Best way to Cash over $30k from Online Book

[CHOPTALK]

Those that would pay taxes if they won this amount, do you guys claim loses from gambling as well? If not, why not?

Honestly curious. And for the record, no way would I pay taxes on this.

You can only claim losses up to the amount won.

Lets say you get a 10K payout in january and you lose 20K the rest of the year.

You can only claim breaking even for the entire year even though you lost 10K gambling.

You can never claim a net loss in gambling.
The best you can do is claim even.

This applies to both offshore and legal land casinos.

 

[CHOPTALK]

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.

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only way it will cause an issue is if you don't pay the taxes on it.
The IRS don't give a fuck how you got the money.
All they care .about is if you give them there share.

There are actually laws in place that prevent the IRS from investigating how you receive money.

That don't care how you acquire it, all they care about is if you give them there portion.

 

[PatsFan1283]

Why would this get moved to industry talk? Seems pointless, an actual good discussion and lets basically put it in the bleachers somewhere where no one can see it.

 

[bukis1]

I just wish I was the one that had this problem winning 30000!

 

[TopShelf11]

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

And you're a mod on a gambling forum.

Whoever owns this joint needs to clean house, this place has the potential to be great.

 

[TopShelf11]

Why would this get moved to industry talk? Seems pointless, an actual good discussion and lets basically put it in the bleachers somewhere where no one can see it.

That's what the idiots do here.

Just like my NBA picks get moved into the NBA morgue. If someone laid just $50 on my last 4 picks they'd be up $950. But lets move it to a sub forum where nobody sees anything.

 

[TopShelf11]

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!

Acebb, these check cashing places...isn't there any kind of hold on these checks clearing? Back in the WSEX days I deposited all kinds of checks that would take a week or so to clear.

I pulled 13k out of Heritage over the last month...but they adjusted their P2P limits for me, and it was no problem getting the cash out. I've taken quite a few bank wires over the years, mainly always around 2k, never a problem. I like what Heritage can do, they'll adjust their limits, allow you to have them sent to other people, and allow 1 WU and 1 MG a day.

 

[GoBlue34]

You can only claim losses up to the amount won.

Lets say you get a 10K payout in january and you lose 20K the rest of the year.

You can only claim breaking even for the entire year even though you lost 10K gambling.

You can never claim a net loss in gambling.
The best you can do is claim even.

This applies to both offshore and legal land casinos.

Huh I learned something today. Makes sense though...

 

[CHOPTALK]

Huh I learned something today. Makes sense though...

I know it sucks but its 100% true.

 

[doubledeuce22]

Why would this get moved to industry talk? Seems pointless, an actual good discussion and lets basically put it in the bleachers somewhere where no one can see it.

Need more room for threads about what condiments people like.

 

[TopShelf11]

Need more room for threads about what condiments people like.

What do you expect when a mod is on page 1 of this thread saying if you don't pay taxes on winnings, you're going to jail?

 

[akphidelt]

Oh yea, keep in mind that my buddy didn't do 10 separate $3k transfers. He took out a large sum but bovada only sends $3k at a time. The first check he received he went in to his bank and deposited it with no questions asked or problems. I've cashed $2-$5k in cash and offshore checks also and never had a problem. I personally think he could simply cash the checks and get away with it, BUT he definitely is not going to risk it.

I personally don't think the IRS cares, the problem is the bank. I never thought of those check cashing places, I always heard that they are bad to use for international checks. Oh well, doesn't seem like there is a consensus on what to do. It might be enough money to actually pay someone for advice or even talk to the bank.

 

[Acebb]

Acebb, these check cashing places...isn't there any kind of hold on these checks clearing? Back in the WSEX days I deposited all kinds of checks that would take a week or so to clear.

I pulled 13k out of Heritage over the last month...but they adjusted their P2P limits for me, and it was no problem getting the cash out. I've taken quite a few bank wires over the years, mainly always around 2k, never a problem. I like what Heritage can do, they'll adjust their limits, allow you to have them sent to other people, and allow 1 WU and 1 MG a day.

I am sure it depends on the place. But if you have a bank check for $3,000 (as I assumed based on what was posted) I don't see that being a problem.

 

[TopShelf11]

Oh yea, keep in mind that my buddy didn't do 10 separate $3k transfers. He took out a large sum but bovada only sends $3k at a time. The first check he received he went in to his bank and deposited it with no questions asked or problems. I've cashed $2-$5k in cash and offshore checks also and never had a problem. I personally think he could simply cash the checks and get away with it, BUT he definitely is not going to risk it.

I personally don't think the IRS cares, the problem is the bank. I never thought of those check cashing places, I always heard that they are bad to use for international checks. Oh well, doesn't seem like there is a consensus on what to do. It might be enough money to actually pay someone for advice or even talk to the bank.

