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Explaining bank deposit over 1,000

Frequent Contributor

Explaining bank deposit over 1,000

Would an underwriter frown upon someone if they made a deposit over $1,000 that was related to gambling winnings? What type of documentation could I provide to them to show what it was? Would an online gambling account statement be ok? Or should I just make something else up?

 

Thanks,

Message 1 of 6
5 REPLIES
Frequent Contributor

Re: Explaining bank deposit over 1,000

They're checking to see if I can provide a letter of explanation. Deposit was only 1200 and wasn't even used towards any of the down payment. I just used it to pay off my credit cards. Figured I'll be fine as long as I actually claim the winnings on my tax return at the end of the year.

 

Thanks.

Message 2 of 6
Senior Contributor

Re: Explaining bank deposit over 1,000

It's not illegal....so why should they care?


Starting Score: 02/2015 TU 709 - EQ 676 - EX 729
Current Score: 12/2017 TU 779 - EQ 779 - EX 782
Goal Score: 850

Bury me in the garden...last app 07.27.17

Message 3 of 6
Frequent Contributor

Re: Explaining bank deposit over 1,000

Yeah I don't think they do care... as long as the funds being deposited aren't a loan is all they probably care about.
Message 4 of 6
Senior Contributor

Re: Explaining bank deposit over 1,000

They might even want the website to see if they can pick up 1k like you!!  Smiley Wink


Starting Score: 02/2015 TU 709 - EQ 676 - EX 729
Current Score: 12/2017 TU 779 - EQ 779 - EX 782
Goal Score: 850

Bury me in the garden...last app 07.27.17

Message 5 of 6
Frequent Contributor

Re: Explaining bank deposit over 1,000

You got the money somehow, whether a check, direct deposit, et al. Surely there is a record. Make a copy. (If a casino win comes in over $1,199, there will be an associated tax form. Did you win it in one sitting, or over time?)

Message 6 of 6