Re: Foreign bank account to \'hold\' poker winnings?
However, I don't like cashing it out all the time and subsequently having to pay taxes on it and creating a giant paper trail.
You're required to pay taxes on your winnings when you file for the year you won the money. When you cash out (if ever) is irrelevant.
Would it be possible to send my winnings to say, a Canadian or UK to hold my funds. Then, as I need them, transfer them to a US bank account.
As long as you accurately report your income, no problem. If you do not report the income and get caught, you are guilty of structuring, which is worse than simple tax evasion.
Besides, if you keep more than $10k in a foreign bank account at anytime during the year, you are required to report that any way.
I also have a decent chance of getting audited and haven't kept the best of records of my losses for this year.
Get an accountant and at least try to reconstruct a reasonable facsimilie of your sessions during the year.
|