Question about winning?

Pistol Pete · 03-20-2006, 03:46 PM

I was thinking this last night b/c i played in a big tourny and won decent money but was close to winning alot of money. So i was wondering say I won big money online say anything over 10 grand, what would be the best way to withdraw it? Most of my winnings go straight to firepay, but I was thinking with winnings that big would it raise a red flag or anything with the government?

I mean I know weekly all the big sites have the huge tournys where people are winning anywhere from 20G to 100G, im just wondering how they withdraw that money? Do they just deposit in their bank account and pay the taxes on it? Someone from pokerroom review has to know something about this.

PokerRoomReview.com · 03-20-2006, 04:32 PM

I think most people would use neteller to a point, at some point a bank wire becomes necessary.

If your a US citizen residing in the US, you should declare such income.

Good Luck!!

PokerRoomReview.com

presley177 · 03-20-2006, 04:34 PM

personally I wouldn't pull it all out at once...do a little each time

Pistol Pete · 03-20-2006, 05:18 PM

Yeah that was what i was thinking too presley

imgv94 · 03-20-2006, 08:42 PM

PP you brought up a great question! I have always wondered that myself.
I have won alot of money in one day and what I did was take a little
bit at a time for a while it seems like the way to do things.

LVHerbie · 03-21-2006, 03:12 PM

You probably won't get caught not paying taxes on your winnings but we are all gamblers and know there is big difference between probable thing and a sure thing....If it was me I would withdraw it to your checking and pay taxes on it... if you keep good records you deduct your of loses against your winnings... I'm not telling anyone else what to do but I know I paid taxes on all my online winnings (last two years and probably again next year) and I sleep real good at night... I gamble enough everyday that I'm not looking for any more added EV plus or minus..., you know what I mean?

Pistol Pete · 03-21-2006, 05:57 PM

But Lv what about the fact that internet gambling is illegal? What I'm wondering is if you admit to winning and pay taxes on it, is it possible for them to take your money b/c you won it on the internet which technically is illegal? That would be my big fear

PokerRoomReview.com · 03-21-2006, 06:18 PM

Quote:

Originally Posted by Pistol Pete

But Lv what about the fact that internet gambling is illegal? What I'm wondering is if you admit to winning and pay taxes on it, is it possible for them to take your money b/c you won it on the internet which technically is illegal? That would be my big fear

If that happened to you, I believe it would be the first case of its kind.

I would be more worried about winning money and receiving the winnings and not paying taxes on it.

Good Luck!!

presley177 · 03-21-2006, 06:27 PM

Quote:

Originally Posted by Pistol Pete

But Lv what about the fact that internet gambling is illegal? What I'm wondering is if you admit to winning and pay taxes on it, is it possible for them to take your money b/c you won it on the internet which technically is illegal? That would be my big fear

tell them you won it in vegas. they would be getting their share.

LVHerbie · 03-21-2006, 11:57 PM

Quote:

Originally Posted by Pistol Pete

But Lv what about the fact that internet gambling is illegal? What I'm wondering is if you admit to winning and pay taxes on it, is it possible for them to take your money b/c you won it on the internet which technically is illegal? That would be my big fear

You are suppose to report income, illegal or not, and I believe their was a court decision that said that the IRS can't report income to other branches of the government (example FBI)...