What would you do?

Search

Home Sweet Home
Joined
Jan 27, 2006
Messages
7,003
Tokens
I am making a 17500 withdrawl from my account as a check because that was the only option I had. I am going to deposit the money into my bank account then forward 16000 to another bank account as the money needs to be broken up later. You think this will red flag? You think I will have to pay the taxes on this? Take into account I am only a 19 year old kid with no steady income.
 

New member
Joined
Sep 21, 2004
Messages
254
Tokens
Pay the taxes ----- if it's your only income it won't be that much. You don't want to dance with the IRS.
 

Home Sweet Home
Joined
Jan 27, 2006
Messages
7,003
Tokens
If someone else pays Tax on this number from there account would it still be flagged?
 

New member
Joined
Sep 20, 2004
Messages
29,752
Tokens
what about getting 2 checks for that amount....keep them under 10k each
 

Home Sweet Home
Joined
Jan 27, 2006
Messages
7,003
Tokens
No now I am asking if the money was forwarded to someone else could they pay the Tax on it?
 
Joined
Sep 20, 2004
Messages
4,001
Tokens
Its going to be flagged and you don't pay taxes on it until you report your taxes next year. If this is your only income keep great records of where the money has come from as you will be audited.
 

New member
Joined
Sep 21, 2004
Messages
254
Tokens
Don't forget to offset it with your losses at the track ---- you know those losing tickets in your top drawer you saved in case you need receipts for your losses ---- you should be able to find them by years end.:thumbsup2:
 

Whatever happened to that Simpson boy from USC?
Joined
Jan 18, 2006
Messages
458
Tokens
FOR THE LOVE OF GOD, BANKS ONLY HAVE TO RECORD CASH TRANSACTIONS OVER 10K. HOW MANY TIMES DO PEOPLE HAVE TO POST THAT ON HERE. However you should pay tax on the money in case you ever get audited. Pay it now or Pay it later, what ever you choose.
 

Home Sweet Home
Joined
Jan 27, 2006
Messages
7,003
Tokens
Would it really matter if it was two checks?

Ok and when you say records you mean I should keep the record of the check? Of the provider? And things like that? Sorry I am new to this I have only withdrawn in small amounts never even close to this so it makes me nervous... I usually never pay tax on it because it isn't big enough amounts of money to record them
 

New member
Joined
Sep 20, 2004
Messages
29,752
Tokens
Yes it makes a differnce get one check for 9k and the other for 8,500 and then the banks are not required to report it
 

Home Sweet Home
Joined
Jan 27, 2006
Messages
7,003
Tokens
But don't you think they still would report it. I feel that I am going to pay the Tax on it... but my worry is if I pay the tax on it and then transfer it to another account they will have to pay the taxes on it as well again... SO we would be double taxed
 

Home Sweet Home
Joined
Jan 27, 2006
Messages
7,003
Tokens
Also if I third partied the check would it red flag because my name was on the check?

Like would I have to pay the tax on it or would the guy who recieves and deposits the check have to pay tax on it?
 

New member
Joined
Sep 20, 2004
Messages
29,752
Tokens
themanej2001 said:
But don't you think they still would report it. I feel that I am going to pay the Tax on it... but my worry is if I pay the tax on it and then transfer it to another account they will have to pay the taxes on it as well again... SO we would be double taxed

You are going to pay taxes on it, i believe on your 2007 tax's..by then you MAY HAVE enough deductions to go against it.
 

Home Sweet Home
Joined
Jan 27, 2006
Messages
7,003
Tokens
No I'm not check kiting... I am waiting for the funds to clear before the transfer
 

Forum statistics

Threads
1,117,946
Messages
13,549,657
Members
100,549
Latest member
apptaixiuonl
The RX is the sports betting industry's leading information portal for bonuses, picks, and sportsbook reviews. Find the best deals offered by a sportsbook in your state and browse our free picks section.FacebookTwitterInstagramContact Usforum@therx.com