I just won a LARGE sum in the UB Million

[Rushmore]

Just wanted to let you all know--I took 3rd.

[img]/images/graemlins/grin.gif[/img] [img]/images/graemlins/grin.gif[/img] [img]/images/graemlins/grin.gif[/img] [img]/images/graemlins/grin.gif[/img] [img]/images/graemlins/grin.gif[/img]

[Nottom]

grats dude!

Was it like $100K or something like that?

[Rushmore]

$157K. Just trying to figure out how to gracefully get the most into my account and spendable.

Should be interesting, but it's a problem I don't mind having.

Just call me Gypster.

Going to sleep. Got in by 4 hour satellite at 10:30 this AM, had a 90 minute break, then played 8+ hour main event.

Guess I'll say it was worth it.

DT

P.S. Couldn't have done it without all of the great advice from these forums. Cheers! [img]/images/graemlins/laugh.gif[/img]

[Aceshigh7]

Wow, that is magnificent!

Congratulations and job well done!

[Kurn, son of Mogh]

Good job. With a win this big, I wouldn't take my chances with the IRS. I'd put $30K in a 12 or 15 month CD, $30K in an index fund and reserve those to pay the taxes. The rest would pay all my debts with quite a bit left over for my bankroll.

[Goodie]

I know this is probably not the forum to discuss this, but I've been wondering this for a long time. If I was to win this much on line, couldn't I just cash out something like 3000 or 4000 a week and avoid taxes all together?

Maybe someone with some knowledge of this can give me a clue.

Thanks.

Peace

Goodie

[Greg (FossilMan)]

If you're a US resident, you owe the taxes on that money no matter how you move it from UB to yourself. What you're talking about is moving it slowly so that it doesn't get noticed. You may get away with that, and never pay any taxes. But, if you get caught, don't be surprised if you get charged with tax fraud and face jail time.

Your chances of getting caught may be low, but the penalty when you do is high.

Later, Greg Raymer (FossilMan)

[mosch]

That would be a very, very bad plan.

If you got caught (which isn't particularly unlikely), not only would you be in trouble for not paying your taxes, you could also be in trouble for structuring payments to avoid reporting income. It would not be a good day.

Better to pay the taxes on it, and use the score to kill any outstanding debt, increase your emergency savings, bump up your retirement fund, thicken your poker roll and then blow a little of it just for fun.*

*This part is probably a bad idea, but I know that I'd end up buying some nice gifts, and wasting a few grand randomly, and I'd like it.

[sdplayerb]

May have been said, but not going to read all 50 emails.
Any other tourneys you play will count as an expense against the income you made from this tourney. So basically you will be getting a 30% discount on any tourneys you play (get a receipt).
So may be worth playing some bigger tourneys you wouldn't have otherwise. Plus you came in 3rd, so you must be pretty good.

Congrats!

[Rushmore]

Man, that is EXACTLY what I'm doing. I figure if I came up with it, my accountant agreed, and now YOU'RE saying it as well, there must be something to it, right?

Cheers.