2nd in 3.30 rebuy cashing out?
 

I finally took down a payday from stars. 3,000 bucks. Anyways my question related to cashing out is should I take smaller checks to avoid taxes? Our do taxes not matter for this sort of thing?

Re: 2nd in 3.30 rebuy cashing out?
 

Assuming you're in the US -- cashing out is irrelevant as far as taxes are concerned. The income happens as soon as you win the tournament; it doesn't matter when you move the money into the US. So just withdraw whatever amount you want to take out in one check.

Re: 2nd in 3.30 rebuy cashing out?
 

[ QUOTE ]
Assuming you're in the US -- cashing out is irrelevant as far as taxes are concerned. The income happens as soon as you win the tournament; it doesn't matter when you move the money into the US. So just withdraw whatever amount you want to take out in one check.

[/ QUOTE ]"My friend" reports what he cashes out, not counting it as income till after it's out of his poker account. He treats it like a stock market account where the gains aren't realized until the stock is sold (you get your check).

This isn't what the man wants you to do, but they don't have access to your Stars account balance, so F em.

Luckily, I never win, so I don't have this problem [img]/images/graemlins/smile.gif[/img]

Re: 2nd in 3.30 rebuy cashing out?
 

I wouldn't recommend cashing it out without reporting it to the IRS, but I guess you could cash it all out and still fly under the radar. I'm pretty sure they only know about transactions of more than $5K.

Re: 2nd in 3.30 rebuy cashing out?
 

The banks have to file a form and send it to the IRS for CASH transactions of over $10,000. This has been discussed probably a hundred times. Try the search engine, and an appropriate forum such as the Zoo.

Re: 2nd in 3.30 rebuy cashing out?
 

Pay your taxes.