Question on Taxes with Sportsbooks payouts

[DAPPER]

I've used a book for as long as I've been gambling. I havent tried an Off-shore or Online sports book. I was wondering if people have a concern with having to pay taxes on winnings. I've seen some cappers here hit large parlays and was wondering how they request the money. In one lump sum or in smaller portions. Dont banks put up a red flag on checks larger than 3000.00 dollars. Or is there no concern as far as having to worry about Uncle Sam finding out about your winnings???
I would like to have more than one book as I currently have, in order to shop the numbers around. With my book its always money so there is no paper trail as would be with a check.
Any and all responses are appreciated.

 

[polecat]

i wonder about this, too, dapper.

i'll bring it back to the top to see if anyone can share their knowledge.

usually i'm just re-uping, but, hell, after some time at MJs, who knows, i may even be requesting a payout someday.

 

[JSMOOTH]

hmmmm....are you guys with the IRS?
No really, there's a good thread on this somewhere in the archives in general discussion. maybe MJ could find it.

 

[JSMOOTH]

Here it is....

Here it is....

http://www.madjacksports.com/forum/showthread.php?s=&threadid=8863

 

[polecat]

thank you, smooth!!!!

 

[DAPPER]

Thanks JSMOOTH...I appreciate the time and effort of finding the article in the archives...Interesting article/responses...
I feel much better about opening an offshore account now...I hope to be in a position to cash out a large sum some day(I will have to keep an eye out for one of Raymonds 9 or 10 team parlay winners)...