Getting a large amount of money online "out"? (taxes)

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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.



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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.



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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?

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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.

[Daxonovitch]

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The answer to this question costs ~5%-15% of the amount involved.

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If you are tired of US taxes, become a citizen of another country and avoid the taxes legally.

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Now we're getting somewhere. What are these costs? It would seem that if you were so inclined to make a large purchase, you could withdraw the money, $9900 at a time, bring it to a bank and get a cashier's cheque for it, and pay for the item with a stack of cashier's cheques.

If you did have this much money, would it be worth it to you to move to another country, live out of an apartment while getting the money out, purchase a house with it, then move back?

Lastly, I guess if you wanted to wait, you could take any negative losses/buyins for the year and write them off against the wins? IE, document the losses/tourney entries with receipts and so on, and withdraw that much per year? The problem is that it might take several years to get it all.

[Daxonovitch]

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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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This thread was inspired by an office discussion about exactly this topic. Naturally, there are those chest-thumping egoists who will correlate the subject of a thread that isn't poker-related and use it to denigrate the OP.

[cardcounter0]

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you could withdraw the money, $9900 at a time,

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This is called structuring. It will add about 3 years per transaction to your prison term.

1 - Forget banks, wires, cashiers checks, money orders, etc. They all leave a trail, are watched, and can be tracked.

2 - Get cash (preferable out of the country).

3 - Trade for some hard asset (cars, jewels, antiques, etc.)

4 - Smuggle in the cash or bring in the asset with a valuation far below its true worth.

5 - Never deposit the cash in a financial institution of any type. Sell the assets for cash (no checks, money orders, etc.)

[Jimbo]

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The answer to this question costs ~5%-15% of the amount involved.

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If you are tired of US taxes, become a citizen of another country and avoid the taxes legally.

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Now we're getting somewhere. What are these costs? It would seem that if you were so inclined to make a large purchase, you could withdraw the money, $9900 at a time, bring it to a bank and get a cashier's cheque for it, and pay for the item with a stack of cashier's cheques.



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SUSPICIOUS ACTIVITY REPORTS

Perhaps your $9900 idea has been thought of before. Ya think?

Jimbo

[RikaKazak]

I agree with baulucky, if you hate taxes so much, move to aussie land where they pay 0% taxes on all gambling. And is risking saving $5K or $20K really worth the risk of going to jail??? Not for me, but maybe for you??? Up to you man, but I recomend not doing it.

[Skipbidder]

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The "illegal" is in not declaring to the IRS and paying your taxes. It's not a misdemeanor either, but a federal felony with prison time.

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Is this white-collar-resort prison or federal-pound-me-in-the-ass prison?

your also supposed to follow the speed limit on the highway at all times....do you? [img]/images/graemlins/smile.gif[/img]

i asked my friend about this that worked at a bank and he told me as long as the value of the cashed check is not above (x amount i forgot) then it doesn't get reported.

[tonypaladino]

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i asked my friend about this that worked at a bank and he told me as long as the value of the cashed check is not above (x amount i forgot) then it doesn't get reported.

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Incorrect. The over $x ($10k usually) rule is for automatic reporting.

My father is an Anti-Money Laundering Investigator for a European bank, and according to him, transfers of amounts just below the cutoff point for automatic reporting are the most suspicious and will almost always result in a reporting to the Treasure Dept, as will multiple withdrawals/transfers/deposits of any amount if they are freqent. If you make $50k a year and are all of a sudden transfering $4k every three weeks from Neteller your bank will most likely report it.