Neteller and the IRS
 

like many of the players here I use Neteller and am worried about the money i have there. I want to pull it out but i've already made a 9500$ withdrawl a week ago and dont wanna past the 10k limit that requires my bank to notify the IRS. Is getting a e-check and waitin a month to cash it my best option? Or should i just EFT that sucker now?

Re: Neteller and the IRS
 

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like many of the players here I use Neteller and am worried about the money i have there. I want to pull it out but i've already made a 9500$ withdrawl a week ago and dont wanna past the 10k limit that requires my bank to notify the IRS. Is getting a e-check and waitin a month to cash it my best option? Or should i just EFT that sucker now?

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LOL @ avoiding the reporting threshold while being seemingly unaware of a "SAR"

Re: Neteller and the IRS
 

#1 Pay Taxes and sleep good

#2 I thought they only notified the IRS on CASH deposits of over 10K.

Indy

Re: Neteller and the IRS
 

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I thought they only notified the IRS on CASH deposits of over 10K.

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It would be worthwhile to look up "structuring".

___1___

Re: Neteller and the IRS
 

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like many of the players here I use Neteller and am worried about the money i have there. I want to pull it out but i've already made a 9500$ withdrawl a week ago and dont wanna past the 10k limit that requires my bank to notify the IRS. Is getting a e-check and waitin a month to cash it my best option? Or should i just EFT that sucker now?

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Note to self. When trying to cheat the IRS don't write about it on a public forum. Second, They know more than I do. Third, they have more resouces than I. Fourth, someone probably tried this tactic and the IRS could not possible think of a way to find out????

My suggestion, hire an accountant and pay the taxes.

Re: Neteller and the IRS
 

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[ QUOTE ]
like many of the players here I use Neteller and am worried about the money i have there. I want to pull it out but i've already made a 9500$ withdrawl a week ago and dont wanna past the 10k limit that requires my bank to notify the IRS. Is getting a e-check and waitin a month to cash it my best option? Or should i just EFT that sucker now?

[/ QUOTE ]

Note to self. When trying to cheat the IRS don't write about it on a public forum. Second, They know more than I do. Third, they have more resouces than I. Fourth, someone probably tried this tactic and the IRS could not possible think of a way to find out????

My suggestion, hire an accountant and pay the taxes.

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Do you guys pay taxes on what you win, or what you cash out?

Re: Neteller and the IRS
 

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[ QUOTE ]
like many of the players here I use Neteller and am worried about the money i have there. I want to pull it out but i've already made a 9500$ withdrawl a week ago and dont wanna past the 10k limit that requires my bank to notify the IRS. Is getting a e-check and waitin a month to cash it my best option? Or should i just EFT that sucker now?

[/ QUOTE ]

Note to self. When trying to cheat the IRS don't write about it on a public forum. Second, They know more than I do. Third, they have more resouces than I. Fourth, someone probably tried this tactic and the IRS could not possible think of a way to find out????

My suggestion, hire an accountant and pay the taxes.

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Do you guys pay taxes on what you win, or what you cash out?

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It would be wise to hire a professional in your state rather than taking advice from unknown sources.

Re: Neteller and the IRS
 

Doesn't the bank report to the IRS if you've make 10K worth of non payroll deposits throughout the entire year? Why would it matter if you cahsed it out now or waited for a check and cashed it a month from now?

Re: Neteller and the IRS
 

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Do you guys pay taxes on what you win, or what you cash out?

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What you win. Run a search for tax threads from March-Aprilish. There were some good ones back then.

Get with it. Pay taxes. If you're making a significant amount of money from poker (even though you should technically pay taxes even if you only win $5 all year), you need to report and pay taxes. People do go to prison for this and [censored] their lives up.

Re: Neteller and the IRS
 

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Doesn't the bank report to the IRS if you've make 10K worth of non payroll deposits throughout the entire year? Why would it matter if you cahsed it out now or waited for a check and cashed it a month from now?

[/ QUOTE ] No to the first question AFAIK. As ti the second question, the IRS reviews all 10K or greater non-payroll transactions into and out of bank accounts