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

[cardcounter0]

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.

[Baulucky]

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.

[Daxonovitch]

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

...

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

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Now we're getting somewhere. What are these costs? It would seem that if you were so inclined to make a large purchase, you could withdraw the money, $9900 at a time, bring it to a bank and get a cashier's cheque for it, and pay for the item with a stack of cashier's cheques.

If you did have this much money, would it be worth it to you to move to another country, live out of an apartment while getting the money out, purchase a house with it, then move back?

Lastly, I guess if you wanted to wait, you could take any negative losses/buyins for the year and write them off against the wins? IE, document the losses/tourney entries with receipts and so on, and withdraw that much per year? The problem is that it might take several years to get it all.

[cardcounter0]

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you could withdraw the money, $9900 at a time,

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This is called structuring. It will add about 3 years per transaction to your prison term.

1 - Forget banks, wires, cashiers checks, money orders, etc. They all leave a trail, are watched, and can be tracked.

2 - Get cash (preferable out of the country).

3 - Trade for some hard asset (cars, jewels, antiques, etc.)

4 - Smuggle in the cash or bring in the asset with a valuation far below its true worth.

5 - Never deposit the cash in a financial institution of any type. Sell the assets for cash (no checks, money orders, etc.)

i asked my friend about this that worked at a bank and he told me as long as the value of the cashed check is not above (x amount i forgot) then it doesn't get reported.

[tonypaladino]

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i asked my friend about this that worked at a bank and he told me as long as the value of the cashed check is not above (x amount i forgot) then it doesn't get reported.

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Incorrect. The over $x ($10k usually) rule is for automatic reporting.

My father is an Anti-Money Laundering Investigator for a European bank, and according to him, transfers of amounts just below the cutoff point for automatic reporting are the most suspicious and will almost always result in a reporting to the Treasure Dept, as will multiple withdrawals/transfers/deposits of any amount if they are freqent. If you make $50k a year and are all of a sudden transfering $4k every three weeks from Neteller your bank will most likely report it.

[Jimbo]

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

...

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

[/ QUOTE ]


Now we're getting somewhere. What are these costs? It would seem that if you were so inclined to make a large purchase, you could withdraw the money, $9900 at a time, bring it to a bank and get a cashier's cheque for it, and pay for the item with a stack of cashier's cheques.



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SUSPICIOUS ACTIVITY REPORTS

Perhaps your $9900 idea has been thought of before. Ya think?

Jimbo

[RikaKazak]

I agree with baulucky, if you hate taxes so much, move to aussie land where they pay 0% taxes on all gambling. And is risking saving $5K or $20K really worth the risk of going to jail??? Not for me, but maybe for you??? Up to you man, but I recomend not doing it.

[Skipbidder]

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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.

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Is this white-collar-resort prison or federal-pound-me-in-the-ass prison?

[pipes]

Won't PokerStars send you checks? Then you could take these checks to check cashers. This is a hit, but not as much as taxes or hassle of anything else.

What is the most you can take to a check casher w/o having anything reported/flagged?