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#11
10-11-2007, 02:14 PM
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Re: Legality and Withdrawl
[ QUOTE ]
Oh, btw, my bank has now informed me that all transactions 3k+ are submitted. It's no longer 10k. Mega [/ QUOTE ] A friend of mine who is a CPA once told me that $10k was a myth, that banks were required to report all non-payroll deposits that totaled more than $5k in a calendar year. How compliant your individual bank is, or how closely they pay attention is the x factor. The banking industry in general dislikes what they feel to be spying on their customers. 
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#12
10-11-2007, 02:29 PM
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Re: Legality and Withdrawl
The requirement to report any CASH transaction 10,000 or over is not a myth. Note I said cash though. Since that law all sorts of other reporting laws and regulations covering a variety of transactions have been put on the books.
Are there no bankers here on 2+2 to describe them in detail?
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#13
10-11-2007, 02:40 PM
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Re: Legality and Withdrawl
The law is convoluted and also deputizes the banks to enforce money laundering statutes. Its lack of success is reason for hope when it comes to the UIGEA.
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#14
10-11-2007, 04:02 PM
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Re: Legality and Withdrawl
The requirement to report any CASH transaction 10,000 or over is not a myth.
OK. Understood. But OP's transaction was not cash, it was probably a check. We now need a banker to tell us if an EFT is deemed cash by the law.
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#15
10-11-2007, 06:15 PM
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Re: Legality and Withdrawl
I was told the check to myself for 3k was going to be sent in. I mean, I just wanted some cash to play live, so I wrote a check to myself.
So basically, when I deposited the 3k, they sent in paperwork and when I took it out, they sent it in again? Totally bogus, but at least I pay my taxes. Mega
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#16
10-11-2007, 06:28 PM
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Re: Legality and Withdrawl
[ QUOTE ]
The requirement to report any CASH transaction 10,000 or over is not a myth. OK. Understood. But OP's transaction was not cash, it was probably a check. We now need a banker to tell us if an EFT is deemed cash by the law. [/ QUOTE ] The same reporting requirements apply to any monetary instrument over $10K coming from outside the US. And the crime of structuring also applies to such transactions.
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#17
10-11-2007, 07:55 PM
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Re: Legality and Withdrawl
[ QUOTE ]
lol sup bro, who are you? As it is clear you either know me or know of me, but have some outdated information. Skall, what do you mean by structuring transactions? Obv not reporting income as to avoid taxes is a crime, and is simply stupid in my mind when you have wire transfers and checks to show income. Except for losses to offset wins, the irs will unfortunately get its share of the pie from me. I guess by structuring you meant some way to conceal money. [/ QUOTE ] How close to the wind are you willing to sail? If you want to get your money from a poker site and are willing to do a little work for it I can tell you how to do it an only God and yourself would ever know about it. You could spend it to your little hearts content and the IRS never know about it. Wait a minute there is someone at my door. OK it's only the IRS, time to dazzle them with my brilliance or baffle them wiht my..... D$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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#20
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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