Something I dont understand: How SBRUGBY withdraws money from FTP?

RAYRAYRAY · #1 05-31-2007, 01:45 AM

Lets say SBRUGBY won 4 million dollars in the year. And he withdrew this money in 500k sums of wire transfer to his bank account.

First, IRS raises flags when there is more than 10k wire transfers and asks SBRUGBY where does the money come from. What will he tell?

If he tells it is online poker, the bank that handles transactions will be guilty.

Second lets say no flags were raised and he paid the taxes on this income. At that point wont it be obvious that it is coming from online poker. So basicly you are paying taxes on something that is illegal (at least the bank transactions). It is like paying taxes on cocaine sales. (well sort of)

Please enlighten me.

devilbiss · #2 05-31-2007, 01:53 AM

first

HEK · #3 05-31-2007, 02:00 AM

is it strange that i enjoy posting in threads that are doomed to get locked?

vm1124 · #4 05-31-2007, 02:02 AM

[ QUOTE ]
is it strange that i enjoy posting in threads that are doomed to get locked?

[/ QUOTE ]

no. i think its human nature.

EDIT: O ya, IB4L, 3rd zomg.

RAYRAYRAY · #5 05-31-2007, 02:03 AM

Why would it be locked. I gave SBRUGBY ans an example.

This is something that concerns every highstakes player (American and Turkish) who thinks about withdrawing money and they live in this forum. So I think ths should be discussed throughly.

GutPunch · #6 05-31-2007, 02:21 AM

SBRUBGUY dosent withdraw money, he simply beems it from his poker account to his bank with his MIND!!

lapoker17 · #7 05-31-2007, 02:34 AM

i don't think there's anything wrong with the question - maybe the wrong forum, but these days that doesn't really matter much (which is fine with me). if it's a simple answer, then one of you just let him know and move on.

sillyarms · #8 05-31-2007, 02:36 AM

an offshore bank account comes to mind. If it were me i would transfer it from the poker site to an offshore bank. Then from the offshore bank to my real bank.

TxRedMan · #9 05-31-2007, 02:40 AM

banks have 270 days to comply w/ the new regulations. that means sometime in july iirc.

also, i bet aba has x-fered a ton of money to other online players in exchange for cash.

and btw, it's not like there's a task force for this [censored].

but there's nothing illegal going on now anyways. see what happens when the banks have to comply by the 270 day mark.

edit: and, WRONG [censored] FORUM.

lengthy · #10 05-31-2007, 03:10 AM

[ QUOTE ]
SBRUBGUY dosent withdraw money, he simply beems it from his poker account to his bank with his MIND!!

[/ QUOTE ]
QFT