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#1
02-06-2005, 07:32 PM
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Getting your money out....
Hey guys, I recently won a bit of money in a tourny and I plan on paying taxes on it an all that good stuff, but my question is what if I withdrawl like 40k to my bank account? Would I pay taxes on it now? Would the IRS get suspicious right now? Or would they wait and see if I pay the taxes on it next year? Thanks for any help you guys can give.
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#3
02-06-2005, 07:52 PM
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Re: Getting your money out....
I don't know lol. Don't some people have to pay quarterly or something?
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#4
02-06-2005, 08:05 PM
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Re: Getting your money out....
if you are thinking of moving 40k at one time, i would strongly suggest you talk to a CPA and get professional advice on how to do it and how to report it.
best few hundred you will ever spend.
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#5
02-06-2005, 08:17 PM
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Re: Getting your money out....
Granny's right, when you said 40k had to look twice. Don't Risk gettin in trouble. Then again you could always open an off shore bank account, not that I'm saying its right, but its an option.
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#6
02-06-2005, 08:27 PM
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Re: Getting your money out....
Yes. That will be in March.
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#7
02-06-2005, 08:31 PM
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Re: Getting your money out....
Yea the main thing is not getting in trouble, I will gladly (as glad as you can be when giving the IRS your money) pay the taxes. 40K-50k is about what I want to move out of my account, but I assume multiple 8-10k withdrawls probably wouldnt be any differant because they would pick up on that quickly im guessing. Anyone here ever withdrawl like 10k or more at a time? If so can you give me some insight? Thanks again for the replies guys.
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#8
02-06-2005, 08:43 PM
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Re: Getting your money out....
if you do it in increments, this could look worse. that's why i suggested talking to a CPA. advice here is great, but you need someone who knows the laws of your state and the state of the rest of your financial picture. moving 40k is not uncommon with poker players online, but if you do this the wrong way you run the risk of looking like a money launderer, not a legit tourney winner.
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#10
02-06-2005, 09:24 PM
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Re: Getting your money out....
I'm a CPA and I totally agree with Granny. Talk to a CPA who does personal income taxes. It will be money well spent. With that much in winnings you are going to need some tax planning advice so you don't end up in bad shape at the end of the year. A CPA can help make sure you pay the correct amount at the correct time and should have advice to minimize your total taxes.
I don't do personal taxes, except my own, so I am not qualified to give the advice you need.
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