Withdrawal question

Question

I have a little of $20k that is tied up in my online account that I would like to withdraw. It is all net losses so it really is just a return of deposits during the year.

I've already made a few 8 and 9k withdrawals the past few months by wire, but I'm nervous that continuing to do that will be suspicious to my bank and I don't want to go through any headaches.

The max withdrawal is 9.5k at my book, /so trying to figure out the best option or way to get the cash. Does anyone have experience with this?

Also, is an offshore online acct considered a foreign acct for tax purposes?

tito1 · Answer

I have a little of $20k that is tied up in my online account that I would like to withdraw. It is all net losses so it really is just a return of deposits during the year.

I've already made a few 8 and 9k withdrawals the past few months by wire, but I'm nervous that continuing to do that will be suspicious to my bank and I don't want to go through any headaches.

The max withdrawal is 9.5k at my book, /so trying to figure out the best option or way to get the cash. Does anyone have experience with this?

Also, is an offshore online acct considered a foreign acct for tax purposes?

HabsHater88 · Answer

I made withdrawals like that all the time. Never got approached by bank. Then again I run my business with that bank account too so maybe it makes it less suspicious. I only got questioned once making a $120k business transaction.

tito1 · Answer

Thanks - what do you guys consider a "session" when it relates to tracking wins and losses? Also, do banks monitor credit card deposits for purposes of the sar or is that really cash and wires and such? Any info greatly appreciated. I bet a lot of 500/1k games and wins and losses add up fast if sessions are like days.

tito1 · Answer

What do you guys consider as a "session" for reporting? Play a lot of 500/1k games so it adds up significantly if gross reporting. At the end of the day I have decent losses so just curious what would be considered.

dcp1985 · Answer

If the max withdrawal is only 9k you should be fine. I think as well that 10k is also the limit where anything higher gets put on the radar of tax agencies, at least in Canada and the US.

Not sure exactly what you're asking about "sessions" though? I've usually only heard poker players use that term when talking about the duration of a game they were playing.

Withdrawal question

Hot Forum Topics