Neteller and the IRS

[goodgrief]

Your bank has most likely already filed a Suspicious Activity Report on you, since you did a transaction that was obviously designed to circumvent the Money Laundering Act of 1986. Wire transactions and such items as traveler's checkes, not usually thought of as cash, have been covered under that law for a long time, not just cash per se. In some situations, wire transactions are reported to Department of Treasury even for amounts as small as $750. Structuring is a felony. What's done is done, but the best way to prove you are not structuring is to take care to have some transactions that are clearly above the reportable limit. It's better to have some CTRs than a bunch of SARs. Federal tax law clearly states that you must pay taxes on the amount of your win. If you need more nuanced advice because you weren't able to actually collect some of your win, hire an accountant. Clearly, the advice I can give you in a short post is not comprehensive and as a kicker comes from experience in the 1990s. It might be best to consult with an attorney and/or accountant who has experience in this century rather than gathering information on an anonymous website.

There has been a requirement to keep a trail of everything that has come and gone from your bank accounts since the 1970's Bank "Privacy" Act, when banks were required to make copies of all checks for $100 or more. Finding it impractical to separate just those checks, banks simply make copies of everything. Save a lot of time and grief, and play by the rules or don't play. As a fun "fact," I once read that all of the CTRs collected in the Nixon era, were actually on paper and stored in a single warehouse, where they promptly rotted. So never say mold never did us nothing. [img]/images/graemlins/wink.gif[/img]