Best way to store live winnings?

TyFuji · #1 03-07-2007, 09:20 PM

I am considering opening a new bank account for my live winnings, but I am not sure what ramifications this will have with taxes, etc. I am 18 and have never filed, but I will with 95% certainty earn more than 10k playing live this year, in illegal nyc cardrooms. What the hell do I do with this cash? It is obviously impractical to keep so much cash lying around. I dislike putting it all in my personal bank account because then I am tempted to use it, and I am trying to keep my roll seprate from my regular money. I have considered getting some sort of safe, but I live in a dorm room with a roomate and 2 suitemates who have guests over frequently and I wouldn't feel very safe having it here when I'm out. So, if I open a new student account with a different bank, am I asking for tax trouble? Even if I just put it it my existing chase student account, will I set off and red flags by depositing 10k+ in cash in a year?

Mods, please move this if this isn't the right place.

BluffTHIS! · #2 03-07-2007, 09:22 PM

ilikeaces86_ · #3 03-07-2007, 09:33 PM

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Its classic, simple, yet brilliant I like it!

NickStam · #4 03-07-2007, 09:54 PM

safe deposit box at a bank

Vang · #5 03-07-2007, 10:11 PM

Why would it cause tax trouble?

You can report illegal income, and you should.

hoppscot22 · #6 03-07-2007, 10:31 PM

no tax trouble if you file taxes correctly...

TyFuji · #7 03-07-2007, 10:59 PM

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safe deposit box at a bank

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How much are these? What times of day can I access them?

plasphemy · #8 03-07-2007, 11:26 PM

You may be able to find a 24 hour safety box. Pricey though.

Yellow pages.

bobbycharles · #9 03-07-2007, 11:38 PM

Mine at the local bank (Chase) costs $50/yr. They come in diff sizes with diff prices, but most main bank branches have them. Accessible during normal bank hours.

rsigley · #10 03-07-2007, 11:43 PM

i always keep all my money in various poker books around my house

a la mike mcdermett

but seriously best you could do is hide it in your house

what i used to do before i got a security box at the casino was i had a floorboard that was loose so i just pulled it up and would keep the money hidden there, and pulled a rug over the floorboard.

i guess the bad thing would be if my house burned down

oh yea and once i got pulled over coming back from foxwoods after playing 75-150 stud and had about 30k on me which caused a huge hassle. they called like 5 cop cars and searched my entire car, think they thought i was dealing drugs or something