Praxis101
03-19-2006, 08:22 AM
Hey guys, I'm thinking this subject has been covered/partially covered in the past, so if anyone has a quick link to some info, that'll do just fine ;-)
This is a completely hypothetical situation.
Let's say I'm a solid poker player, winning somewhere in the neighborhoood of 2k-3k/month. I have no interest in making purchases of assets of any kind, or any kind of large purpose for arguement's sake.
I want to spend my money on friends/partying/making day to day life slightly more comfortable.
How feasable would it be to be able to safely cash out a check (safety in regards to tax reasons, if that is not clear) at the end of the month from my poker site, cash the check at my local bank, and keep the money stored at home (or a safety deposit box) for a couple of years?
How exactly do banks record/report these transactions?
Would there ever be any reasons for my scenario to be suspicious to the IRS: i.e. would I ever have a chance to be audited solely for this scenario?
No, I do not/am not planning on doing this, or anything like this. I'm hardly a winning player and have not made any cash outs. I'm curious by nature and have nothing to do today :-)
Thanks in advance!
This is a completely hypothetical situation.
Let's say I'm a solid poker player, winning somewhere in the neighborhoood of 2k-3k/month. I have no interest in making purchases of assets of any kind, or any kind of large purpose for arguement's sake.
I want to spend my money on friends/partying/making day to day life slightly more comfortable.
How feasable would it be to be able to safely cash out a check (safety in regards to tax reasons, if that is not clear) at the end of the month from my poker site, cash the check at my local bank, and keep the money stored at home (or a safety deposit box) for a couple of years?
How exactly do banks record/report these transactions?
Would there ever be any reasons for my scenario to be suspicious to the IRS: i.e. would I ever have a chance to be audited solely for this scenario?
No, I do not/am not planning on doing this, or anything like this. I'm hardly a winning player and have not made any cash outs. I'm curious by nature and have nothing to do today :-)
Thanks in advance!