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Cashing out on Monday..

Topic closed. 47 replies. Last post 12 years ago by tntea.

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tntea's avatar - Lottery-059.jpg

United States
Member #5344
June 30, 2004
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Posted: April 27, 2005, 9:54 pm - IP Logged

Hubby and I have discussed cashing out of "you know where " come Monday and having Neteller to gradually deposit our winnings into our account.



After talking with some lawyer/judge friends of ours, it seems that we could get into trouble if money keeps filtering into our accounts like that..



We are going to continue to play TN where money isn't tracked for taxes on Pick 3..



And only play 50 cent boxed tickets for Pick 4..



I will continue to be on forum with our picks for TN..

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    fbird's avatar - nw archer.jpg
    White Lake,Mi
    United States
    Member #1495
    May 12, 2003
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    Posted: April 28, 2005, 6:08 am - IP Logged

    Tntea,

    Know what you mean..about you know where. I almost signed up with them, but after considering the times that I had made multiple wagers and won some decent money.. well in transferring that kind of money raises some issues and I choose not to do that. Now if you're just losing or breaking even it doesn't matter...lol. Be careful, transfer under $1000 at a time...Big brother is watching.....and like I said there are other issues as well, so even tho the odds for the payouts are better...it matters how the CASH ends up in your hand. Good luck and as always thanks for your insights and your posts.

    VAL

    Don't walk behind me; I may not lead. Don't walk in front of me: I may not follow.

    Just walk beside me and be my friend.

              Albert Camus

      Sandy K's avatar - graphic pub.jpg
      Clarkston, Michigan
      United States
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      January 6, 2002
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      Posted: April 28, 2005, 8:48 am - IP Logged

      tntea, that is exactly why I don't bet pick4........I hate giving the state that tax........and when you win a 3 digit in Michigan...........you don't have pay taxes on it............so I don't really see how that would affect anything as far as neteller goes.................for the pick3

      Val, if you are winning that much............you can always send some my way.............actually, I don't know anyone who wins consistently in Michigan with aminimum of cash outlay...oh there is one man who claims on his site he wins all the time but he bets gobs of numbers so I wonder just how much he actually wins....if I won as much as he claims, I wouldn't be working at all................too erratic a state........I don't even bet there much anymore..........I am focusing on 1 draw states..........easier to track the databases and I can put out less cash..........

      Val, you can transfer money in smaller increments.........I do not leave alot of cash in that site...........you never know when companies go under.....I guess I just have a trust issue.

      Sandy

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        ga.
        United States
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        October 14, 2004
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        Posted: April 28, 2005, 10:37 am - IP Logged

        I just recently withdrew over 5000 from my neteller account from "you know where" I did not have this put into my bank account I had it put on my neteller atm card. Now the only problem here is there is a 1000.00 per day withdrawal maximum..not a problem really,you just have to go thru the process each morning when your 24 hours have passed,log on to your account,transfer 1000.00,and go by the atm again....I did however ask them if I could deposit this into my checking account all in one chunck and they said yes,but I opted to just put it on my card,therefore keeping my checking in tact and balanced. I also sent 500.00 to my sisters account (her neteller) she got all of it but I think like 10.00 or somewhere near that. Now there is a fee from "you know where" for 15.00 ,but again I found that insignificant (but do transfer all the funds in that account at once,therefore   not getting charged for each thousand..its only once it is in your neteller account and transfered over to your neteller atm card that the 1000 day maximum is incorporated...hope I did not confuse anyone...

        GracieGirl

          onenumber's avatar - swordgirl
          Chicago, IL
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          Posted: April 28, 2005, 1:45 pm - IP Logged

          I know exactly what you are referring to GracieGirl.  I often thought about this subject if I ever won a significant amount.  Because of the Bank Secrecy Act anything over $5,000 deposited into your bank account must be reported to the Feds.  Of course, so you can pay taxes on it!!  Well, I'll tackle that obstacle if/when it becomes necessary.

            Mjure's avatar - starwars06
            New Member
            Dallastown/PA
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            March 28, 2005
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            Posted: April 28, 2005, 2:14 pm - IP Logged

            What is the "YOU KNOW WHERE"?

              fbird's avatar - nw archer.jpg
              White Lake,Mi
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              Posted: April 28, 2005, 2:21 pm - IP Logged

              Now Sandy I don't hit that big that often.lol (otherwise I wouldn't have to work) ...but there were a few times that it was significant and I had bet lets just say over $10 str and hit on one number and that was my concern...maybe I stil will give that "you know who " site a try...it is also a trust issue with me as well....lol

              VAL

              Don't walk behind me; I may not lead. Don't walk in front of me: I may not follow.

              Just walk beside me and be my friend.

