payout question-about withdrawing a large amount

[chipman58]

Want to withdraw a large amount and dont want the tax man or anyone else to question it what is the best way to withdraw, its from an A rated book.

 

[BigPapaPat]

A chunk at a time

 

[BradtheBloke]

ive always wondered about this, doesnt the bank turn over to the irs all the times you cashed a large check? even if under 9,000?

 

[chipman58]

ive always wondered about this, doesnt the bank turn over to the irs all the times you cashed a large check? even if under 9,000?

thats the main reason I am asking this question

 

[-Slim-]

if its a huge amount, fly down here and pick it up in person.

 

[NES]

And treat us to a couple cold ones while you are at it.

 

[lapdance]

Want to withdraw a large amount and dont want the tax man or anyone else to question it what is the best way to withdraw, its from an A rated book.

i'll go get it for you. pay my plane fare and a 4 day hotel stay.

 

[Doug]

if its a huge amount, fly down here and pick it up in person.

Is that really an option ?

 

[BradtheBloke]

and say you dont want to fly down?

 

[Doug]

and say you dont want to fly down?

Slim is joking. You don't walk into Bookmaker and collect 100k in cash (USD), no book is able to do that, not even the local currency.

 

[TTinCO]

ive always wondered about this, doesnt the bank turn over to the irs all the times you cashed a large check? even if under 9,000?

Over 10k is supposedly an automatic(required) flag. I would keep it under 9, and spread them out a week or two apart. If they see a pattern, that also is supposed to trigger a flag.

 

[bellyputter]

I don't care if it's $100,000, declare it(deduct against yearly losses). Trying to play hide and seek will eventually ruin you! Good Luck

 

[Pops_69]

Bank wire.

 

[mfarrel4]

10,000 used to be the amount that raised red flags.. there are now procedures in place that raise flags, since the patriot act they banks now have a lot more rules in place as far as notification of monies transfered/withdrawn

this I do know for a fact

 

[chipman58]

Bank wire.

I was wondering about that but thought that would raise red flags too, hell we cant do anything anymore in the land of the 'free'

 

[tanner12oz]

just about anything will/could get you flagged nowadays. my suggestion would be to take multiple withdraws in various forms over at least a few month period...maybe even have them transfer some to another book and make withdrawls from that account as well

 

[TheBrainiac]

How large is large ?

PS : ask punz34 he might know , wait he only paid in large amount of money and lost it , NEVER MIND .

 

[Illini]

I was wondering about that but thought that would raise red flags too, hell we cant do anything anymore in the land of the 'free'

Evading taxes is not a right, even in a free country.

 

[TTinCO]

I don't care if it's $100,000, declare it(deduct against yearly losses). Trying to play hide and seek will eventually ruin you! Good Luck

That is probably 100% true

 

[bigtendominator]

If you are cashing more than $10K, you will need to fill out a CTR, it is not a big deal.

Trust me, I don't mean this disrespectfully, but you are not as important to the IRS as you think.

A wire can be done for any amount without and questions or Redflags. The CTR is only applicable to cash.

What is the amount you are withdrawing? That could play apart in your decision. A wire will have no impact on you whatsoever.