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Info neeeded regarding Bank Wire

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Prospect
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Joined: Aug, 2011
Posts: 38
Posted: #1
I have requested a $18k bank wire from Bookmaker to my Bank Account.
My question is..Will the Bank guys get suspicious of the money source?  Is there a limit on amount I can recieve through wire transfer?

Your replies are greatly appreciated guys
 
Prospect
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Joined: Aug, 2011
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Posted: #2
Pls guys,,anyone? Is it safe to withdraw money through Bankwire?
 
Captain
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Posted: #3
anything over 10k with get flagged...but if you plan on paying tax on it no problem



 
Prospect
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Posted: #4
Quote Originally Posted by PokinSmot:

anything over 10k with get flagged...but if you plan on paying tax on it no problem





How can I pay taxes on something thats considered illegal to do

 
Captain
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Posted: #5
bingo
 
Prospect
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Joined: Jun, 2009
Posts: 338
Posted: #6
the bank guys won't care about the 18k...everything is automated....as far as red flags....i have yet to hear anybody have a problem....you can always say that you are breaking even...so taxes shouldn't be an issue.
 
Prospect
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Joined: May, 2011
Posts: 117
Posted: #7
It will NOT be a red flag. I don't know why people insist on giving false information. There is absolutely no way to get out of the reach of the IRS...just pay your taxes.

FYI, it is not illegal to bet online, it is illegal for these websites to give you a website to bet on. There is a difference. You'll be fine
 
All-Star
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Posted: #8
Quote Originally Posted by theblueprint:

It will NOT be a red flag.

False. Any abnormal deposit is reviewed by the bank, if they see it as suspicious they can report it to the Chex Systems which is a Credit Agency that 80% of consumer and commerical banks use to monitor deadbeats and criminals.

IMO unless you are making $150k a year then an 18k check is guarnteed to be reviewed by your depositing bank. It might not result in anything but it will still be reviewed.

 
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Posted: #9

Quote Originally Posted by PokinSmot:

anything over 10k with get flagged...but if you plan on paying tax on it no problem



Just to clarify for everyone else the 10k or greater is just on cash deposits, any cash deposit over 10k the financial insitution has to fill out a CTR and you will have to fill out an IRS form 8300.

 
Prospect
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Posted: #10
Well that is what I am referring to....unless you are trying to evade taxes you will have no issues. But I'm not sure why you would try to evade them. Whether you chop it up in 2k portions or get a 18k lumpsum the IRS will see it and will expect taxes on it
 
Prospect
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Posted: #11
Quote Originally Posted by theblueprint:

Well that is what I am referring to....unless you are trying to evade taxes you will have no issues. But I'm not sure why you would try to evade them. Whether you chop it up in 2k portions or get a 18k lumpsum the IRS will see it and will expect taxes on it

Thanks for the info.. That brings me to the tax question..
When filing tax returns, Should I file it as Gambling Income?
 
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Joined: Jul, 2002
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Posted: #12
oh jeez  
 
Veteran
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Joined: Feb, 2009
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Posted: #13
18k wire is going to raise flags. Now I don't know that anything will come of it, but they will review it.
 
Prospect
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Joined: May, 2011
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Posted: #14
Split it 9-9
 
Prospect
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Joined: Jan, 2010
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Posted: #15

Quote Originally Posted by Horse59:

Split it 9-9

 

 
 
Banned
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Joined: Jul, 2007
Posts: 126
Posted: #16
banks are always suspicious...
because they dont want to get robbed.
so if u never make 18k then dont
start a history by making small dep.
then u can make a big one without raising any red flags
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