Lots of bank accounts, is it ok?

[buddyboy]

Red,

Sure, cash in all 10K per month at one bank. Again if they know you it shouldn't be a problem.

Use that one bank for everything. Credit cards, loans, CD's. Pay all your bills through that bank. When you cash a check make sure they know what it is for...when you send money to a book make sure they know what that is for also.

THEY WILL NEVER EVER CALL THE IRS AND TELL ON YOU! IF THE BANK HEADQUARTERS CALLS AND ASKS ABOUT YOUR ACCOUNT YOUR NEW BUDDIES WILL COVER FOR YOU.

Just make sure you cover your butt by reporting your winnings and only claiming your losses against those winnings (pay your accountant from this bank account too) and you will be alright.

Last time I looked it was not against any laws to PLACE a bet. It is only against the law to ACCEPT A BET (or in other words, be a bookie)

good luck.

 

[THE SHRINK]

Great topic...

There is nothing wrong with opening up an account offshore either...

As long as income stays there, there is no need to declare it...

 

[acw]

Is there a problem opening a bank account in the Caribbean?
There must be good banks out there with internet banking.

 

[ballsofblue]

your best bet is to find someone you know with and offshore acct. and use their bank. or you could always type it into yahoo and take your chances. wonder if there is a fourm that talks about offshore banking

 

[buddyboy]

shrink,

I thought that the IRS asks on your return:

Do you control any bank accounts outside of the United States? If Yes...

and by control they mean that you are the sole signer on the account.

 

[THE SHRINK]

buddyboy,

thats why i have an accountant and a lawyer handling this but it can be done legally...

 

[FatFrank]

*Theoretically* I can w/d $500.00 per day each day of a month (total 15K) from a credit union atm using NETeller's ATM/Debit card.

 

[Oren1]

what about Western Union?

 

[Phaedrus]

red007, you are setting yourself up for trouble man. Open an account with a decent offshore bank and don't fool with check cashing stuff; just have the money wired.

Very US-person-friendly and sportsbook-friendly bank with which I have experience is Loyal Bank in St. Vincent. SV has excellent banking privacy laws, and you can open an account with Loyal with a Cirrus/Maestro debit card attached for under $ 100.00 and one faxed ID.


Phaedrus

 

[jjgold]

I would keep your bank accounts to a max of 3. A lot of banks will evaluate people with multiple accounts.

 

[oldmantime]

Shrink or Buddyboy or anyone that knows: Is having a Neteller considered an offshore bank acct.?

 

[GottaWinToday]

I used to work in Vegas as a ticket writer in a few casinos over the years. Before the rules were changed a few years ago....

I remember this big guy come in and bet $5,500 on a game and the money was all in 5 dollar bills......

He didn't seem to give a sh(t about the money or the game. When he won I gave him $10,500 in one hundred dollar bills.....Now that laundering the money, aye.....

The IRS has a word for flying under the radar (multiple accounts, low checks), I forget the name but just doing it is a crime as long as they are concerned.....

If you ask me I say F----- em.....


GottaWinToday

 

[Phaedrus]

oldmantime -- companies like Neteller, e-gold, PayPal, etc. are not considered banks, but they are considered "financial institutions" under US law and do have to file CTR's and other financial reports on US persons who do business with them and meet the criteria for a given report. Because Canada and the US are ass-buddies in this regard, any bank or company in Canada might as well be considered a US company as far as your financial privacy goes.


Phaedrus

 

[Terry]

Buddyboy, so your bank looks at your other payments when rendering a decision to report you or not? I have given 20 bucks here and 30 bucks there to various charitable orgainizations, could that help at all?

Shrink, I do not believe you are accurate (I could be wrong) when you say you do not have to declare winnings as long as your income stays offshore. It is called Constructive Receipt or some sh%t.

 

[oldmantime]

Thanks Phaedrus;
I know two years ago when Jackson-Hewlitt did my taxes they asked about having any offshore bank accounts. At that time all I had was Paypal (no Neteller) so I said no.

This past year--they did not even ask me when filling out the tax forms, but since Neteller's balance was 0. don't think it mattered.
A whole New worry. I never thought about them as being an offshore acct until now

 

[UncleMoneybags]

Gottawintoday:

I believe that it is called "smurfing", and the IRS doesn't take too kindly to it. When I lived in Vegas, it took a friend of mine 4.5 years to pay them off because of the penalties and interest. They drilled him a new asshole. What made it worse he only had 2 years worth of paperwork to show them.

Anytime you do something questionable, just make damn sure your return is spotless. These IRS people have powers that the CC's don't. They don't give a fvck. They know every bank account and won't hesitate to take whatever you have in your accounts, so be careful, Red007.

Good Luck

 

[red007]

thanks for all the input guys. I think I'll just stick w/ 3 bank accounts and just open up more offshore sportsbook accounts to spread the money around more evenly. Its not like I'd be getting interest on any money here in the US if it was in a safe deposit box.

 

[rickyroma]

so just for example...say you "deposit" 1,000 through neteller for the whole year. And you withdraw say 300 from neteller back to your bank account for the whole year. Should you still file the $300 with the IRS? Are they really gonna check into that? Shouldn't it not be considered any profit or "income" to claim, since you sent them 1,000 and withdrew only 300?