Ummm didnt think about this till now....

KingCurtis

KingCurtis

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Well I might be getting a little ahead of myself here but lets say i do cash a big chunk in the 750K....i want to withdraw like 80% of it and i go through the withdraw process.....

1st question.....How much can you withdraw at once?....

2nd...Im under 21, about 9 months to go till i am but will they notice this since it would be a large amount of money????

3rd...would i be able to wait till Nov. when i am 21 to withdraw if this problem occurred?
 
WVHillbilly

WVHillbilly

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Don't worry KC, just transfer all that cash to me. I'll just take a SMALL fee and your cash will be yours. :)

Don't worry about this yet. Just go win the damn thing first.
 
Z

zippyflounder

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Well I might be getting a little ahead of myself here but lets say i do cash a big chunk in the 750K....i want to withdraw like 80% of it and i go through the withdraw process.....

1st question.....How much can you withdraw at once?....

2nd...Im under 21, about 9 months to go till i am but will they notice this since it would be a large amount of money????

3rd...would i be able to wait till Nov. when i am 21 to withdraw if this problem occurred?
first, have them make out cashier checks for 4900 each, do one a day untill you are happy. Second pull all but your nomal br out, you can allways deposit one part of that 4900 or so if you go busto.
 
KingCurtis

KingCurtis

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Don't worry KC, just transfer all that cash to me. I'll just take a SMALL fee and your cash will be yours. :)

lol:p

Don't worry about this yet. Just go win the damn thing first.

I know right....focus focus focus.....im so anxious though i have real bad anxiety problems lol...
 
arkadiy

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18 to legally play online I am pretty sure.....
 
Tammy

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Check the site's conditions regarding withdrawal. Every site is different, and usually has a set amount you can deposit/withdrawal per day/month.

And you're fine age-wise. Over 18 for online poker.
 
Z

zippyflounder

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Check the site's conditions regarding withdrawal. Every site is different, and usually has a set amount you can deposit/withdrawal per day/month.

And you're fine age-wise. Over 18 for online poker.
over 5k banks have to report the dept for tax purposes.......
 
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Inscore77

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If you live in the United States, would you have to report a withdrawl on your income tax?
 
zachvac

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over 5k banks have to report the dept for tax purposes.......

And that's a problem why? If/when he wins a ton of money, he's done it all legally and would have to pay taxes on it. You were planning on paying taxes if you won right? I'd do it because you really don't want to be messing with the IRS, and not reporting it would be fraud.

21 means nothing, it's over or under 18, and as long as you're over you're fine. I'm sure the site will say but I don't see why you wouldn't be able to withdraw as much as you want at a time. Anyway first concentrate on the tournament, your tourney play won't change based on the answers to these questions right? Then go play some poker and win that prize. If you're still asking these questions after the tournament then your "problems" will be an extremely good thing :)
 
zachvac

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If you live in the United States, would you have to report a withdrawl on your income tax?

In the US you have to report any winnings whatsoever. This includes sngs, MTTs, cash games, live and online. It doesn't matter if you've cashed out or not, if you've won the money, you owe taxes on it. Now on the other hand anything you've lost can be claimed as a deduction. I don't know much about the tax law related to poker but I'm hopefully I need to learn more about it for the next fiscal year :)
 
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mrslvklv

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sorry for you guys/girls thatswhy a lot of people come to countries like mine (Bulgaria) here if i win something i take it for me (the whole) at the moment. no taxes no waiting period nothing. and something else.... for you 100$ are nothing but here in bulgaria with 100$ you can buy a lot of things. so let's calculate everything. you win 100$ - taxes = you can't buy almost anything. i win 100$ (no taxes) = a lot of fun stuf :) :) :) :) AND THE GAME IS THE SAME. WHAT'S FOR ME IS FOR YOU TOO :)
 
zachvac

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sorry for you guys/girls thatswhy a lot of people come to countries like mine (Bulgaria) here if i win something i take it for me (the whole) at the moment. no taxes no waiting period nothing. and something else.... for you 100$ are nothing but here in bulgaria with 100$ you can buy a lot of things. so let's calculate everything. you win 100$ - taxes = you can't buy almost anything. i win 100$ (no taxes) = a lot of fun stuf :) :) :) :) AND THE GAME IS THE SAME. WHAT'S FOR ME IS FOR YOU TOO :)

umm, what? Well if the $100 is a lot for you but none for us (not true, but we'll go with that), wouldn't the buy-in be the same? The $5 or $10 buy-in isn't much for us, but would be a lot for you.
 
