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Cashout Question...

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  1. apcshartman apcshartman is offline

    Puyallup, WA
    United States

    Posts: 87
    Joined: Apr 07

    Jul 14th, 2010 (7/14/2010 11:45pm)

    I have cashed out a few times before but my question is there a certain limit before either the bank flags my account or whatever. I usually do the bank transfer because it's so fast. Any advice? I have heard that 10k in 1 month the bank flags it and reports to the IRS for tax purposes or whatever. Just curious
  2. okse54 okse54 is offline

    New York, NY
    United States

    Posts: 3,692
    Joined: Nov 07

    Jul 14th, 2010 (7/14/2010 11:47pm) in reply to apcshartman

    pay ur taxes obv and then theres no worries

    but idk at wat point its reported, ive heard many diff things through the years
     
  3. apcshartman apcshartman is offline

    Puyallup, WA
    United States

    Posts: 87
    Joined: Apr 07

    Jul 14th, 2010 (7/14/2010 11:52pm) in reply to okse54

    This is the first time I've withdrawn A substantial amount... You just report a the end of the year right?
    Thread Starter
  4. Run 4 Shelter Run 4 Shelter is offline

    Chandler, AZ
    United States

    Posts: 359
    Joined: Jun 06

    Jul 15th, 2010 (7/15/2010 12:21am) in reply to apcshartman

    Anything over 5k is flagged especially if it is not normal account activity for you. Keep them around 4-4.5k and your account won't get frozen. :-)
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