Won the stars $500+$30...

[Tosh]

Aren't stars pretty flexible with these limits? I've heard people getting special allowance to withdraw large amounts.

[mrbaseball]

Your'e actually gonna try to dodge taxes? I'm not so sure that's a good idea.

Congrats on the win though! Hopefully you won't have to tell your cellmate about it.

[fnurt]

Not only is there a form for banks to report transactions over the limit, there is also a form for them to report so-called "suspicious" transactions.

Since we're talking about entirely electronic transactions here, the concern is that a bank may have its systems set up to "flag" certain patterns of transactions. This is up to the whim of the individual bank, so I couldn't tell you if it's something they do or don't do.

I should also note that it is a crime to intentionally structure a series of transactions so as to avoid reporting requirements, although this law is so vague I wonder if it's even enforceable. You'd have to be pretty blatant to run afoul of it.

[SenorBeef]

I'm actually probably gonna end up paying taxes... I'm just going to look into my options with a CPA or something and see what sort of breaks I could get and stuff. I've still got a while before I really have to worry about it.

It sure would suck ass though if I had to pay 40k of this in taxes. I think gambling taxes are bullshit anyway due to the asymetry - you don't get a break if you lose, but get taxed if you win.

[Nemesis]

There was a post here a while back about making an S-Corp and you're a poker player working for it making like 5 bucks an hour. Then you pay a dividend which is taxed at a MUCH lower rate basically you save about 10-15k per 100k made.

[Cleveland Guy]

I do work for a bank- so maybe I could shed some light on this.

Any CASH transaction of over $10,000 requires a certain form to be filled out. if you get a certified check, I think it is treated like the cash.

Any series of regular transactions also require the same form. This could be $3K a week for 10 weeks.

There is nothing illegal with either of these- it's just a form for 2 purposes

1. Taxes
2. Fraud

As long as you are doing nothing wrong - just deal with the hassle of the extra paper work.

[SenorBeef]

What sort of spacing between transactions would I need to avoid such paperwork?

[Rick Diesel]

I was referring to the banks reporting requirements to the IRS. I do not know what Stars transactions limits are, but I would guess that there is no limit on what amount you can withdraw.

[Ulysses]

Three things, Señor.

1) I watched from the final 7 or so and thought you played great.

2) Just about any way you get $50k+ transferred electronically to your bank, it'll get flagged and will be easily detected, whether forms are sent in or not and regardless of the spacing. Not reporting this $95k to the IRS would be unwise. Of course, don't forget to keep a log of all your gambling losses to offset some amount of this win. Go see an accountant.

3) Outstanding job calling your opponent's bluff during the deal-making stage. It took him, what, two hands to yield to what you asked for? I think a deal was good for you and you had more to risk, but not at 79/87. In fact, when he proposed that, I actually mentioned to people I was chatting w/ that 74/92 would be much more reasonable, which you suggested right after. I think your opponent realized right after he lost the first post-discussion pot that he better act fast or else you'd no longer be up for that deal. Great job not taking a bad deal.

[MVicuna]

[ QUOTE ]
In a completely unrelated topic.. if I were to get a neteller account and get a neteller debit card, I could withdraw directly from there without any bank records, right? Just curiosity asking. I'm with firepay but they don't seem to have anything like that.


[/ QUOTE ]

You must have missed the news report of the US Gov't Forcing Offshore banks to disclose their US customers who have debit /credit cards in order to track down tax dodgers.

Don't dodge those taxes.

MarkV.