Cashout question

JS0085 · #1 03-20-2005, 02:40 PM

I recently took down a nice pay day at Partypoker, and now I wish to make a large withdrawal.

I have several questions regarding the withdrawal:

1. I paid all taxes, including on poker winnings from last year, and I plan on paying this year. Will such a deposit (5 figures) raise eyebrows anywhere?

2. Has anyone had any experience with Party or any other site wiring money directly in their account? If so, please share your experience. Party's check limit is $7,500 so anything larger seems to require a wire transfer. Nevertheless, will a $7,500 check deposit raise eyebrows?

Thanks in advance for any comments, advice and opinions.

Later

JS0085 · #2 03-21-2005, 11:49 AM

Can anyone help me out with some advice? You can PM about the matter if you'd like.

Later

SamJack · #3 03-21-2005, 12:16 PM

[ QUOTE ]
I recently took down a nice pay day at Partypoker, and now I wish to make a large withdrawal.

I have several questions regarding the withdrawal:

1. I paid all taxes, including on poker winnings from last year, and I plan on paying this year. Will such a deposit (5 figures) raise eyebrows anywhere?

2. Has anyone had any experience with Party or any other site wiring money directly in their account? If so, please share your experience. Party's check limit is $7,500 so anything larger seems to require a wire transfer. Nevertheless, will a $7,500 check deposit raise eyebrows?

Thanks in advance for any comments, advice and opinions.

Later

[/ QUOTE ]

If you are planning on paying your taxes, why do you care if it 'raises any eyebrows'?

SamJack

JS0085 · #4 03-21-2005, 12:30 PM

I am more concerned about other issues (Patriot Act/legality).

SamJack · #5 03-21-2005, 12:36 PM

[ QUOTE ]
I am more concerned about other issues (Patriot Act/legality).

[/ QUOTE ]

General concensus here is that it is much more problematic to avoid paying taxes then the possible risk of IRS reporting your gambling winnnings (and thus internet gambling) to justice department or what have you.

As far as Patriot act goes, it is really a set of laws to curb off-shore money laudering, it has nothing to do with transfering your gambling winnings from a poker site to your bank account. It has everything to do with transfering your gambliding winning to a secret account in Latvia...

SamJack