I want to know about these places. I've gambled for years and never have used one. There's so many scams of fake checks out there, how do they instantly know it's good? This could be a game changer for me and getting paid from books.

 

[Acebb]

only way it will cause an issue is if you don't pay the taxes on it.
The IRS don't give a fuck how you got the money.
All they care .about is if you give them there share.

There are actually laws in place that prevent the IRS from investigating how you receive money.

That don't care how you acquire it, all they care about is if you give them there portion.

choptalk,

If this was a single check or a bank wire, I'd agree with you that you'd have to claim it.

But with a series of checks, you can basically mask the "income" as just regular banking.

Again, if this person gets audited claiming $30,000 in gambling winnings he isn't going to be able to simply say "I won it at my uncle's house" and watch the IRS laugh it off. And if he says that he won it online, he's confessing to federal (bank & wire fraud) crimes.

There is not a great option here, but to me putting yourself in that position if you get audited a much higher risk than simply cashing the checks and not reporting it.

 

[Acebb]

Oh yea, keep in mind that my buddy didn't do 10 separate $3k transfers. He took out a large sum but bovada only sends $3k at a time. The first check he received he went in to his bank and deposited it with no questions asked or problems. I've cashed $2-$5k in cash and offshore checks also and never had a problem. I personally think he could simply cash the checks and get away with it, BUT he definitely is not going to risk it.

I personally don't think the IRS cares, the problem is the bank. I never thought of those check cashing places, I always heard that they are bad to use for international checks. Oh well, doesn't seem like there is a consensus on what to do. It might be enough money to actually pay someone for advice or even talk to the bank.

Have him take 1 of the checks to the check cashing place and find out. If it is from a bank my understanding is that they will give you cash minus the fee right on the spot. These places also offer to load it onto a debit card so the guy can use the funds for every day stuff (they may even cancel the fee for doing that as they get a kick back on that).

 

[doubledeuce22]

Oh yea, keep in mind that my buddy didn't do 10 separate $3k transfers. He took out a large sum but bovada only sends $3k at a time. The first check he received he went in to his bank and deposited it with no questions asked or problems. I've cashed $2-$5k in cash and offshore checks also and never had a problem. I personally think he could simply cash the checks and get away with it, BUT he definitely is not going to risk it.

I personally don't think the IRS cares, the problem is the bank. I never thought of those check cashing places, I always heard that they are bad to use for international checks. Oh well, doesn't seem like there is a consensus on what to do. It might be enough money to actually pay someone for advice or even talk to the bank.

I'd tell him (and maybe you too) to take a fukin Xanax.

You guys are way over thinking all of this IMO. Cash the checks and put the money under his mattress.

 

[akphidelt]

I'd tell him (and maybe you too) to take a fukin Xanax.

You guys are way over thinking all of this IMO. Cash the checks and put the money under his mattress.

Lol, not all of us are from the mean streets and understand what to do with $30k of money that was attained "illegally". Even if there is a 1% chance of getting in trouble, he's not going to take it.

The worst part about this whole thing is he used the $500 he won from me (I bet him $500 the Seahawks would not make the Playoffs). But he confides in me for answers since I've been online gambling for so long, so I don't want to get him in trouble. Most internet searches come up with the same discussions. No real solid solutions that have 0% potential of getting in trouble.

 

[doubledeuce22]

Lol, not all of us are from the mean streets and understand what to do with $30k of money that was attained "illegally". Even if there is a 1% chance of getting in trouble, he's not going to take it.

The worst part about this whole thing is he used the $500 he won from me (I bet him $500 the Seahawks would not make the Playoffs). But he confides in me for answers since I've been online gambling for so long, so I don't want to get him in trouble. Most internet searches come up with the same discussions. No real solid solutions that have 0% potential of getting in trouble.

Just busting chops a little.. I

know what you're saying.. You're doing the right thing by asking around, and ultimately I don't know if there is a 100% right answer to all this.

I would say some of the stuff flying around in here is a little over the top or far fetched.

 

[TopShelf11]

I just don't know on the check cashing places....couple months back I got some random check in the mail for $1,000 looked legit as fuck off Wells Fargo...it was my first weekly payment for 'wrapping my truck in an advertisement for an energy drink'(something I never signed up for or applied for)....like I said looked legit as fuck....was instructed to cash it and wire 1/2 the money to some dope in Nigeria. Of course I knew it was a scam right off the bat, but after reading online for a few minutes I found out there's literally millions of fake checks floating around out there.

Hard to believe some check cashing joint would take a shot on getting a fake one...it's not like you got a bank account tied to their store. Maybe there's a way for them to confirm they're legit. I don't know. Some of them WSEX and Youwager checks would come drawn off furniture stores in Chicago.