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#1
10-10-2007, 11:01 AM
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Legality and Withdrawl
What are the ramifications of withdrawing money from the online sites? For example, a 20k wire transfer to your bank account.
1) Is that Illegal in any way? 2) Is it red flagged by the IRS? Obviously you have to pay taxes, this is not a tax question. More a legal question. Thanks 
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#2
10-10-2007, 11:32 AM
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Re: Legality and Withdrawl
There is nothing illegal about withdrawing money from a poker site.
A transaction over 10K is generally subject to reporting requirements, with some exceptions. The poker sites dont do any reporting, of course, but you or your bank may be required to (you have to wait for the financial experts to respond or look it up yourself). Not doing the reporting if you are required to is a serious crime. So is structuring transactions to avoid the requirement. Those reports of over 10K transactions do get to the IRS. Skallagrim
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#4
10-10-2007, 12:00 PM
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Re: Legality and Withdrawl
lol sup bro, who are you? As it is clear you either know me or know of me, but have some outdated information.
Skall, what do you mean by structuring transactions? Obv not reporting income as to avoid taxes is a crime, and is simply stupid in my mind when you have wire transfers and checks to show income. Except for losses to offset wins, the irs will unfortunately get its share of the pie from me. I guess by structuring you meant some way to conceal money.
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#5
10-10-2007, 03:32 PM
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Re: Legality and Withdrawl
No, its not about concealing the money (well it is sort of), its about hiding the need to report the transaction. Say you sell your car for 12K cash and want to deposit that into your bank. Your bank will have to report that transaction to the Feds cause its over 10K. If you instead make two 6K deposits, you are "structuring" to avoid the reporting requirement and that is a crime in and of itself.
I know the reporting requirement always applies to a cash transaction - I cant recall off the top of my head what other kinds of transactions it does or does not apply to. Skallagrim
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#6
10-10-2007, 03:55 PM
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Re: Legality and Withdrawl
That seems odd. If you are reporting all transactions at the end of the the year anyway, what does it matter if you do 2 6k's or 1 12k? From my perspective, if i cashout say 6k a week from online poker, rather than 12k every 2 weeks, is that a crime? Doesnt make sense to me, since at the end of the day, i pay tax on every cent i make.
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#7
10-11-2007, 07:55 PM
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Re: Legality and Withdrawl
[ QUOTE ]
lol sup bro, who are you? As it is clear you either know me or know of me, but have some outdated information. Skall, what do you mean by structuring transactions? Obv not reporting income as to avoid taxes is a crime, and is simply stupid in my mind when you have wire transfers and checks to show income. Except for losses to offset wins, the irs will unfortunately get its share of the pie from me. I guess by structuring you meant some way to conceal money. [/ QUOTE ] How close to the wind are you willing to sail? If you want to get your money from a poker site and are willing to do a little work for it I can tell you how to do it an only God and yourself would ever know about it. You could spend it to your little hearts content and the IRS never know about it. Wait a minute there is someone at my door. OK it's only the IRS, time to dazzle them with my brilliance or baffle them wiht my..... D$D<-- PM me as long as you are not an IRS agent, I've made all the "charitable donations" I'm going to make this year.
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#10
10-11-2007, 11:53 PM
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Re: Legality and Withdrawl
[ QUOTE ]
You should be more concerned about filing form TDF 90-22.1 than the questions you asked. Jimbo [/ QUOTE ] Boy that is a stretch! D$D
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