Should I be worried
- Thread starter hadley123
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love2winalot
Dormant account
- Joined
- Feb 10, 2009
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- Philippines/Visiting Las vegas
Hiya: YES YOU SHOULD. To be on the safe side you should hurry, and wire the money into my Bank acct; in the Philippines. I will hold onto it until the heat dies down........hehehehehe
Sorry, i couldent help it. The real answer is No. The feds could care less about you. They care almost nothing about the casino's. The Target, is/are the money processors. The worst that can happen, is the casino will inform you that the wire transfer was rejected by your bank, and you then have to choose a different withdraw option. The Casino will help you, if it ever comes down to it. Congrads on winning.
Sorry, i couldent help it. The real answer is No. The feds could care less about you. They care almost nothing about the casino's. The Target, is/are the money processors. The worst that can happen, is the casino will inform you that the wire transfer was rejected by your bank, and you then have to choose a different withdraw option. The Casino will help you, if it ever comes down to it. Congrads on winning.
how much are you talking about and wich casino did you win from ?
Hiya: YES YOU SHOULD. To be on the safe side you should hurry, and wire the money into my Bank acct; in the Philippines. I will hold onto it until the heat dies down........hehehehehe
Sorry, i couldent help it. The real answer is No. The feds could care less about you. They care almost nothing about the casino's. The Target, is/are the money processors. The worst that can happen, is the casino will inform you that the wire transfer was rejected by your bank, and you then have to choose a different withdraw option. The Casino will help you, if it ever comes down to it. Congrads on winning.
Thank you very much for your response. I didn't know if the banks had to report irregular international wires or not.
Thanks
- Joined
- Oct 14, 2004
- Location
- United Kingdom
The fact that these are REGULAR wires, rather than a "one off" might cause the bank to consider all of them as a single transaction, and this may add up to enough to trigger a report to your IRS.
The same rules apply here in the UK, except that we are free to declare the money as gambling winnings, which are tax free in the UK.
Transactions over £10,000 must be reported by the bank if there are concerns about the source. I usually transfer large payouts to my bank via Neteller bank transfer (pretty much the same as a "wire"). These are identified as coming from a Barclays Bank "merchant" account (Neteller). When I "wired" in the £50,000 I won at 32Red last July my bank did not ask me where the money came from, it accepted it all as "clean" money.
The problem in the US is that banks are looking for Gambling transactions, and may well be reporting these for further investigation. The banks may even be letting them through in order to build a case for investigation, so the fact that large wires are getting through OK does NOT necessarily mean the processor is in the clear for future use.
Rather than wire the same amount each week, try different amounts, and make the transfers on a irregular basis. This will mean waiting longer, but might confuse the bank's monitoring process.
Casinos could help by using different processors each time for individual players, so that the transactions appear to be unrelated to each other.
Use of QT for part of the withdrawal, and then making a wire from QT will also break down any appearance of a relationship between the transactions.
The same rules apply here in the UK, except that we are free to declare the money as gambling winnings, which are tax free in the UK.
Transactions over £10,000 must be reported by the bank if there are concerns about the source. I usually transfer large payouts to my bank via Neteller bank transfer (pretty much the same as a "wire"). These are identified as coming from a Barclays Bank "merchant" account (Neteller). When I "wired" in the £50,000 I won at 32Red last July my bank did not ask me where the money came from, it accepted it all as "clean" money.
The problem in the US is that banks are looking for Gambling transactions, and may well be reporting these for further investigation. The banks may even be letting them through in order to build a case for investigation, so the fact that large wires are getting through OK does NOT necessarily mean the processor is in the clear for future use.
Rather than wire the same amount each week, try different amounts, and make the transfers on a irregular basis. This will mean waiting longer, but might confuse the bank's monitoring process.
Casinos could help by using different processors each time for individual players, so that the transactions appear to be unrelated to each other.
Use of QT for part of the withdrawal, and then making a wire from QT will also break down any appearance of a relationship between the transactions.
love2winalot
Dormant account
- Joined
- Feb 10, 2009
- Location
- Philippines/Visiting Las vegas
Hiya: To add to what VWM said, If you are getting a lot of money, "Overall", then it is also a good idea to open, and have, a business acct: There are thousands of people who get money from other countries via sales on Ebay, Amazon, Craigs List, and so on. Not everyone makes payments through Pay pal. So it is quite understandable for the bank to ask, "Where is the money coming from? and for you to say, "Sales from my Internet Business", and the bank to ask, "Why don't you have a Business bank acct then?
The more money you have coming in the more attention it is going to get. And, if you NEVER had money coming in before at all, Now it really is a reason for concern................
The more money you have coming in the more attention it is going to get. And, if you NEVER had money coming in before at all, Now it really is a reason for concern................
Have you heard of other people having issues with their banks notifying authorities? I have won 50k, and my casino withdraws 3k per week. I have already received about 12k of the money, but didn't know if that bank will alert someone eventually. Thanks
love2winalot
Dormant account
- Joined
- Feb 10, 2009
- Location
- Philippines/Visiting Las vegas
The anctual answer is NO. But then again, UIGEA just went into effect, so who knows. I, howver do know this. If, and it is a Big IF, you ever got audited by the IRS, and you have $30,000 in W-2's claimed as income on your tax return, but have $80,000 in deposits into your bank acct: you will have a proabelm. But, only if you get audited, and the odds are less than 10% of that happening. You don't go to jail or anything, but you could end up paying tax on that 50k in winnings, "Income".
