BIG NIGE
05-15-2007, 12:45 AM
Okay I have a question about taxes on poker income. I'm posting here because you guys prbably know the most about this.
I know that if I deposit or cash any check of $10,000 or more at my bank, they report it to the IRS so I will have to pay taxes on it. However, since I can request from poker sites exactly how much I want sent in a check, what if I just requested checks of $9500 each and deposited them? Would the IRS still find out about them (remember the checks come from poker/gambling sites that are unregulated by the US so presumably they don't share or report anything to the IRS)? Is it legal to deposit money like this, since presumably one could do this and still pay taxes when they are due?
If the bank or IRS got suspicious because of all the $9500 checks, what if I was more discreet and varied the amounts between $5000-8000 to avoid drawing attention?
Could I depsit or cash an infinite amount of checks without the IRS ever finding out or forcing me to pay taxes? What would be my chances of cashing or depositing several checks without having the IRS find out and force me to pay taxes?
Yes I know it is illegal to not pay taxes on earned income, but I am just asking to find out just how much authority/power the IRS has over money that comes from foreign-based gambling sites who don't report anything to the IRS?
I know that if I deposit or cash any check of $10,000 or more at my bank, they report it to the IRS so I will have to pay taxes on it. However, since I can request from poker sites exactly how much I want sent in a check, what if I just requested checks of $9500 each and deposited them? Would the IRS still find out about them (remember the checks come from poker/gambling sites that are unregulated by the US so presumably they don't share or report anything to the IRS)? Is it legal to deposit money like this, since presumably one could do this and still pay taxes when they are due?
If the bank or IRS got suspicious because of all the $9500 checks, what if I was more discreet and varied the amounts between $5000-8000 to avoid drawing attention?
Could I depsit or cash an infinite amount of checks without the IRS ever finding out or forcing me to pay taxes? What would be my chances of cashing or depositing several checks without having the IRS find out and force me to pay taxes?
Yes I know it is illegal to not pay taxes on earned income, but I am just asking to find out just how much authority/power the IRS has over money that comes from foreign-based gambling sites who don't report anything to the IRS?