I wanted to avoid using my bank account for IRS/tax purposes, was going to use their ATM card, but that seems to be more trouble than it's worth. Does the IRS check bank deposits anyway for this kind of thing? Am I being too paranoid?
2007-01-17 15:58:45 · 5 answers · asked by Anonymous in Games & Recreation ➔ Gambling
irs will probably audit them anyway so even if you use your atm you can still get audited
You can request a check but with this sudden mess it will take 6-8 weeks to receive it
EFTs to your bank acct are backlogged and are expected to take 2 weeks
This is a sad day for the online gaming industry
2007-01-17 16:03:53 · answer #1 · answered by Bill F 6 · 0⤊ 0⤋
Evading paying taxes on gambling earnings is a primary reason why the US Govt is cracking down on internet gambling. There's a block on the 1040 form for gambling and it states you must claim all earnings from gambling.
If you wind up being audited YES the IRS will check all your bank records. Large bank deposits over $10,000 and even smaller ones can triger a red flag due to the Patriot Act.
2007-01-18 10:09:50 · answer #2 · answered by Scott W 3 · 0⤊ 0⤋
To be on the safe side do 2800 one day. Wait till it clears, then do the remaining 2700. Transactions over 3000 will generate a Multiple Transaction Log. Its fairly tame, and probably isn't much of a concern, but I'd still do it that way.
2007-01-18 04:06:32 · answer #3 · answered by closetcoon_fan 5 · 0⤊ 0⤋
Dude, just EFT to your bank in 3 pieces.
2007-01-18 00:29:48 · answer #4 · answered by Anonymous · 0⤊ 0⤋
nope, since you are planning to commit tax evasion you are feeling the correct amount of paranoia
2007-01-18 15:38:56 · answer #5 · answered by Anonymous · 0⤊ 0⤋
yes just deposit it in separate deposit
2007-01-18 00:02:27 · answer #6 · answered by Mrs Fulton 3 · 0⤊ 0⤋