What is a "safe " amount to withdraw & wire transfer to your bank from a sportsbook ?

[cyberinvestor]

Here's the deal, if you structure your deposits and get multiple wires of $9000 instead of say one wire for $40,000 you will set off a lot of red flags at the bank. They are very much on to this tactic and unless those wires are few and far between their computer will alert their compliance officer who would file an SAR (suspicious activity report). It is better to get one wire and be done. It is not just because this is a gaming wire. If you did this with a friend at another local bank and he paid you in multiple wires under $9000 it would trigger an alert too. It's not the source but the bank systems are very atune to catching structuring.

Wire transfers are not like cash transfers. There is no reporting to the IRS for any wires regardless of the amount unless they file an SAR on you.

Also I am not sure of any books that wire from Costa Rica. Most use Canadian or Euro processing and intermediary banks so nobody is going to see a wire from Costa Rica.

Lastly the government doesn't give a damn about your $50,000 assuming you pay your taxes unless you structure your deposit or are getting in wires every day. They are no going to open a Federal case on you. It is not worth their time or money and there are hundreds of thousands of wires from other countries into the US every day. Not to mention under Federal law it is not illegal to be a gambler. State law varies. The UIGEA does not criminalize betting or making deposits and withdrawals to offshore gaming. However if a bank suspects you of being an offshore gambler they can close your accounts. I have had that happen myself.

[John Dough]

Here's the deal, if you structure your deposits and get multiple wires of $9000 instead of say one wire for $40,000 you will set off a lot of red flags at the bank. They are very much on to this tactic and unless those wires are few and far between their computer will alert their compliance officer who would file an SAR (suspicious activity report). It is better to get one wire and be done. It is not just because this is a gaming wire. If you did this with a friend at another local bank and he paid you in multiple wires under $9000 it would trigger an alert too. It's not the source but the bank systems are very atune to catching structuring.

Wire transfers are not like cash transfers. There is no reporting to the IRS for any wires regardless of the amount unless they file an SAR on you.

Also I am not sure of any books that wire from Costa Rica. Most use Canadian or Euro processing and intermediary banks so nobody is going to see a wire from Costa Rica.

Lastly the government doesn't give a damn about your $50,000 assuming you pay your taxes unless you structure your deposit or are getting in wires every day. They are no going to open a Federal case on you. It is not worth their time or money and there are hundreds of thousands of wires from other countries into the US every day. Not to mention under Federal law it is not illegal to be a gambler. State law varies. The UIGEA does not criminalize betting or making deposits and withdrawals to offshore gaming. However if a bank suspects you of being an offshore gambler they can close your accounts. I have had that happen myself.

Solid post.

[cyberinvestor]

Thanks John, just trying to help and using my experience in a variety of areas on this very topic.

[goldengreek]

Here's the deal, if you structure your deposits and get multiple wires of $9000 instead of say one wire for $40,000 you will set off a lot of red flags at the bank. They are very much on to this tactic and unless those wires are few and far between their computer will alert their compliance officer who would file an SAR (suspicious activity report). It is better to get one wire and be done. It is not just because this is a gaming wire. If you did this with a friend at another local bank and he paid you in multiple wires under $9000 it would trigger an alert too. It's not the source but the bank systems are very atune to catching structuring.

Wire transfers are not like cash transfers. There is no reporting to the IRS for any wires regardless of the amount unless they file an SAR on you.

Also I am not sure of any books that wire from Costa Rica. Most use Canadian or Euro processing and intermediary banks so nobody is going to see a wire from Costa Rica.

Lastly the government doesn't give a damn about your $50,000 assuming you pay your taxes unless you structure your deposit or are getting in wires every day. They are no going to open a Federal case on you. It is not worth their time or money and there are hundreds of thousands of wires from other countries into the US every day. Not to mention under Federal law it is not illegal to be a gambler. State law varies. The UIGEA does not criminalize betting or making deposits and withdrawals to offshore gaming. However if a bank suspects you of being an offshore gambler they can close your accounts. I have had that happen myself.

THANK YOU SO MUCH

SO BASICALLY.. IF I PAY TAXES ON IT NEXT YEAR.. I MAY AS WELL ASK FOR A 30,000 ONE TIME wire WITHDRAWL INSTEAD OF 3 OR 4 SEPERATE 9,000 WITHDRAWLS

[cyberinvestor]

THANK YOU SO MUCH SO BASICALLY.. IF I PAY TAXES ON IT NEXT YEAR.. I MAY AS WELL ASK FOR A 30,000 ONE TIME wire WITHDRAWL INSTEAD OF 3 OR 4 SEPERATE 9,000 WITHDRAWLS

Absolutely! There was another thread about a similar topic regarding cashing a ticket over $10K in Vegas. In that thread I discussed that a person willingly structuring payments in an effort to keep them under some radar (whether their concern is based on fact or paranoia) is a felony in the US. Just get the one lump sum payout. First, it shows that you weren't trying to hide anything and second just pay the taxes on it next year (don't forget to deduct your losses from all your winnings to get net income) and you would be as clean as a whistle!

[linedrivr]

It also helps to have established accounts at more than one bank.

[Petenana15]

It also helps to have established accounts at more than one bank.

There ya go

[cyberinvestor]

It also helps to have established accounts at more than one bank.

I would suggest this too. It is good to have one bank for all your personal banking who you maintain a good relationship with (ie checking, savings, mortgage, CC, etc.). At that bank do ZERO gambling transactions. Then at other local banks setup a checking or savings account and send your wires to those accounts one bank at a time. If a bank closes an account for gambling, no problem, you have another one. When they close the account because you didn't use your primary bank you don't have to worry about a shakeup in your personal banking. Your only relationship with the bank where the account is closed was for gaming so no harm, no foul.

There is nothing illegal about this as you aren't doing it to avoid some law or government regulation rather just because banks may not want your business as a gambler.

[geist]

Wire transfers are not like cash transfers. There is no reporting to the IRS for any wires regardless of the amount unless they file an SAR on you.

Currency Transaction Report (CTR)
The CTR must report cash transactions in excess of $10,000 during the same business day. The amount over $10,000 can be either in one transaction or a combination of cash transactions. It is filed with the Internal Revenue Service.

Wire transfers would be under "cash transactions" or no?

[cyberinvestor]

Currency Transaction Report (CTR) The CTR must report cash transactions in excess of $10,000 during the same business day. The amount over $10,000 can be either in one transaction or a combination of cash transactions. It is filed with the Internal Revenue Service. Wire transfers would be under "cash transactions" or no?

Nope. The purpose of a CTR is to track "currency". Currency meaning the actual paper dollars. CTR's just track paper cash transactions because without a CTR there would be no record. In the case of a wire there is always a record. Wire's have a paper trail from the bank sending it all the way to the receiver. Checks have paper trails obviously because of the check. So with wires and checks no CTR is filed. If the sportsbook did not file a CTR for the over $10,000 in cash they hand you, then there would be no record as to who got the money. Which is why a CTR is required to be filed.