Question regarding withdraws

[Lloyd]

I have a bovada account. I have withdraws that goes on my credit card/ checking account. For the last 3 months. I have withdrawn $3,000 each month.


So $9,000 total over 3 months. Is there anything I need to worry about from the banks reporting me to the IRS.

i get nervous that if I withdraw again next month that will put me at $12,000.

 

[Lloyd]

I have a bovada account. I have withdraws that goes on my credit card/ checking account. For the last 3 months. I have withdrawn $3,000 each month.


So $9,000 total over 3 months. Is there anything I need to worry about from the banks reporting me to the IRS.

i get nervous that if I withdraw again next month that will put me at $12,000.

 

[Murphy8276]

You are keeping the withdraws small in a sense of less than 9999 each. If you are worried about it maybe spread it out to be 1 per month, but I definitely dont think that looks too sketchy for the banks. If this is a checking acct does it just look like an refund on your bank acct or?

-murph

 

[Lloyd]

It has been 1 each month. Shows up as dbt return. Direct bank transfer

 

[Mosi]

I am sure the money comes through a front as something other than Bovado, but not 100% certain. And if the bank reported to the IRS you would have received a copy of something (not sure what the form would be).

I would also think that simply keeping deposits under 10K also simplifies things for you.

With all this said, not sports investment /withdrawal is not an area of expertise for me. Hoping someone else can chime in now.

Good luck Lloyd.

P.S. And if our illustrious government would simply legalize gambling the answers would be much clearer for all of us.

P.S.S. Bovado usually starts becoming cranky when you win this much money. They start to see what type of player you are and offer less friendly lines. I was primarily a dog and under player and my lines would be different from my two other friends who used them. Not complaining, it is smart business I suppose. Still have an account, but rarely use them.

 

[Lloyd]

Yeah. I am hoping by once a month withdraw that it's spread out that there is no triggers.


Bovada can can suck it.


Thx guys. Did not know if others worried about this.