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

Daxonovitch · #1 11-27-2005, 06:35 PM

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.

Sniper · #2 11-27-2005, 06:51 PM

Pay your taxes!

You are 1 "request for information" away from being thrown in jail, by writing this on a public forum!!!

Daxonovitch · #3 11-27-2005, 06:55 PM

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.

Sniper · #4 11-27-2005, 06:58 PM

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.

Jimbo · #5 11-27-2005, 07:02 PM

[ 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.

Daxonovitch · #6 11-27-2005, 07:06 PM

[ 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?

cardcounter0 · #7 11-27-2005, 07:12 PM

Travel to the Isle of Man, or wherever the site's bank is located. Withdrawl the money. Hide it in your pants and hope you make it thru customs.

Or open bank account in the Cayman Islands or Panama. Have money transfered there. Move there. Never enter the US again.

Jimbo · #8 11-27-2005, 07:18 PM

[ 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

Sniper · #9 11-27-2005, 07:19 PM

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?

Baulucky · #10 11-27-2005, 07:28 PM

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

It's a bad idea to buy a house in the US with undeclared money, but there are legal ways around it once you have the money off the country. There is always some paper trail that leads to you if you use the money in the US to buy big ticket items.

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. Asking questions like this adds the "conspiracy count" to your crime. If you do it more than once, you become a target of the RICO act. Think before you do something stupid.

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