say you win a big poker tourny,100k.how do you go about cashing out.i cash out weelky in sports wagering a little at a time.but what do you do with a 100k check from a poker site?you cant just deposit it at the bank without tax ramafacations can u?
whats the best way to cash out big money
- Thread starter moe777
- Start date
let me know when it happens and I will help you out.
Deposit 100 g in any bank and see how fast IRS is knocking
on your door.
Geezz Moe where is Curly and Joe when you need them most.
KOD
Deposit 100 g in any bank and see how fast IRS is knocking
on your door.
Geezz Moe where is Curly and Joe when you need them most.
KOD
If you win 100K playiing tiddly winks off shore, don't worry about cashing in. You'll be struck by lightning first.
.............................................................danmurphy jr said:
:142smilie :142smilie :142smilie
now thats funny
gee what a problem to have :scared
wish I had that problem :mj07:
and FWIW......for that kind of money I'd just fly there (whatever it is) pick up the money and have a little vacation...but hey that's just me. And I know you guys in the US have all those problems with tax crap.......but I'm sure whatever site your dealing with could fedex a bunch of money orders or a bunch of cheques for say 5000 each???? Just an idea???
anyway...good luck with your "problem"
wish I had that problem :mj07:
and FWIW......for that kind of money I'd just fly there (whatever it is) pick up the money and have a little vacation...but hey that's just me. And I know you guys in the US have all those problems with tax crap.......but I'm sure whatever site your dealing with could fedex a bunch of money orders or a bunch of cheques for say 5000 each???? Just an idea???
anyway...good luck with your "problem"
Get a check, it will be from a US bank anyway and pay the taxes, this has ALWAYS been my advice. Alot of sportsbooks and poker places off-shore still use a US bank to pay out winnings, I have recieved several checks from poker rooms and they have come from an American bank. If you win $100K is it gonna kill you to pay the taxes on it? Depending on your annual income it may not be as much as you think after you file your taxes.
It really doesn't make much sense not to give the IRS their share, like it or not because if they find out your in big trouble for tax evasion as well as under the microscope for off shore gambling.
Congrats on winning the step 5 seat, post here when the game starts, I'd like to railbird that one.
It really doesn't make much sense not to give the IRS their share, like it or not because if they find out your in big trouble for tax evasion as well as under the microscope for off shore gambling.
Congrats on winning the step 5 seat, post here when the game starts, I'd like to railbird that one.
moe777 said:
Moe-
I'd pay the taxes, too. Better than worrrying about the IRS all the time. Thats just me.
Get caught and they will take most of winnings with their peanlties.
thxs for the feedback p.fan..but no i dont want to pay,wouldnt mind paying if they take into account gambling losses.but otherwise theres got to be a way,say netteler maybe,and withdraw 5k a week.
thxs wilson,okay of course i need to win this thing 1st,but have been on fire lately.now what do you think the taxes withheld on this type of thing is.im guessing 40%.id trow up if id have to give up 40 %.thats bs.as a gambler would like to play that 30%if you know what i mean.
i made 2 withdrawls in 14 days,on my site the max for a check is 4 grand,i got the checks went to there bank which was wachovia showed my license and a credit card for id and got the cash,no questions asked and no problem.i have always done the check thing,never a hassle.
Moe, think of it like this, what tax bracket will you fall in this year even if you drag in another 100K? My guess is it will cost you around 15K and while that is a lot to give up it's better than the alternative. You can fight this on principal all you want, but the fact is you live in the US you gotta pay taxes on winnings, end of story. You don't have to like it, but thats the reality. As far as claiming losses, who said you couldn't? In fact you already are, your just not doing it on paper. You won a seat to a $15000 game, technically you owe taxes on that seat, plain and simple, you play and bust out you claim it as a loss and it washes. The hard part to swallow here is I think you can actually win a prize in that game that is smaller than the buy-in, you don't want to know the consequences of that to the letter of the law. High dollar slot players face this problem all the time.
Your money, your life, I know which way I go, I am not saying I like it, just saying thats how it goes in the land of the free and home of the brave.
Your money, your life, I know which way I go, I am not saying I like it, just saying thats how it goes in the land of the free and home of the brave.
i could live with 15k,i just thought gambling winning are like 40 % under 20% i can live with.hope i have this dilemma soon.thxs
Gambling winnings are taxed just like any other income at income tax time, it's just when you hit a big winner, say at the track, they are required to withold the maximum tax bracket witholdings from you just in case thats the tax bracket you end up in, this way they are never at risk of you stiffing them for the cash. You'll file this on your tax form just like any other income, take you deductions like normal and figure out what tax bracket you end up in and pay the man the difference between what your employer withheld and what you owe. At the track they do indeed withold 38%, but just like money my employer witholds I get a bunch of that back at tax time as well since I certainlly do not fall into a 38% tax bracket. Gamblimg winnings are not subject to any sort of special tax, it's just income like your job.
Good luck in the game whatever you decide.
Good luck in the game whatever you decide.
put 100,000 on your earned income and see which tax bracket u fall in 15% won't touch it.
Stick it in neteller, apply for their debit card, take it out a little at a time. Buy all your incidentals, beer, cigs. groceries ect. GEt cash for the casinos. If u declare it, it will cost u 50% ,fuk that.Penguin hasn't got a clue, U pay 20% on long term capitol gains, then u got state taxes,and he thinks gamboling income is 15% what a fuking idiot, plus it bumps up your regular income to that tax bracket. I have expexience at this. 5 years on the payment plan.
If u declare it u are the biggest idiot on this planet. I trhink Neteller carges about 1.9% on withdrawls
Go to Neteller and get their debit card!!!!!!!!!!!!!!
Stick it in neteller, apply for their debit card, take it out a little at a time. Buy all your incidentals, beer, cigs. groceries ect. GEt cash for the casinos. If u declare it, it will cost u 50% ,fuk that.Penguin hasn't got a clue, U pay 20% on long term capitol gains, then u got state taxes,and he thinks gamboling income is 15% what a fuking idiot, plus it bumps up your regular income to that tax bracket. I have expexience at this. 5 years on the payment plan.
If u declare it u are the biggest idiot on this planet. I trhink Neteller carges about 1.9% on withdrawls
Go to Neteller and get their debit card!!!!!!!!!!!!!!
Well, not sure all that was necessary, and I did just go through this last tax season and I am dying to hear your "experience" you speak from. I am willing to be wrong here btu would like you to point out this special 50% tax you refer to.
http://www.irs.gov/taxtopics/tc419.html
http://www.irs.gov/taxtopics/tc419.html
Please note that in the above link they WITHOLD 25%, or 28% depending on weather or not you give up your SSN, do you think there is a 3% tax on people not giving up thier SSN, of course not, this is a WITHOLDING, not a tax, there is a gigantic difference.
If I got bad advice when filing my taxes this past year then so be it, I guess the IRS is coming for me.
If I got bad advice when filing my taxes this past year then so be it, I guess the IRS is coming for me.