Z

zippyflounder

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And that's a problem why? If/when he wins a ton of money, he's done it all legally and would have to pay taxes on it. You were planning on paying taxes if you won right? I'd do it because you really don't want to be messing with the IRS, and not reporting it would be fraud.

21 means nothing, it's over or under 18, and as long as you're over you're fine. I'm sure the site will say but I don't see why you wouldn't be able to withdraw as much as you want at a time. Anyway first concentrate on the tournament, your tourney play won't change based on the answers to these questions right? Then go play some poker and win that prize. If you're still asking these questions after the tournament then your "problems" will be an extremely good thing :)
well they want their 34% RIGHT THEN, THAT QUARTER not at the end of the year, report both your wins and your losses on your income tax but why give the gov 34% of your money for a year for free....hummmmm?
 
zachvac

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well they want their 34% RIGHT THEN, THAT QUARTER not at the end of the year, report both your wins and your losses on your income tax but why give the gov 34% of your money for a year for free....hummmmm?

oh ok I didn't know that. I thought they just reported it so they'd know if you didn't put it on your tax report at the end of the year.
 
Monoxide

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Just curious, question to usa players.

Say you make $1900 dollars in Feb. playing cash games.

fast forward 1 year later or to whenever taxs are due, say you have emassed $12500, what is to stop you from leaving it on your poker account and not paying tax on it?

There are millions of pokerstars accounts, im just wondering what would they do to *force* you to pay tax on it? Just cuz ur a nice guy you will hand over 1/3 of your winnings? <-- cant honestly believe nitty poker players would do it.

Im talking about non-traceable winnings to prove you are indeed making cash, aka you have not transfered them to a bank.

Do you get taxed? Taxed when you finally withdraw? What if you just transfer it to a really good friend in europe and they bank wire you the money?

Answers plxplx ^^
 
KingCurtis

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wow that is a really good question...if you won a tournament or something that gets taxed right(at a casino) ....if we win one online it stays in our account...not in our bank or pockets, so a lot of money is sitting not being tax, maybe this is a hidden reason behind the gov. trying to take us down...
 
Monoxide

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Well thats what I would do to avoid paying tax, i can think up a million more ways to avoid paying, im just curious why noone would do it.

Of course the most simplistic way is by leaving it on said poker account.
 
CrackaNACtion

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wow that is a really good question...if you won a tournament or something that gets taxed right(at a casino) ....if we win one online it stays in our account...not in our bank or pockets, so a lot of money is sitting not being tax, maybe this is a hidden reason behind the gov. trying to take us down...


Wow this is actually a great ideal why the whole poker thing is going down. nice job :)
 
Zorba

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maybe this is a hidden reason behind the gov. trying to take us down...
That would be the only reason that US players are getting taken down by the Gov, It is too hard for them to tax it.
Same reason for cannabis.
 
vanquish

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i dont see why you would ever withdraw your winnings when you can just spew them off in games you're underrolled for
 
KingCurtis

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yeah illl just buy in with 50k and blow it all against ivey....nottttttttttt

i will keep some on though im think about 20%

actually any suggestions for how much i should keep on % wise???

please post!!!
 
vanquish

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yeah illl just buy in with 50k and blow it all against ivey....nottttttttttt

i will keep some on though im think about 20%

actually any suggestions for how much i should keep on % wise???

please post!!!

i mean in all honesty its pretty straightforward. you decide what kind of bankroll you want to leave, or how much money you really want to have added to your bank account IRL, and then pick whichever sounds more appealing. if youre in college and you like strippers and tequila, then you take out more, if you live with mom then you take out less.
 
KingCurtis

KingCurtis

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but i think taking out a lot then investing it somehow would pay off......

although my old signature here used to say ......

"poker is not a gamble, if your smart it is an investment"
 
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