Biggest check you can get that banks don't report to IRS?

[Chesskid1]

This is NOT about how to not pay your taxes, I haven't been keeping track of poker winnings, but i'm trying to fix that, and I don't want a $10k check being reported to the IRS when i'm trying to figure out all my money won and everything for when I file taxes everything works out okay and there isn't some rogue high amount $$ checks that I have to explain to the IRS. I am 100% paying my taxes. Something like I could go bust online, have to use the $10k, lose it, then have to pay taxes on it, you know?

I am looking to get off around $20k on stars, and it looks like i'm just going to do it by check (looks like basically my only option). One friend told me that all checks over $10k are reported. Another told me it's $5k on over. Does anyone know for sure? I have Chase if that matters. thanks.

[Losing all]

Over 10K must be reported. Under that and it's up to the bank to rat you out at their leisure.

[TheProdigy]

Splitting up checks to avoid this is also a no-no if I remember correctly.

[gameplay]

What do you mean by no-no prodigy,why?
What happens in europe is it the same?

[A_Junglen]

[ QUOTE ]

I am looking to get off around $20k on stars, and it looks like i'm just going to do it by check (looks like basically my only option).

[/ QUOTE ]

You can wire transfer it directly to your bank. It takes 3 days, and I believe $20k is the minimum required to make the wire transfer

[The4Aces]

Imm pretty sure no checks are reported. Only cash transactions of over 10k (might be lower now)

[Dr_Chris]

[ QUOTE ]
Splitting up checks to avoid this is also a no-no if I remember correctly.

[/ QUOTE ]


It is called structuring and carries with it some serous penalties;

d) Criminal Penalty.—
(1) In general.— Whoever violates this section shall be fined in accordance with title 18, United States Code, imprisoned for not more than 5 years, or both.
(2) Enhanced penalty for aggravated cases.— Whoever violates this section while violating another law of the United States or as part of a pattern of any illegal activity involving more than $100,000 in a 12-month period shall be fined twice the amount provided in subsection [……], United States Code, imprisoned for not more than 10 years, or both.


So if the figure poker is an illegal activity you may face some serious jail time.

enjoy!



Chris

[DMoogle]

[ QUOTE ]
Imm pretty sure no checks are reported. Only cash transactions of over 10k (might be lower now)

[/ QUOTE ]
I'm pretty sure this is the case as well.

[gameplay]

50000$ is the minimum for bank transfer on stars i think.
So is it better to use checks and not bank transfer?

[GretasGun]

I used to work at a bank as a teller.

Checks (of any amount) do not get reported. Cash transactions over $10,000 (in or out of your account) must be reported via a form that the bank fills out.

That said, any transaction that the bank deems "suspicious" can be reported without meeting the $10k threshold.

The bank that I used to work at was in a relatively affluent area, and I would see several personal deposits (via check) per day over 10k. If every one of these things were required to be reported, the IRS would have their hands full with the forms.

Here's the form if anyone is interested. (http://www.fincen.gov/forms/fin104_ctr.pdf)

[poker345]

Gretasgun ty for the infos, are u in europe? and what is happening if its a bank transcation over 10k? on europe we do not pay taxes for that, so what is happen on that circumstance, is any problem to tell them they are gambling winnings?

[GretasGun]

I am in the US, the regulations that I spoke of are for the US banking system. I don't know anything about Europe.

It's not in the bank's interest to know where the money comes from, either.

[poker345]

which is on the bank interest if its not a possible money laundering?

[PMR]

For details, read up on the Bank Secrecy Act of 1970.

http://en.wikipedia.org/wiki/Bank_secrecy_act

[raze]

Anybody have an answer for Canadians ?

[Henry17]

There is an entire thread on Canada and Tax law

[jbrennen]

In the course of buying and selling homes, I've dealt with 6-figure checks and 6-figure bank wires, and AFAIK, none of it was ever reported to any government agency.

My understanding is in line with the other posters above; if you deal with large cash transactions, you may have issues. Checks shouldn't trigger any thing.

[j4lvlie]

just w/d 9,999

[ZPinhead]

The reason that the $10,000 cash deposit reporting is in place it because there is no paper trail with cash, they can't track down where it came from. A check deposited in your account can be traced to it's source. It's more for trying to identify 'illegal' sources of income and the associated criminal activity than to let anyone know how much money you're making. That comes later with an IRS audit...