depositing checks & credit card debt

[Naero]

Hey 2+2ers,

I'm pretty new to these forums but thought you guys would be the ones to help me out with a couple questions. I just placed in the 500k FTP tourney yesterday and want to use the $$ to pay off my credit card debt.

First off, it's been quite some time since I've deposited any large sum poker checks into my account. Is there a dollar value that I can deposit to fly under the radar of the IRS, or should I just be reporting each and every dollar? I've heard anything over $10,000 gets flagged and reported and want to get some clarification on this.

Second, is there a way to reduce the credit card debt by talking to my creditors w/o it affecting my credit score? I see a lot of loan consolidation services, heard of people calling their credit card companies and asking for a reduced payoff balance... does this negatively impact my credit score and if so, to what extent and for how long? I've heard 7 years which would be similar to a bankruptcy?

Just trying to weigh my options before I make any moves.

Any help is appreciated and thanks for taking the time!

[punkass]

Depositing poker checks: some have had trouble depositing these at the bank, ranging from a simple question from the teller (you can say it's a refund check and be done with it) to a manager having a talk with you. I'd advise if you don't feel comfortable depositing in person, deposit it in the ATM. They may put a 7-day hold on the funds to make sure the check is good.

As for taxes: report it as income.

If you have a LOT of CC debt that is past due, the credit card companies may offer you a buy-out deal. This will be bad for your credit, as it will show that you did not pay the full balance due, but it's better than not paying at all. And yes, I think it is 7 years. If you have a whole lot of debt that is still active, pay off as much as possible. This will help EXTREMELY in helping your credit.

I'd cash the check in the ATM. Wait until money shows in your bank account. Pay off as much as possible of CC debt as possible. All of it if you can.

[jba]

sorry for the soapbox, but just be a man and pay off your debts.

[Jeff_B]

If you now have the cash you you should pay off your debts

report the income.

You could get an epassporte card and withdraw it that way then deposit cash but that takes time especially with a daily maximum.