Biggest check you can get that banks don't report to IRS?

[Chesskid1]

This is NOT about how to not pay your taxes, I haven't been keeping track of poker winnings, but i'm trying to fix that, and I don't want a $10k check being reported to the IRS when i'm trying to figure out all my money won and everything for when I file taxes everything works out okay and there isn't some rogue high amount $$ checks that I have to explain to the IRS. I am 100% paying my taxes. Something like I could go bust online, have to use the $10k, lose it, then have to pay taxes on it, you know?

I am looking to get off around $20k on stars, and it looks like i'm just going to do it by check (looks like basically my only option). One friend told me that all checks over $10k are reported. Another told me it's $5k on over. Does anyone know for sure? I have Chase if that matters. thanks.

[Losing all]

Over 10K must be reported. Under that and it's up to the bank to rat you out at their leisure.

[TheProdigy]

Splitting up checks to avoid this is also a no-no if I remember correctly.

[gameplay]

What do you mean by no-no prodigy,why?
What happens in europe is it the same?

[A_Junglen]

[ QUOTE ]

I am looking to get off around $20k on stars, and it looks like i'm just going to do it by check (looks like basically my only option).

[/ QUOTE ]

You can wire transfer it directly to your bank. It takes 3 days, and I believe $20k is the minimum required to make the wire transfer

[The4Aces]

Imm pretty sure no checks are reported. Only cash transactions of over 10k (might be lower now)

[Dr_Chris]

[ QUOTE ]
Splitting up checks to avoid this is also a no-no if I remember correctly.

[/ QUOTE ]


It is called structuring and carries with it some serous penalties;

d) Criminal Penalty.—
(1) In general.— Whoever violates this section shall be fined in accordance with title 18, United States Code, imprisoned for not more than 5 years, or both.
(2) Enhanced penalty for aggravated cases.— Whoever violates this section while violating another law of the United States or as part of a pattern of any illegal activity involving more than $100,000 in a 12-month period shall be fined twice the amount provided in subsection [……], United States Code, imprisoned for not more than 10 years, or both.


So if the figure poker is an illegal activity you may face some serious jail time.

enjoy!



Chris

[DMoogle]

[ QUOTE ]
Imm pretty sure no checks are reported. Only cash transactions of over 10k (might be lower now)

[/ QUOTE ]
I'm pretty sure this is the case as well.

[gameplay]

50000$ is the minimum for bank transfer on stars i think.
So is it better to use checks and not bank transfer?

[GretasGun]

I used to work at a bank as a teller.

Checks (of any amount) do not get reported. Cash transactions over $10,000 (in or out of your account) must be reported via a form that the bank fills out.

That said, any transaction that the bank deems "suspicious" can be reported without meeting the $10k threshold.

The bank that I used to work at was in a relatively affluent area, and I would see several personal deposits (via check) per day over 10k. If every one of these things were required to be reported, the IRS would have their hands full with the forms.

Here's the form if anyone is interested.