taxes, transfers etc...

bikedocjoe · #1 03-02-2005, 11:52 AM

Been at Party for about 3 months now playing mostly 5-10 stud, and am on the plus side for about 7K. I am transferring the money via neteller to my checking account in 1K chunks. (I already know the win rate is not sustainable). Is anyone aware of any issues with wire transfers or large payments. I know 10K is a threshold at which something happens. Party is in Gibraltar??? I dont't want the IRS sniffing at my door. Anyone??

Klak · #2 03-02-2005, 12:01 PM

i think if you do it in small chunks like 1k each time they wont notice. you should be fine since party doesnt really have to tell the US govt about anything.

7stud · #3 03-03-2005, 06:34 AM

I dont't want the IRS sniffing at my door.

Then pay your taxes, and be thankful you have winnings to pay taxes on. Also, if you don't pay your taxes, you are additionally committing interstate fraud because your transactions are being carried out across the interstate phone lines. And, since you are committing a pattern of such activities with your multiple 1k transactions, you could be charged with a RICO violation for interstate racketeering which allows the government to seize your house and your personal assets as a monetary penalty in addition to incarcerating you in a federal prison as a criminal penalty.

B Mando · #4 03-03-2005, 01:33 PM

Thats probably a little over the top, but still

Pay your taxes. I did research on the IRS website before I called my cpa to see what the deal was and apparently only like 68 people last year got in trouble for not playing taxes on gambling winnings. So you probably wouldnt get caught, BUT...I am like the average paranoid 2+2ers and like someone else said "I am going to take it in the ass now and pay my taxes rather than take it in the ass later"