Tweet
Interesting question mikawl, my guess (since I never had the problem of having a 200k check to cash!) is that you don't deposit it at once, unless you enjoy IRS audits.
-
-
Renegade,
How could you deposit a portion at a time? Wouldn't you need several small checks?
I am not mocking you, I really have no clue how that would work.
Comment
-
Mikawl- I'm sure there is a better way, but
I would deposit checks in the 6-8K range every month or so. At that rate it would almost 3 years to empty the account.
I wouldn't be comfortable with a sum larger than that, does anyone have insight on how to handle such a "problem".Comment
-
Renegade, no matter the amounts, the checks are clearly documentation of taxable income. I'd go ahead and deposit all in one chunk and the pay the taxes. There's no law against that.
Then I'd try and document losses and expenses that can be deducted against the winnings.Comment
-
REALITY,
what ultimately happened with this guy?Comment
Comment