                        Albert Camus

                SirMetro's avatar - center
                East of Atlanta
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                August 11, 2004
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                Posted: April 28, 2005, 3:19 pm - IP Logged
                Quote: Originally posted by onenumber on April 28, 2005


                I know exactly what you are referring to GracieGirl.  I often thought about this subject if I ever won a significant amount.  Because of the Bank Secrecy Act anything over $5,000 deposited into your bank account must be reported to the Feds.  Of course, so you can pay taxes on it!!  Well, I'll tackle that obstacle if/when it becomes necessary.



                Just for passing info...My wife works for a company that assist people in stopping smoking. She is also responsible for the deposits. Well...it turns out now, if you have over $2500 in cash...you have to damn near have a letter from the main office stating where the cash originated. She had to threaten to close the corporate account and get the Branch manager involved just to make a cash deposit. I reckon I don't fully understand how bad all the bad folks out there are...but when an honest person can not even make a simple deposit anymore...that's when somebody should speak up about how stupid the laws have become...what's next...a $999 limit???

                Sir Metro


                  United States
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                  Posted: April 28, 2005, 3:19 pm - IP Logged

                  All this paranoia, you should want to play at "you know where" due to the payouts and the fact they are legit and wont screw people.  Just pick up losing tickets off the floor if your are afraid and have this problem. Go to the horsetrack and just keep a nice chunk of losers handy just in case the tax man comes around.

                    Rick G's avatar - avatar 1766.jpg
                    FEMA Region V Camp #21
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                    Posted: April 28, 2005, 3:20 pm - IP Logged

                    The "trust" issue is one reason I do not use on-line betting services.  Are you guaranteed your return of principal if the site goes under?  No.

                    I play in my state and the losses go towards the education budget for the state.  I play at my favorite store so he can benefit if I win.

                    The game is a whole lot more than providing a profit for a third-party, off-shore interest just to make a few more bucks on your wins.  My thrill after a win is going to the store I bought it from and cashing in....paid in cash instantly, no records under $600, proceeds going to my home state, and the store owner's smiling "WTG" as he hands me my money.  Then I shop in his store and spend some money.  Everybody is happy.

                    The point is that third-party (independent of state) betting will take away the income from YOUR state to run the lottery in the first place, which will perhaps make the game unprofitable for your OWN state to support any longer; or maybe they'll have to save $ by going to RNG draws.  Then where will we be?

                    Buy in your own state FOR your state and the future of all your state-sponsored lotteries.  (...and buy from your favorite agent all the time to help support his terminal location.)

                    Thank you! 

                     

                     

                    Posted 4/6:  IL Pick 3 midday and evening until they hit:  555, 347 (str8).


                      emilyg's avatar - cat anm.gif

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                      Posted: April 28, 2005, 7:18 pm - IP Logged

                      i like 5d - never had a problem.

                      love to nibble those micey feet.

                       

                                                   

                        tntea's avatar - Lottery-059.jpg

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                        Posted: April 29, 2005, 12:00 am - IP Logged

                        The problem is betting the states outside the US.. That is where the problem would arise..

                        As safety measures, we talked with our friends to just find out what kind of trouble could come from this off shore betting..

                        It isn't a good idea.. take my word for it..

                        Should questions arise that is..

                        I can drive to KY and play.. that is legal..

                        I can drive to Ga and play .. that is legal.

                        As long as I cash in under 599... no problem.. with taxes..

                        I am playing pick 4 in TN.. and playing box only.. 50cents on each ticket so I can collect with the computer saying "contact main office for payment"



                        It is a decision we made to protect ourselves.. Even if we wanted to just do this for a living, well.... it would be a job just being careful how much went through our account.



                        We live in a small community.. I work at two of the main local stores parttime.. Seems everyone knows me by name.. I wouldn't want people at bank talking.. and then no telling what happens then..



                        I like my privacy when it comes to betting and collecting.. I can buy my tickets and cash them in where I work..

                        Lawyer friend, wonders why we would want to play "you know where" when we have a strategy that has worked so well.

                        Sad thing is , TN doesn't play fair there..



                        I am doing some other things there.. Seems that the strategy has to be modified for the one draw state in order for it to work for a profit..



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                          tntea's avatar - Lottery-059.jpg

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                          Posted: April 29, 2005, 12:03 am - IP Logged

                          Sandy said: I am focusing on 1 draw states..........easier to track the databases and I can put out less cash..........

                          Do you play for TN.... how does your method work there?

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                            tntea's avatar - Lottery-059.jpg

                            United States
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                            Posted: April 29, 2005, 12:04 am - IP Logged

                            I found it weird that I do better playing CA than TN and CA was better with TN than CA..



                            He had mentioned before that he and his partners did so well on TN that they had to watch the 10K withdraws.. Now that is big money to worry about...



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                              LOTTOMIKE's avatar - cash money.jpg
                              Tennessee
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                              October 15, 2004
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                              Posted: April 29, 2005, 12:20 am - IP Logged

                              i have yet to join "that place" yet,do you have to have a bank account to join?  i wouldn't want them knowing too much of my information...any pointers?