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cashing out advice

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  1. ncmtngirl79 ncmtngirl79 is offline

    Boone, NC
    United States

    Posts: 77
    Joined: Jul 05

    Apr 13th, 2006 (4/13/2006 12:58pm)

    I have been building my bank roll up steadily and last night my third place win put quite a lot in my UB account. What is the best way to cash this out? What are the rules concerning taxes and all that. I want to deposit all of it except for 1000 into my Neteller account. Would it be better tax wise to just get a check, is there a limit? Please help. Thanks.
  2. KingPariah KingPariah is offline

    Boone, NC
    United States

    Posts: 4,471
    Joined: Dec 05

    Apr 13th, 2006 (4/13/2006 1:01pm) in reply to ncmtngirl79

    Wow was about to reply and noticed your name so I looked at your profile..I'm from Boone too..ASU student

    But anyway..I reccomend paying taxes on it

    Edit: You know of any good games around Boone?
  3. ncmtngirl79 ncmtngirl79 is offline

    Boone, NC
    United States

    Posts: 77
    Joined: Jul 05

    Apr 13th, 2006 (4/13/2006 1:09pm) in reply to KingPariah

    yup
    i know lots of awesome games. I do not know if you are familiar with Josh Palmer ( Dada owns the Library and palmer construction and he owns wishbones) but they have a mean one two game on thursdays, always at least 4000 in the pot by the end of the night. There is a fifty dollar rebuy on sudays and saturdays cash games to follow. My friend has a fifty cent dollar game on tuesdays, and there is an awesome thirty dollar buy in. Then a fun five dollar tournament with 25. 50 . blinds afterwards. But i work at US Buildings, just give me a call and I will hook you up with some great games! Ask for Marshia ext. 1564. The thursday night game is really tough, so beware if you want to play!
    Thread Starter
  4. ncmtngirl79 ncmtngirl79 is offline

    Boone, NC
    United States

    Posts: 77
    Joined: Jul 05

    Apr 13th, 2006 (4/13/2006 1:30pm) in reply to KingPariah

    will neteller automatically take out taxes?
    Thread Starter
  5. TomHimself TomHimself is offline

    Riverhead, NY
    United States

    Posts: 2,252
    Joined: Jul 05

    Apr 13th, 2006 (4/13/2006 1:48pm) in reply to ncmtngirl79

    no it wont
  6. Jackkoll Jackkoll is offline

    Posts: 109
    Joined: Mar 06

    Apr 13th, 2006 (4/13/2006 2:06pm) in reply to ncmtngirl79

    Congrats on your recent success!

    There is a section on this site that may answer a lot of your questions (Tax Q&A - left menu).

    A few things to note...
    1. You won't actually pay taxes on your winnings until next year when you file your 2006 tax forms. Anything you won or lost in 2005 will not be factored in. It's only your wins/losses from 01/01/06 to 12/31/06. So, I recommend that you keep detailed records from this time forward, if you haven't already.

    2. The only difference between Neteller and a check would come down to the amount of time that it takes you to receive your money. Neteller is just a faster method of withdrawing money. The end result will likely be you depositing (check) it or transferring (Neteller) it directly into your bank account. Even at that time, taxes will not be taken out, as I mentioned above.

    Hope that helps. Good luck at the tables!
    Jackkoll
  7. CASHRUS CASHRUS is offline

    Katy, TX
    United States

    Posts: 363
    Joined: Jun 05

    Apr 13th, 2006 (4/13/2006 2:28pm) in reply to Jackkoll

    You won't have to pay taxes if UB loses your cash.
     
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