And when your audited and they ask you where did that 30k come from that you did not pay taxes on what are you going to tell them?
And when your audited and they ask you where did that 30k come from that you did not pay taxes on what are you going to tell them?
Say at what you mean and mean what you say.
Ok so your suggestion for avoiding getting in trouble for wire fraud is to commit a felony by not paying taxes on 30k. Awesome strategy
Ace your reading way too much into it man.
You get 30k from an online sportsbook, the main issue is you have a bunch of checks you cashed and $ that came from nowhere.
The conversation never gets to "I bet on bookmaker.com and got 30k" in an audit. Nobody cares about that shit and it'll never come to that. All that the Gov wants is the tax $ if they feel you made some $ they didn't get a piece of.
Like I originally said though, 30k is nothing to them and you can just cash a bunch of checks in the 3-7k range over a few months and you'll be completely fine.
Paying taxes on 30k of online gambling winnings is a complete sucker move imo
Chop are you saying you would pay taxes on the 30 and not doing so is going to result in tax evasion? If so that is way over the top.
You get 30k from an online sportsbook, the main issue is you have a bunch of checks you cashed and $ that came from nowhere.
The conversation never gets to "I bet on bookmaker.com and got 30k" in an audit. Nobody cares about that shit and it'll never come to that. All that the Gov wants is the tax $ if they feel you made some $ they didn't get a piece of.
Like I originally said though, 30k is nothing to them and you can just cash a bunch of checks in the 3-7k range over a few months and you'll be completely fine.
Paying taxes on 30k of online gambling winnings is a complete sucker move imo
Chop are you saying you would pay taxes on the 30 and not doing so is going to result in tax evasion? If so that is way over the top.
Given that bank fraud is a felony, you have to go with which one has the greater likely hood of detection.
That would clearly shade you toward taking the $3,000 checks (not all in the same day/month) to various places and cashing them.
I would also cash them at my bank and open a new bank and cash a few others.
That actually isn't true at all because you could say you won the 30k over time, under 10k increments and that is why no form W-2G was issued.
You are looking at it a little too carefully by letter of the law, a lot of ways around something like this.
Also as long as you cut that tax check the IRS isn't gonna care either. Nobody is gonna lock you up for being on Bovada...
pats,
Here is what happens if you say something like that:
There's usually no paper trail, so IRS agents will typically ask for the names and contact information for people that may have been part of the illegal transaction, Moskowitz says. The agency will then try to verify your numbers with them.
You can't just get through an IRS audit by making up lies. Here is when a payer is required to pay out a W-2G
By the way, you can read that article and come to a conclusion that in a sense choptalk is right. But they do say that the IRS shares illegal activity information with other law enforcement.
Here is what happens if you say something like that:
There's usually no paper trail, so IRS agents will typically ask for the names and contact information for people that may have been part of the illegal transaction, Moskowitz says. The agency will then try to verify your numbers with them.
You can't just get through an IRS audit by making up lies. Here is when a payer is required to pay out a W-2G
By the way, you can read that article and come to a conclusion that in a sense choptalk is right. But they do say that the IRS shares illegal activity information with other law enforcement.
I guess what I meant is every person is different. Which I did say in this thread before, if I had undocumented $ coming in and it was so much that I got audited I could say I got it from a lot of places (and show a paper trail)
Money is fungible, if you have it coming in and going out there is a lot that each person can justify saying. I'll just leave it at that.
Obviously if someone makes 35k and has no deductions, no other ventures then just depositing 30k into their bank account in a 2 month span could raise flags. Every situation is different but unless your pushing blow, not paying taxes on undocumented income isn't terribly difficult as long as it isn't excessive.
Yea, the check cashing really isn't the problem. And I realize $30k is not a huge deal as the IRS has millions of transactions which much larger values going on throughout the country. He's just paranoid because he makes $60k a year and to have an extra $30k being deposited in to his account might cause an issue.
That is the essence of my point.
You either go to the bank and cash or deposit a few and go to the check cashing place.
The check cashing place will give you a pre-paid debit card if you like, or cash.
My opinion is the less you interact with an actual bank in this regard the better.
And certainly don't deposit $30,000 in checks!
It will cause an issue.
This activity needs to be spread out.
Banks have a reporting requirement to the IRS and can file a "suspicious activity report" when the bank "knows, suspects, or has reason to suspect" that a transaction of at least $5,000 involves money derived from illegal activities or is part of a plan to violate federal laws and financial reporting requirements."
A Currency Transaction Report (CTR) is required for every deposit, withdrawal or exchange over $10,000 in cash.
Which is why I'm saying the activity with the bank should be limited.
