount online (I am suggesting the lower bound of this amount to be $100k, but am implying more like 250-400k). How do you get it out without needing to pay taxes on it? Let's leave the morality of paying taxes out of this discussion - if needed, please start a second thread on it. I'm more curious as to the mechanics of getting the money into the real world without losing half of it. Let's also shoot for a reasonable time frame (1 year or less) for the purposes of buying a house or something. Obviously if you just want to "live better", you could probably just NETeller out the money via ATM without reporting to .gov, via cash -> ATM. I also understand that this might not be possible (buying a house, car, or other high priced items may just end up flagging yourself for an audit) but I am curious. |
#2
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Re: Getting a large amount of money online \"out\"? (taxes)
Pay your taxes!
You are 1 "request for information" away from being thrown in jail, by writing this on a public forum!!! |
#3
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Re: Getting a large amount of money online \"out\"? (taxes)
Since when does information get you thrown in jail? And since when did I ever say I had this much online?
FWIW, I have several magnitudes of order less than this. I'm just curious. |
#4
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Re: Getting a large amount of money online \"out\"? (taxes)
FWIW, if you have more than 10K combined at any time during the year in foreign assets (that would be, neteller + all poker rooms + anything else), you are required to report/disclose this information.
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#5
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Re: Getting a large amount of money online \"out\"? (taxes)
your also supposed to follow the speed limit on the highway at all times....do you? [img]/images/graemlins/smile.gif[/img]
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#6
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Re: Getting a large amount of money online \"out\"? (taxes)
[ QUOTE ]
Since when does information get you thrown in jail? And since when did I ever say I had this much online? FWIW, I have several magnitudes of order less than this. I'm just curious. [/ QUOTE ] Several implies at least three so if we use $400,000 as your reference then you only have $400 to withdraw. I think you are pretty safe. |
#7
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Re: Getting a large amount of money online \"out\"? (taxes)
[ QUOTE ]
[ QUOTE ] Since when does information get you thrown in jail? And since when did I ever say I had this much online? FWIW, I have several magnitudes of order less than this. I'm just curious. [/ QUOTE ] Several implies at least three so if we use $400,000 as your reference then you only have $400 to withdraw. I think you are pretty safe. [/ QUOTE ] So if I ask a question about how far I could hit a golf ball on the moon, because I'm not on the moon currently, I'm not allowed to ask the question? |
#8
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Re: Getting a large amount of money online \"out\"? (taxes)
[ QUOTE ]
So if I ask a question about how far I could hit a golf ball on the moon, because I'm not on the moon currently, I'm not allowed to ask the question? [/ QUOTE ] I never said you shouldn't ask the question. In fact entire industries exist just solely so people can have questions answered for which they have no real need to know the answer. As a matter of fact I gave you a very accurate answer as it applies to your stated bankroll. Not much gratitude expressed by you either I might add. To properly answer your golf question we would first need to know your handicap and what club you were swinging. Jimbo |
#9
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Re: Getting a large amount of money online \"out\"? (taxes)
Dax,
You profile suggests that you are the Poker Room support mgr for full tilt... if this is true, I would say that your solicitation of tax evasion advice does not reflect very well on Full Tilt. Would you be concerned if the owners of full tilt were to read your message? |
#10
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Re: Getting a large amount of money online \"out\"? (taxes)
[ QUOTE ]
[ QUOTE ] [ QUOTE ] Since when does information get you thrown in jail? And since when did I ever say I had this much online? FWIW, I have several magnitudes of order less than this. I'm just curious. [/ QUOTE ] Several implies at least three so if we use $400,000 as your reference then you only have $400 to withdraw. I think you are pretty safe. [/ QUOTE ] So if I ask a question about how far I could hit a golf ball on the moon, because I'm not on the moon currently, I'm not allowed to ask the question? [/ QUOTE ] Wait a minute ... now you're telling us you want to withdraw money from Neteller to an undisclosed location on the moon? And you are also in the Magnitude of Order Society? Get outta' here. Actually, I think there is a way to do this legally. If you file as a professional gambler, I believe you can put a lot of your winnings in a 529 plan or some such. I'm not sure if that number is correct, but I believe there is some type of 401(k)-like plan for self-employed people that allows them to defer taxes on income until they are 65 or something. Of course, you wouldn't have unrestricted access to the money until you were almost dead, but you could probably borrow against it. However, after reading a few of your posts, I doubt that you will ever have to worry about having a large bank account, be it domestic or foreign. As they say, a fool and his money are soon parted. |
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