Withdraw Question

[boi737]

OK,


I have my account at Olympic close to 10 grand and I want to with draw all but like a thousand of it, I have never withdrew this much money ever offshore. Whats the best way to do it without raising red flags? Obviously if i did one big check it would defeintely cause a rutkus. Any suggestions, thanks

 

[freelancc]

$9,000 is more apt to go unnoticed by IRS than anything over $10,000..

 

[kickserv]

dam

wish I had that problem

 

[IntenseOperator]

anything over 3 dimes will draw attention (I pretty sure)

draw 2990 out every two days

 

[Rocks]

USE WESTERN UNION PAY THE FEES AND TAKE OUT $3000 A CLIP 3 TIMES.

 

[kickserv]

if ya do that.....WU fees will be HUGE

good thing live in Canada....don't have to worry about that "red flag" crap

of course I've never had a 10 000 withdrawl either


if I were you.....I'd just get em to fed-ex a cheque....problem solved...but that's just me......:shrug:

 

[boi737]

u think i will have any problems at the end of the year depositing 10 grand?

I have 2 grand in the bank right now. and its been in there or right around there for like a year

 

[SixFive]

boi, buy a cd or open a money market account with the 10gs. Lots of people get 10K gifts every year since that's the max you can give a relative every year. I wouldn't think that would raise a red flag, and you can get a little better return than the bank.

 

[Captain Crunch]

If you deposit a check in a bank for anything over 5K, the bank will report it to the feds. I would take out small amounts over a period of time (several months), and if you can, put it in different bank accounts. A guy I do weekend jobs with is a pro at this, and he sometimes has the payer make out several checks to different people so he doesn't get noticed. I guarantee if you take a check for that amount to a bank and deposit it, you will be hearing from somebody. Good Luck

 

[UT-Longhorn]

You can withdraw that amount with no problems, about 8 months ago I had Olympic overnight me a check from my account for 8 dimes, and a week later for 7 dimes, both got to my office the next day, deposited them in my bank account, and that was that.....no problems, no red flags, checks were good and nothing to sweat, dont worry about it, just do it and move on.......congrats on the winning......

 

[UT-Longhorn]

If you deposit a check in a bank for anything over 5K, the bank will report it to the feds. I would take out small amounts over a period of time (several months), and if you can, put it in different bank accounts. A guy I do weekend jobs with is a pro at this, and he sometimes has the payer make out several checks to different people so he doesn't get noticed. I guarantee if you take a check for that amount to a bank and deposit it, you will be hearing from somebody. Good Luck

um, not sure where you bank, but NONE of my winnings checks have been reported.......Ive deposited over $20k in last 12 months and NO ONE has ever contacted me or said a word.....

 

[BobbyBlueChip]

The IRS will probably be getting in touch with you about 2 months after you file your return this year.

 

[freelancc]

 

[freelancc]

my bank told me that any check deposit over 10K they (the bank) have to notify someone not sure the agency... i was advised this about 9 years ago.. maybe things have changed

 

[UT-Longhorn]

The IRS will probably be getting in touch with you about 2 months after you file your return this year.

Ive done it for over 4 years now with 0 problems.........

 

[BobbyBlueChip]

probably is a bad word. could or should would be better. You go on an additional list for audit "random" testing. If you've ever won more than $10,000 at a casino, that's why they get your driver's license for information and if the payor on the account is from a foreign jurisdiction, especially from the islands now with the patriot act, you should have some cause for concern. Definitely not an absolute problem, but a concern.

 

[Mr. KANE]

I think what he is worried about is receiving a large amount of funds from out of the country.

I know that since sept. 11 they are really watching this closely.

Last year I went to Amscott check cashing to get a money order and if it was for a high amount, they wanted you to fill out a form explaining where you were sending the money order, overseas, etc. and they would have to report it to someone if you sent it overseas.

If I was you I would have them Fed Ex you a check and just take the chance. Thats why we are gamblers

FYI- If you have a good acountant you can write off your Gambling winnings against your losses for the year (professional Gambling) Go to the Horse track and start collecting tickets off the ground, LOL

 

[AR182]

you should withdraw the money in small doses. i have had money fed-exed to me with no problems. but don't deposit all the checks into your bank account right away. cash the checks & hold the money for awhile & deposit small amounts of cash into your accounts. i don't think you will have any problem by doing it this way.

 

[Chain Saw]

Just a small correction on a subjest mentioned above. The first $11000 of gifts made by a donor in 2003 are excluded from the total gifts made (not $10,000).

That changed in 2002.

 

[taoist]

Actually, I think that you can make as many $11k gifts as you like, as long as they are to different people...not necessarily relatives either. You can gift $22k to a husband and wife tax free.


...but you are correct, it is now $11k instead of $10k. Wish I had that problem.... Anyone want to gift me $11k??? :shrug: