Okay, I have about 7k in my bookmaker account... Im thinking I want to take at least 5k out being realistic that I will probably lose the 2 k extra that I have now. What would you guys recommend? Western Union and Moneygram seem to be the safest, but the 700$ maximum and 50$ charge for each exchange seems pretty high. The payment straight to my debit card is obviously the easiest but do you think that the Irs will look into that or is 5-7k not enough for them to be suspicious about? There is also the option for bookmaker to send me a master card and pay me out through that, although I would have to send them a bunch more info and wait for them to send me the card. Thanks a lot for anyones help I appreciate it. Sorry for the long question just a little paranoid about it and would like someone with a little experience to make me feel better.
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To remove first post, remove entire topic.
Okay, I have about 7k in my bookmaker account... Im thinking I want to take at least 5k out being realistic that I will probably lose the 2 k extra that I have now. What would you guys recommend? Western Union and Moneygram seem to be the safest, but the 700$ maximum and 50$ charge for each exchange seems pretty high. The payment straight to my debit card is obviously the easiest but do you think that the Irs will look into that or is 5-7k not enough for them to be suspicious about? There is also the option for bookmaker to send me a master card and pay me out through that, although I would have to send them a bunch more info and wait for them to send me the card. Thanks a lot for anyones help I appreciate it. Sorry for the long question just a little paranoid about it and would like someone with a little experience to make me feel better.
Any single payment under 10K they don't care about. If you had repeated withdrawals for 9500 that would raise a flag because it looks like you are trying to cheat the 10K limit (this is what got the FIFA guys in trouble - repeated cash deposits under 10K within a short period of time)
The tax you would pay on 5K would be 2K at the most, so it isn't financially smart for the IRS to go after such small amounts. Also, if the IRS were going after sportsbook withdrawals, someone would have complained about it here.
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Quote Originally Posted by promaster13:
Being serious or just messing vandutch? thx
Any single payment under 10K they don't care about. If you had repeated withdrawals for 9500 that would raise a flag because it looks like you are trying to cheat the 10K limit (this is what got the FIFA guys in trouble - repeated cash deposits under 10K within a short period of time)
The tax you would pay on 5K would be 2K at the most, so it isn't financially smart for the IRS to go after such small amounts. Also, if the IRS were going after sportsbook withdrawals, someone would have complained about it here.
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