does depositing $9900 to my check account seem fishy to the bank+gov?

[NLfool]

I had cashed out a decent portion of my bankroll and usually everything is done through neteller for under 2k. Everything larger I want a check sent to me and after a couple of weeks my $9900 cashout check arrives. Now does such a deposit look too weird to the bank. I was going to cashout my entire roll of 12k at party since I've been taking 2 and 3 outer beats every other hand I've played but I figured with a 10k+ deposit my bank is required to report it to the gov. Does $9900 peak their interest more or do they not care unless it is over 10k.

[LondonBroil]

It shouldn't matter, as long as you pay taxes on it.

[Frozen]

I highly doubt the bank reports this amount to the government. Your real risk isn't the bank telling the goverment, but if you get selected for a random audit, you'll have to explain the deposit. Endorsing the check to someone you trust with very low audit risk, to deposit to their account may be your best bet. Playing & cashing out under the name of someone who lives overseas is even better...

The USA was founded on tax rebellion.

[Cyndie]

There is a $3000 threshold on cash transactions, but the reporting requirements are not as strict.

[J.R.]

What about merely cashing the check? I pay my taxes, but am baffled at why this isn't a suggested answer to these questions, which leads me to believe there is some method by which the checks one cashes would be easily idetified in the case of an audit.

[Graham]

Endorsing the check to someone you trust with very low audit risk, to deposit to their account may be your best bet. Playing & cashing out under the name of someone who lives overseas is even better...


You can trust me with your $9900... [img]/images/graemlins/wink.gif[/img]

[Wake up CALL]

The $10,000 reporting requirement has additional caveats. If the institution cashing/depositing the check has a resaon to believe the money has either been obtained through illegal means, it may be part of a money laundring scheme or it is in an amount intended to circumvent the required report they are then required to report the transaction. Most institutions will err on the side of caution (particularly these days) and report any transaction (no matter the amount) which falls into any gray area whatsoever. IMHO your $9900 check will likely fall into this "gray area" at most institutons.

A question, why give up the 10% interest at Party? Or was your account established too late to take advantage of this offer?

[doormat]

Reporting requirements are for cash, or cash "instruments" like traveller's checks or cashiers checks. Depositing a personal check does not trigger a report, regardless of amount. Cashing a check for 9900 is indeed suspicious and may be reported at the discretion of the bank. Any cash transactions over a certain amount (which I believe is either 2500 or 3000) is supposed to require the bank to keep an internal record in case you make several such transactions to avoid the 10000 rule. Banks vary in their enforcement of this. I believe the worst crime you can commit with regard to money laundering is "structuring", which is intentionally disguising your transactions to avoid reporting. You are better off just generating a report - there are millions of these reported every year and as long as you claim the money it is no big deal.

doormat

[hehateme]

[ QUOTE ]
Reporting requirements are for cash, or cash "instruments" like traveller's checks or cashiers checks. Depositing a personal check does not trigger a report, regardless of amount. Cashing a check for 9900 is indeed suspicious and may be reported at the discretion of the bank. Any cash transactions over a certain amount (which I believe is either 2500 or 3000) is supposed to require the bank to keep an internal record in case you make several such transactions to avoid the 10000 rule. Banks vary in their enforcement of this. I believe the worst crime you can commit with regard to money laundering is "structuring", which is intentionally disguising your transactions to avoid reporting. You are better off just generating a report - there are millions of these reported every year and as long as you claim the money it is no big deal.

doormat

[/ QUOTE ]

I'm not quite sure what you mean by "generating a report". Do you mean just don't worry about it and don't file? Or just pay up like you're suppposed to?

Say he were to get audited and they say he owes taxes on those moneys. If there was no sign of evasion, like structuring, would he just pay up and move on? Or would there be strict financial penalties/criminal punishment for messing up the first time? Thanks for your post, I think this is a good issue for winning players to discuss, and still can't seem to get a solid answer out of anyone.

[NLfool]

It's a one time thing but all the culmulative neteller deposits for 1k, 500 etc might raise some eyebrows. Neteller is a canadian company so they won't say anything. Hopefully my bank won't care