Friend wants to transfer me 10k and cash it out for him on Full Tilt..

[SlowCheetah]

My friend wants me to cash out 10k for him on Full Tilt. He will transfer it to my account and I will get a check from Full Tilt.

My question is first, what would happen if I got audited and the IRS saw this money going through my bank account? Would I have to pay taxes on it? I doubt it but I want to be safe about it.

Also, what percent would you charge him?

[melac]

lol

[SlowCheetah]

Oh, I suppose you read this thread?

lol

[augie_]

if you got audited, you would have to pay. chances of that are low. or your friend could just wait until he turns 18 and cash it out himself.

[KurtSF]

I am not an accountant, but since there is no transaction, just moving money around, there shouldn't be any tax liability. Might be hard to prove, but if it gets hot affidavits from you and your friend should be suitable. How good a friend is this?

He, of course, will have to pay any taxes on it if its winnings. This won't "launder" the money.

Also, how much do you play at FTP? If you are running 10k MGR every month no worries, but if you are a small-stakes hobbyist with $850 in your account right now, FTP will probably not let you cash it out without putting it into play.

Also, if there is any chance that the money is ill gotten gains in any way (stolen cc's, charged back, collusion, botting, etc.) FTP security will probably catch it and close your account, possibly confiscating you entire balance depending on the infraction.

Again, how good a friend is he?

[SlowCheetah]

Well he's 19 but he's an idiot and said his bank account got closed. I don't know why he wouldn't just open up a new one.

So what would you do in my situation? I've heard the chances of getting audited are around 1-2%. But what about the red flags that go off on big transactions?

How much would you charge him? I'm thinking minimum 1k. He already offered to give me 500.

[Grey]

With 10k you can buy a new friend.

[SlowCheetah]

Ya this is sketchy. He is not a really close friend and he is also known to lie a lot.

The largest amount I have cashed out from FT is around 5k.

Sure would be nice to get an easy 1k or more though.

[KurtSF]

Why can't he request a check from FT? Don't need a bank account for that.

[cardman]

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... He is not a really close friend and he is also known to lie a lot. ...


[/ QUOTE ]