If you won $50K online, how would you get it?

[bigdaveyt]

After checking the results of the Cake $250K on Sunday, I thought to myself, how the hell do you get all of that money?

The winner was paid roughly $50,000. Now, assuming you live in the USA, how would you get that money in your hands without the IRS knowing? Or Feds?

"Where did this money come from?" "Well, I won it playing illegal online poker of course."

Any ideas?

 

[PO69]

Cashiers check and then I would just pay taxes on the winnings

 

[bigdaveyt]

What do you think the tax would be? Half?

 

[PO69]

It all depends on your income. If you make 1 million a year, then yes, half would be about right.


I assume that you do not make 1 million, then if you make $100,000 a year, then the taxes would be around $15,000 I think. But you can deduct losses if you kept track so you can easily make that number to around $5000

 

[festeringZit]

It all depends on your income. If you make 1 million a year, then yes, half would be about right.


I assume that you do not make 1 million, then if you make $100,000 a year, then the taxes would be around $15,000 I think. But you can deduct losses if you kept track so you can easily make that number to around $5000

From what I understand you cannot deduct against previous years' losses.
You can only offset the win with losses during the current tax year.

 

[festeringZit]

I know Absolute Poker at least used to have a policy that you can't
cash-out more than $5K a month. So, it would take someone
10 months to get the $50K.

 

[SuperD]

I would cash out smaller amounts at a time. Say 3,000 per week or per month. I'd do it with Western Union and get it in cash. I'd put it in the cash in a safe deposit box so the IRS doesn't know about it.

 

[WorldNumberOne]

I know Absolute Poker at least used to have a policy that you can't
cash-out more than $5K a month. So, it would take someone
10 months to get the $50K.

how the hell can they get away with a rule like that.

can you imagine winning 100 grand in some event there and taking 2 years to get your money

 

[MaxSquat]

how the hell can they get away with a rule like that.

can you imagine winning 100 grand in some event there and taking 2 years to get your money

transfer $5K to several people and have them cash out(<)<(<)<(<)<(<)<

 

[rpark]

Tranfer on Cake to someone you can trust who lives in Canada or some other country that doesn`t have to pay tax on gambling.

 

[FullWageredMan]

I've won over 50k on several sites. This was in 2007 during the first crack downs but I would transfer them to different accounts in other peoples names and then cash the checks in those names or trade the cash and syphon it out over time or sell it to buddies.