Withdrawing Funds to Bank Accounts

[kdog]

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How exactly would the "tax man" find out about gambling winnings?

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If he is audited I am pretty sure a consistent pattern of unexplained bank deposits from a foreign company linked to internet gaming transactions would be of interest to the IRS.

[cardcounter0]

Arranging deposits for the sole purpose of avoiding triggering reporting requirements is illegal. Discussion or advising someone on how to arrange deposits to avoid triggering reporting requirements is also illegal.

These reporting requirements are for CASH transactions.

Since you are talking about electronic transactions from netteller, it doesn't matter --- they already have a record.

[cdy]

Your concerns are reasonable, but you should not have anything to worry about. CTR's are filled out for cash transactions exceeding $10,000 and SAR's can be filed on any suspicious looking transaction (at the discretion of whoever is processing it) over $3,000. My honest recommendation to you as someone who has worked at a US Bank is to go in and talk to you personal banker and explain the situation. Tell them you play online poker, will regularly be making these types of deposits, and that you file your taxes properly. They will make a file about your situation after they have checked everything out, and then you won't ever have a problem with it again.

[handsome]

Sorry to dig this thread up, but is $3k the threshold for flags?

Is it safe to withdraw $1k without any worries?

[handsome]

Anyone?