Staking Money Transfer Question...

ChewyMint · #1 07-18-2005, 10:54 PM

I have a friend/business associate that wishes to contribute $50,000 to my playing bankroll. I am wondering what the best way to receive these funds are. I have always kept my bankroll in Neteller, on various poker sites, and in cash, for my live play. Are there any issues with him simply wiring the money to my bank account? For those who have experience in this area, what is the best way to do it, besides him just giving me $50K in cash?

Any replies/advice is appreciated.

ChewyMint

ChewyMint · #2 07-18-2005, 11:24 PM

BUMP! Anyone have any insight on the situation?

ChewyMint

Master5hake · #3 07-18-2005, 11:26 PM

I don't have a good insight for this exact situation invloving a backing a poker bankroll - but I do know that 'gifts' exceeding 10,000 dollars are taxable - whether this could be qualified as an investment vs. a gift is another deal altogether, I think you would need a legal contract specifying the nature of the transaction

ChewyMint · #4 07-18-2005, 11:37 PM

I do have the contract. Part of me thinks it would be easiest to set up a corporation, using the $50K as working capital.

ChewyMint

poker-penguin · #5 07-19-2005, 01:37 AM

My first thought is "Holy crap what kind of limits are you playing?"

Then it was to get an ING account I'm told that people with bankroll put money there.

ChewyMint · #6 07-19-2005, 02:47 PM

I am currently playing $1000NL and $100 SNG's online. I intend to continue those limits, and add more live play to my daily routine.

ChewyMint

dogmeat · #7 07-25-2005, 12:40 PM

Yes, I have an insight - your full of BS, or your friend/business associate is trusting his money with somebody that has no experience or background in any type of financial matters, which is really strange.

Dogmeat [img]/images/graemlins/spade.gif[/img]

lordfoo · #8 07-26-2005, 08:45 PM

get your head out of your ass

SheetWise · #9 07-24-2005, 09:42 PM

If it's being played offshore, then bringing it into, or back into the US is silly -- and raises a lot of issues. Set up with offshore bank that provides access to funds for casino credit lines, etc. I will private e-mail you a US contact I use.

Lawrence Ng · #10 07-25-2005, 12:46 AM

If you are going to play online, then why not just have your backer set up a poker account and have you play it? It's easier that way and you won't have to worry about taxes and doing anything evasive. If you need to play live, just take whatever amount from your backer to play in cash.