Advice on Large Withdrawal

[Paclivez15]

First off I would like to say thanks in advance to anyone who can provide me with some advice.

I hit a large CFB parlay this weekend - I won $65,000. The last few years I'd throw in a few hundred dollars at the beginning of the football season and gamble until I ran out and then that was it until next year. I started by only doing single games and last year I started to do some parlays. I came close a couple of times so this year I have exclusively done parlays. And I finally hit the big one.

im on a A rated well known site so I'm not worried about getting paid. What I am worried about is drawing a huge red flag with a large foreign wire and how to report it on my tax return. Obviously there is no W2G issued and I realize this would create a huge risk to get audited if all of a sudden I report $65k of gambling winnings that I didn't pay any estimated taxes on earlier in the year.

One of the options is to get ATM loaded cards. If I keep the withdrawals as cash and don't put them into a bank account, wouldnt this method of withdrawal be untraceable?

Thanks again to anyone who can provide some advice.

 

[AlwayzRight]

Get $9500 withdrawals and deposit them into your bank. Your bank won't report anything unless it's a 10k deposit or withdrawal. Congrats man. How much did you wager on the parlay and how many teams?

 

[pocketrockets]

I hope you fucked 5dimes, thats all I can say, and good luck!

 

[he_dblhockeystx]

you could prob. take a nice chunk of that out with bitcoins, but i dont know what the fuck you'd do wit em after that

 

[Paclivez15]

Yeah I don't know wtf to do with bitcoins.

Even if I deposit it I'm worried about how to report it on my tax return? If I don't report it now there's a huge risk if I ever get audited. If I report it on my taxes I'm worried about the issue of not having a W2G and the fact there was no estimated tax made on these winnings.

if I'm willing to be patient and withdrawal the cash via ATM cards over several months aren't i correct in thinking this is essentially untraceable?

 

[Paclivez15]

I turned $500 at the start of CFB season into $6k going into this weekend. I decided to go all in and risk the entire $6k. At that level you can do pick em parlays on highly favored teams and still have a good payout. If AF would have won I would have won another $8k on a $500 parlay and if OK ST had lost by 7.5 or less I would have won another $24k. It was an insane day!

 

[RenoChazz]

Just report it without the W2G you'll sleep better. In Nevada it's not unheard of for pro gamblers to accumulate that much over a year with out a W2G. Just make screen shots and keep some kind of record of it in a diary with dates and times just in case.

 

[CHOPTALK]

Get $9500 withdrawals and deposit them into your bank. Your bank won't report anything unless it's a 10k deposit or withdrawal. Congrats man. How much did you wager on the parlay and how many teams?

Not true at all.
Your advice could get him arrested

 

[DesertNole]

Can't help you with the withdrawals, let me know if you need tips on funding quickly.

 

[CHOPTALK]

But you should wait for Loomis advice . He makes 65k withdrawals every week.
So he should get you in the right direction.

As soon as he gets off his private jet from his visit from Mexico

 

[KingofNicotine]

Please take out the money and don't keep playing. That's the only advice I can give you. $65k is a large sum of money. Congrats on hitting them big. Just stay away from the temptation of wanting to keep playing.

 

[Paclivez15]

Just report it without the W2G you'll sleep better. In Nevada it's not unheard of for pro gamblers to accumulate that much over a year with out a W2G. Just make screen shots and keep some kind of record of it in a diary with dates and times just in case.

Isnt online gambling legal in Nevada though? I'm worried that reporting it would cause red flags about where it came from and the fact estimated taxes weren't paid on it in advance. Also given my real job I'm worried about a foreign wire coming go into my account raising questions.

What does everyone think about the ATM debit card method? Is there something I am missing on why this wouldn't be the best method? (Aside from it taking longer t accumulate it all and not being able to put them cash in the bank).

 

[Daigo23]

Most banks are different on reporting it. Report it and claim some losses to offset the winnings. They aren't going to flag you from previous year if no records. Get a safety deposit box and store the cash there if you don't want to report it and deposit it in bank account.

 

[pocketrockets]

Please take out the money and don't keep playing. That's the only advice I can give you. $65k is a large sum of money. Congrats on hitting them big. Just stay away from the temptation of wanting to keep playing.

+10000

Dont let the $ sit there too long either... you'll see a lock and bet 5k and then the chase begins

 

[Daigo23]

What state you live in and what are the options for withdraw?

 

[RenoChazz]

Isnt online gambling legal in Nevada though? I'm worried that reporting it would cause red flags about where it came from and the fact estimated taxes weren't paid on it in advance. Also given my real job I'm worried about a foreign wire coming go into my account raising questions.

What does everyone think about the ATM debit card method? Is there something I am missing on why this wouldn't be the best method? (Aside from it taking longer t accumulate it all and not being able to put them cash in the bank).

You don't have to pay taxes in advance on gambling winnings. IRS don't care if it illegal as long as you have records and can prove you made the money. FBI might, but come on are they really going to spend man power on you for something that's not a serious offense? Bookmakers is who they go after not the guy betting which isn't a big crime compared to tax evasion which is huge.

 

[Paclivez15]

Thanks on the advice on withdrawing now - no worries - 100% withdrawing all but $5k which I'm going to let sit in there until next CFB season (only thing I bet on). Even if I go them ATM route and it takes several months I won't F around by trying to win more.

I live in FL and the options include wire, check, ATM card, money order etc. i just don't want To get audited or have the wire get flagged where I don't get my funds etc. I am more than willing to pay the taxes but I just don't know how to properly report it.

I appreciate all of the responses and help so far!

 

[Paclivez15]

You don't have to pay taxes in advance on gambling winnings. IRS don't care if it illegal as long as you have records and can prove you made the money. FBI might, but come on are they really going to spend man power on you for something that's not a serious offense? Bookmakers is who they go after not the guy betting which isn't a big crime compared to tax evasion which is huge.

x

good advice. That's why I want to do this legit and pay taxes. They didn't get Capone on murder - they got him for tax evasion.

Does anyone have any experience on getting a foreign wire from an offshore sportsbook?

 

[BIGLIPS]

I seen this happen to a friend 100k they paid 3K MG/week limit his played to 1K /game..... I wished I had your problem..lol

 

[RenoChazz]

Thanks on the advice on withdrawing now - no worries - 100% withdrawing all but $5k which I'm going to let sit in there until next CFB season (only thing I bet on). Even if I go them ATM route and it takes several months I won't F around by trying to win more.

I live in FL and the options include wire, check, ATM card, money order etc. i just don't want To get audited or have the wire get flagged where I don't get my funds etc. I am more than willing to pay the taxes but I just don't know how to properly report it.

I appreciate all of the responses and help so far!

Line 21 on the 1040 form, when you do your taxes.