Quote:
Originally Posted by SG4
I have a question since I believe you mentioned CTR's in regards to ADW transactions the other day as well - have you ever received one of these? Or is a CTR only kept in bank records & the individual doesn't receive a copy? I ask cause I have yet to see this come into play to my knowledge when using ADWs & transactions in or out of the account.
This is completely hypothetical, but say the leader of the syndicate put in $15,000 of pick 6 bets on their personal ADW & received a total payout of $4,000,000. If they withdrew this money directly from the ADW to their checking account & then wrote out 40 checks of 100k each to all the syndicate members who then went on & deposited this in their bank accounts, I don't see one step in this process that would alert the IRS to this income.
Now obviously skirting your tax bill is not the legal thing to do & I'm NOT suggesting that here, but I'm just saying I don't think the gov't would have knowledge of this until it was self-reported, as is the case for almost all gambling winnings now.
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When I used to get paid from one of my handicapping partnerships, I received a check. At the end of the year I got a 1099 from the organization.
Trust me... they have to send a 1099 or else they are eating all the taxes
and are breaking the law.