Best way to Cash over $30k from Online Book

[TopShelf11]

He cancelled some of the checks and is going to try this route. So when you pay your taxes on your winnings it doesn't matter that it came from online gaming?

I'd pay a couple hundred bucks and get some legal advice on the taxes part.

 

[PatsFan1283]

if he already has 30k he's almost done but there easier ways...

He really does need to pay taxes on it...

why on the taxes?

You can cash 3k checks for awhile without anybody caring.

 

[Defying]

if i won 30k, I'm paying taxes. government just wants their piece, and I'm not going to jail over that

 

[akphidelt]

if i won 30k, I'm paying taxes. government just wants their piece, and I'm not going to jail over that

I'm the same way and so is my buddy. That's why I'm posting this, he doesn't want to take any chances. If taxes are necessary than he'll pay them. Just wants to know how to get that money from his book in to his hands without any issues.

 

[KingofNicotine]

Why do you guys say small deposits will raise a red flag but not one giant bank transfer?

 

[PatsFan1283]

if i won 30k, I'm paying taxes. government just wants their piece, and I'm not going to jail over that

Do you realize how small time 30k is in the grand scheme of things? If you cash a 3k check here and there as well as have family/friends cash some of them you would be absolutely fine. Unless you had no documented income or something, people are allowed to have some $ afterall, we do live in America.

If you won 200k I think you might have a point but paying 30k on gambling winnings when there is no 1099 being issued is being overly careful IMO.

People get checks in the 2-5k range all the time in life, it isn't like your trying to hide a mill here. Tell him to cash 1 a month or whatever and he'll be fine.

 

[Acebb]

I would not listen to people who are suggesting you pay taxes on winnings that are from an illegal activity.

 

[PatsFan1283]

I would not listen to people who are suggesting you pay taxes on winnings that are from an illegal activity.

If you won a really significant amount and you had to be paid via check, it would be pretty difficult to not report it as income but even then a lot would depend on the persons own situation. If you got a job, bills, investments etc then money comes in and goes out pretty fast and it would likely be undetected unless your lifestyle just drastically changed.

 

[Acebb]

Ok, so I have a friend that won a poker tourney and a pretty big parlay and is up over $40k in an online betting site. He has cashed out over $30k so far and is getting checks in increments of $3k. What is the best way for him to cash these checks without any problems? Is it even a problem or can he go to the bank over and over again with these checks without raising red flags?

First of all, do not under any circumstances advise your friend to pay taxes.

The very best way to do this is to go to those payday loan/check cashing places. While there is a % fee, it is the most effective way to not raise any "red flags" as the 3K amount really isn't eye popping.

 

[Acebb]

If you won a really significant amount and you had to be paid via check, it would be pretty difficult to not report it as income but even then a lot would depend on the persons own situation. If you got a job, bills, investments etc then money comes in and goes out pretty fast and it would likely be undetected unless your lifestyle just drastically changed.

I understand that, but this is a series of checks, not a lump sum.

 

[PatsFan1283]

First of all, do not under any circumstances advise your friend to pay taxes.

The very best way to do this is to go to those payday loan/check cashing places. While there is a % fee, it is the most effective way to not raise any "red flags" as the 3K amount really isn't eye popping.

ace, the best way is just to go to a bank and say gimme my fuckin money. 3k is nothing as far as raising eyebrows goes.

Shit people give kids, siblings 3k all the time....People do jobs for 3k that they don't report as income, etc

 

[Well-Seasoned]

http://youtu.be/Aj4A_l6hJyw

 

[Acebb]

pats,
I get what you're saying. I'm just answering the question to the letter.

And, it really depends on the bank. You never know when someone is going to try and be 'employee of the month' and start asking questions.

You go to a payday loan place and they collect their $66 for cashing your check and they guy goes back to his coffee cup and the basketball game on TV...

 

[CHOPTALK]

I would not listen to people who are suggesting you pay taxes on winnings that are from an illegal activity.

Can you please tell me which illegal activity you are talking about?
There has been no illegal activity mentioned in this thread other then not paying taxes.

 

[CHOPTALK]

First of all, do not under any circumstances advise your friend to pay taxes.

The very best way to do this is to go to those payday loan/check cashing places. While there is a % fee, it is the most effective way to not raise any "red flags" as the 3K amount really isn't eye popping.

AK I would do the opposite of this unless you want to go to jail.
The last place you go is a check cashing place.

Ignorance is high with this poster.

 

[festeringZit]

Get in touch with Festering Zit. He has a friend who can pick it up for you on her boat:

You guys, please stop using pictures of my girlfriend to wank off to. It's just not cool.

 

[PatsFan1283]

AK I would do the opposite of this unless you want to go to jail.
The last place you go is a check cashing place.

Ignorance is high with this poster.

Never used 1 of those cash checking places before and I do think it would be pointless and just lead to fees. But why would cashing checks there over bank lead to jail? Didn't follow that 1

 

[Acebb]

AK I would do the opposite of this unless you want to go to jail.
The last place you go is a check cashing place.

Ignorance is high with this poster.

I'm not the one that doesn't understand that online gambling is viewed as illegal by the FBI in America.

But by all means, please tell the IRS that you have income generated by illegal activities.

Swell plan.

 

[Acebb]

AK I would do the opposite of this unless you want to go to jail.
The last place you go is a check cashing place.

Ignorance is high with this poster.

Where did you go to law school again?

 

[PatsFan1283]

I'm not the one that doesn't understand that online gambling is viewed as illegal by the FBI in America.

But by all means, please tell the IRS that you have income generated by illegal activities.

Swell plan.

So you think they wouldn't even take the tax revenue because online gambling isn't legal?