Question to US gamblers

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    Last post ago almost 7 years by kynettie
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        I'm buying a home and the loan processor is asking me to disclose where a few of my unusual deposits into my bank account have come from.  I'm really not sure if I should say they are online gambling winnings or not.  Does anyone have any experience with this?  Am I free to say that's where it's from?  Makes me a little nervous..
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        That is a hard question,  you may want to do some online research on how it may effect the loan, on how to work it correctly. for example saying it was from poker or skill games..
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        I'd been trying to read up on them but the laws seem real unclear.  Even regarding skill games.  Was hoping someone had the same type of thing come up before and knew more about it.

        Anyone ?
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        i would ask my attorney, although he probably won't know what the online gambling laws are.
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          admin
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        The processing of casino funds through financial institutions is the illegal bit as far as I can understand.

        I found this:

        The UIGEA forbids American financial institutions, including banks and credit card companies, from doing business with online casinos.

        It goes on to say:

        The law does not specifically ban individuals from gambling online.

        Hope it helps a little.

        blue
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        In the end when going into something as long and committed as buying a house you should probibly tell the truth.  at least that they came from online gameing. 
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        or maybe just leave the online part out and say gameing
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        Thanks for the replies.   I definitely plan on telling the truth or some of the truth.  I had a couple pretty hot months so I had money coming in from casinos in a few different forms.  Just don't want to miss out on the loan because of it..
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        Why not just say you won it on a trip to Vegas or a river boat why take the chance of saying you did something that is not legal. I guess it would depend on how much money you are talking about. If it's over a certain amount you are going to be talking Tax fraud as well. Think long and hard before you make any decisions.
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        This is asked because of the Patriot Act. Any unusual deposits need to be explained and documented. They need to make sure that this money is not from money laundering, illegal drugs  or terrorist activity.

        This is a tough one. Do you have very large deposits or a bunch of small ones? Maybe you can say it was from games or contest won online.
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        I had a few smaller wire transfers/ checks for 300-600 range.

        I also had a couple from ewallet.  One for 800 and one for $3600.

        They are wire transfers in.  I can't really say it was from a casino because then it would have just been a cash deposit and not a transfer from out of country..

        At this point I'm really considering saying It was money from online poker rooms and taking my chances with that.
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        You should tell the truth, because all wire transfers have a federal tracking number, and they can see where it came from. You can say the ones came from an e-wallet like paypal but if they want documentation your ewallet will say what casino it came from.

        Good luck to you, I really hope this doesn't have any bearing on your house loan.


        LH
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        Just say you are a professional poker player and they are your winnings. 
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        dont play at the new casino vegascasino21 they dont payoff and will block you if you win even 50cents from them i hae seen it happen
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        blueday wrote:

        The processing of casino funds through financial institutions is the illegal bit as far as I can understand.
        The UIGEA forbids American financial institutions, including banks and credit card companies, from doing business with online casinos.


        This just reminded me of one of my friend who got turned down on his Citizenship interview...they asked him if he gambled at online before and he said yes...

        They know what we are doing somehow and that's spooky!!!

        Like many other members said, I too believe telling the truth will be the best bet at this point...after all, the truth always comes out soon or later.

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