Why didn't he deposit the money into a bank account ?
foolish hiding the money in the ceiling...
You can't just deposit thousands of dollars into a bank account with no recorded source of income. That's why drug dealers turn to money laundering.
shareTheres nothing wrong with recording gambling winnings as income
In fact, it's required by law
And how the heck would he explain where the tuition money was coming from if he failed to log ANY income over the years before med school?
Safedepositbox... im sure he could afford one.
But being the idiot that he was, he deserved to lose it like he did.
The problem I saw was Kevin Spaceys character. He was paying them their cuts with money from the chips he cashed out. If he payed them with chips then they all could have reported the winnings to the IRS and it would have been clean for them to deposit into a bank account. But maybe he knew that all along and just wanted a little more leverage over them.
shareYou can't just deposit thousands of dollars into a bank account with no recorded source of income. That's why drug dealers turn to money laundering.i can't spend money i won at the casino ? share
You can, but if you deposit a large amount into your bank account (5 K +), the IRS is notified.
You can claim winnings, but you will pay a steep tax on them.
If you make say 5K gambling, its best to just spend it as cash.