Where do you keep DIRTY MONEY?

Fishhead · Oct 8, 2004

Have heard some good ones over the years and always have ears open to new ideas.

In the old days, many of my buddies used the freezer as a means of storage.............using unique and unusual types of freezer containers.

Feel free to list your favorites here.

Thanks

Fishhead · Oct 8, 2004

By the way, the freezer serves two capacities....................as it can be a safety place in case of a house fire also.

Journeyman · Oct 8, 2004

What is dirty money? :manwh:

LineTamer+ · Oct 8, 2004

I like to fund both my Roth and traditional IRA's. Will be nice in retirement withdrawing all that hard earned dirty money. Just hope the down yrs dont push that retirement back!

X-Files · Oct 8, 2004

"Where do you keep DIRTY MONEY?"

Under the toilet.

Journeyman · Oct 8, 2004

:toothless I knew a 'guy' he had this HUUUGE Fish tank...He had like 40 dimes he won from gambling...He had all his cash wrapped in plastic and hidden under his fish tank gravel...He figured no one would look there and it was safe from fire etc...

:think:

bigbet1234 · Oct 8, 2004

uh......in an offshore sportsbook:scared:

Journeyman said:
:toothless I knew a 'guy' he had this HUUUGE Fish tank...He had like 40 dimes he won from gambling...He had all his cash wrapped in plastic and hidden under his fish tank gravel...He figured no one would look there and it was safe from fire etc...

:think:

Fishhead · Oct 8, 2004

GREAT idea JMAN!

A fishtank........perfect for Fishhead.

BIGBET- that would seem logical also.........dont tell Bush that though.

Journeyman · Oct 8, 2004

They say a fishtank calms the nerves...I highly recommend you get one Fish...

Whoson1st · Oct 8, 2004

Money won from gambling should not be considered dirty --unless you are in the "business". (According to an article I read from JC over at the Mess Hall; the governemt uses the figure of $2,000 a day as one of the criteria of saying you are in the business.)

I guess it would get dirty quickly if you did not report winnings as income. So maybe that is what you mean by dirty.

JimFiestSux · Oct 8, 2004

Have kept mine in a shoebox in the frezzer for years now. Only now I need a big chest freezer as my shoe boxex have multiplied.

Journeyman · Oct 8, 2004

What I don't get ...you win 10 grand on Dec 31 , you have to pay tax on it...You lose 10 grand on Jan 1 ...your even , but had to pay tax on the 10k you won 24 hours ago, even though you just lost it back? Paying tax on gambling is ludicrous!

Holysmoke+ · Oct 8, 2004

How do you pay taxes on illegal gambling?

Whoson1st · Oct 8, 2004

Agreed Journeyman--but it sure as hell beats going to jail!!!

JimFiestSux · Oct 8, 2004

Club FED isn't that bad.

Holysmoke+ · Oct 8, 2004

I see these posts often and I have asked many times, if you reported gambling winnings and you played offshore, did you not just admit to a crime?

It is illegal to play offshore in usa

Illini · Oct 8, 2004

If betting offshore is a crime, it still will not be prosecuted. And if it was, you might get at $250 fine or something. Technically, I don't think it's really illegal, but whatever. Tax evasion, on the other hand, is a serious offense, and you will do time. So of course you report your income. The IRS and FBI are two different entities anyway.

Fishhead · Oct 8, 2004

It is no clear cut way is it illegal to play offshore.

Nobody has ever been arrested and convicted for wagering offshore as far as I know.

Holysmoke+ · Oct 8, 2004

ok, so you send your whatever w forms from pinnacle to the irs?

lmao

Illini · Oct 8, 2004

Journeyman said:
What I don't get ...you win 10 grand on Dec 31 , you have to pay tax on it...You lose 10 grand on Jan 1 ...your even , but had to pay tax on the 10k you won 24 hours ago, even though you just lost it back? Paying tax on gambling is ludicrous!

Your Jan 1 loss will be used to offset your other gains during the year, so it's fair. You just pay the taxes on the net that you're up on Dec 31 each year. The only time it isn't fair is if you finish down. With investments, you can take net losses and use them reduce your taxable income. With gambling, you can't.