Is this opinion or fact or neither???
Not to scare ya, but you may want to Wiki "Structuring". It is a felony and a risk you take.
love2winalot
Dormant account
- Joined
- Feb 10, 2009
- Location
- Philippines/Visiting Las vegas
Hiya: My Statement is a fact. I used to work for the NADN, ie, Tax Ready. It happens all the time. A Guy who claimed $40,000 on his tax return, buys a New car for cash for $52,000. =?
This is why my Wife will Cash some of her Pay Checks, instead of depositing them all, so any Gambling Winnings i may get, and put in the bank, makes our bank statement not exceed our reported Income.
The OP is talking about $50,000. That is a lot of Tax Free Money, and going straight into his bank acct. None of us know for sure exactly what the banks are doing if they suspect something, and since 1 June, we really have no idea at all. Maybe Nothing. Maybe some of us will some explaining to do..........who knows?
This is why my Wife will Cash some of her Pay Checks, instead of depositing them all, so any Gambling Winnings i may get, and put in the bank, makes our bank statement not exceed our reported Income.
The OP is talking about $50,000. That is a lot of Tax Free Money, and going straight into his bank acct. None of us know for sure exactly what the banks are doing if they suspect something, and since 1 June, we really have no idea at all. Maybe Nothing. Maybe some of us will some explaining to do..........who knows?
Check your fact(s),BTW
:Read::Read:
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- Jan 21, 2009
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- somewhere else
Like VWM said anything over 10 grand is going to be a red flag to someone. 
- Joined
- Apr 12, 2009
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- GA
oooh this brings back bad memories for me.
https://www.casinomeister.com/forums/threads/call-from-my-banker.32769/ yes they can and they will ....at least they may contact you about the transactions... so hurry and get it cashed or get a money order if they have that option and cash em at the post office..
volt
https://www.casinomeister.com/forums/threads/call-from-my-banker.32769/ yes they can and they will ....at least they may contact you about the transactions... so hurry and get it cashed or get a money order if they have that option and cash em at the post office..
volt
- Joined
- Jan 27, 2006
- Location
- USA
oooh this brings back bad memories for me.
https://www.casinomeister.com/forums/threads/call-from-my-banker.32769/ yes they can and they will ....at least they may contact you about the transactions... so hurry and get it cashed or get a money order if they have that option and cash em at the post office..
volt
Didn't Dominique's bank put a hold on her funds? I remember a while back a post/thread about her problems too. Can't recall the exact circumstances.
footdr
Banned User: PITA violations of the Forum Rules
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- Jan 13, 2006
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- cyberspace
What you are doing is unnecessay
Depositing funds in your bank account is not automatically deemed "income". We have 4 bank accounts at 4 different banks. I often transfer money from one account to another. Adding my statements together would definately exceed our income. However you are right about the IRS Audit. I have spent so much I would claim it as refunds of money fraudulently taken from my account and disputed directly with the businesses. Sounds good?!
What you have to be mindful of is the amount you wire transfer, if you keep it under 3-4,000.00 per transfer it shouldn't raise a red flag.As long as they aren't coming from a Country on the DOJ's list you'll be alright
I too have had many wire transfers coming in the past year and hope I don't receive a phone call!
Wish they would go back to EFT/ACH payment of winnings, much safer for players.
Depositing funds in your bank account is not automatically deemed "income". We have 4 bank accounts at 4 different banks. I often transfer money from one account to another. Adding my statements together would definately exceed our income. However you are right about the IRS Audit. I have spent so much I would claim it as refunds of money fraudulently taken from my account and disputed directly with the businesses. Sounds good?!
What you have to be mindful of is the amount you wire transfer, if you keep it under 3-4,000.00 per transfer it shouldn't raise a red flag.As long as they aren't coming from a Country on the DOJ's list you'll be alright
I too have had many wire transfers coming in the past year and hope I don't receive a phone call!
Wish they would go back to EFT/ACH payment of winnings, much safer for players.
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Most of us, well not me anymore, never concerned ourselves with this issue as we/me have never even sniffed 50k, but I can understand your concern.
If it's a worry, I would suggest you speak with your tax consultant and just pay the taxes right off the top.
I could be wrong with my thoughts here and if so maybe one of the members will let me know why this would not work.
Congrats!
If it's a worry, I would suggest you speak with your tax consultant and just pay the taxes right off the top.
I could be wrong with my thoughts here and if so maybe one of the members will let me know why this would not work.
Congrats!
- Joined
- Mar 31, 2007
- Location
- Iowa
Just my opinion but I think I would be changing things up a bit like a few others have said. I also would start a small business account but at a local bank not something like BOA. You could buy and sell coins hypothetically...I use my business account that I set up when I did travel consulting for casino and Quicktender transfers. 5K in a week doesn't trigger anything. I also would start considering cash as my friend and not let it sit in your primary bank...get it out just in case. Open up a new account and deposit $900 or $1500 every once in a while. Be creative. And congrats..and good luck
- Joined
- Apr 22, 2005
- Location
- Nevada (Las Vegas)
Congrat's on your win's very good!! I wouldn't advertise so much info though if your worried?
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