Need Advice

I have my bankroll setup with a bank in a different account from my personal business. When I visit a casino I like to cash a check (from my BR account) because many of the casinos I visit will not actually deposit the check for a few days. This allows me to carry a higher daily balance than I would if I were using my ATM card to get the cash. I will then deposit the money plus winnings (or minus losses) the next day. I do this 2 or 3 times a week. My concern is that the bank will get suspicious about all the cash deposits I'm making and report me to the I*R*S. My deposits are much less than $10k and I always deposit large bills (Hundreds). I do pay taxes, however I do not want the hassle/aggravation/expense of having to deal with the I-R-S and a possible audit. Is this a valid concern? All advice is much appreciated.

well in australia i dont have to pay taxes....

cash deposits are not normally a concern for the banks...if youre worried about this, use alternate means of storing the cash.....like a safe (have one), a safety deposit box (again, have one)...

also open up a few more accounts....a saving in a few different banks will help...also try to invest some,

i bought a few gold bullions a while ago (hey gold will always be worth something) mean while the price has jumped dramatically ;)

still, it hides cash...

just be creative...i wouldnt think you have too much to worry about though, unless you are depositing serious money, i dont think the bank will even think twice about where your money comes from (a bit like a casino ;)

I assume that since all the money is flowing in and out of banks that you have no intention of avoiding taxes anyway, since anything that goes to any financial institution creates a paper trail anyway. If you are looking to get under the radar however I can think of a couple of things.

1. Open several accounts at different banks.
2. Start another dba so you get another business account, cash deposits are much less likely to be looked at this way.
3. Buy money orders or cashiers checks from the post office, Western Union or another bank so that cash isn't moving to your bank all the time.
4. Don't bank it all, use a safety deposit box.
5. Since you say you do this "2 or 3 times a week", (I'm not sure if this is every week or not), why not keep some chips instead of cashing them all out ?

Wyrstle

A pro player, who shall remain unnamed, once declared all his blackjack income on his annual tax return.

He was audited buy the IRS.

He had kept good records of all his wins, losses, dates, etc which he showed the auditor.

But: The auditor also carefully analyzed all the deposits and withdrawals from the player's bank accounts and came to the independent conclusion (erroneously) that this player had earned several thousand dollars more from blackjack then he had declared, and as a result of his findings the player owed additional taxes. It took the player a lot of time and effort involving meetings with the auditor's supervisor before he convinced the IRS to set aside the auditor's findings.

Draw your own conclusions, but I would not keep my playing BR in a bank account.

You give the bank a lot more credit than they deserve. Most employees are not that observant of patron activity. If you do go to the bank that much and they will know who you are and will not question all of your activity. The bank sees action that is greater than what you have talked about and don't question it at all.

the banks are just like casinos...the more money the better....