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It is in relation to having to fill out documentation when cashing out. I’ve heard all kinds of different answers and im still unsure of what the truth is. It may vary from casino to casino or state to state. But here is what i have been told.
Any slot machine win or jackpot of $1200 or more requires tax forms to be filled out.
Also, I was told for table games, any bet that is won that pays 300 to 1 or more requires a tax form.
Also, any cash out of $10, 000 or more requires a CTR (cash transaction reciept) for to be filled out, but is not taxable.
So for example, i could win 9, 000 at the table games and cash in at the cashier and still not have to fill out any forms. Because the 9,000 was won over time and is not a jackpot.
But if i hit the six number fire, than i have to fill out tax forms on the winnings for that fire bet.
Any help would be awesome, i’ve been unsure of this answer for a long time, and would like to know the truth. Thanks
Also, any cash out of $10, 000 or more requires a CTR (cash transaction reciept) for to be filled out, but is not taxable.
I believe this applies to buyins also if cash is used. By the way, CTR stands for Cash Transaction Report.
So for example, i could win 9, 000 at the table games and cash in at the cashier and still not have to fill out any forms. Because the 9,000 was won over time and is not a jackpot.
True, but the casino will probably make out a SAR (Suspicious Activity Report) without telling you. See the section titled FinCEN Form 102a SAR- Casinos and Card Clubs Instructions at http://www.fincen.gov/forms/files/fin102_sar-c.pdf
But if i hit the six number fire, than i have to fill out tax forms on the winnings for that fire bet.
I believe so since the pay table I saw was 1000:1. You would get a W-2G.
Thanks for the post. I guess i had mostly correct information. Thanks for the links. I’ll definately check that out.
Yeah you are right. I forgot about that 10, 000 rule. My friend last year at Caesars was actually cut off at the table because he reached 10,000 dollars in buys in one day. I guess its a money laundering issue at that point.
Yeah you are right. I forgot about that 10, 000 rule. My friend last year at Caesars was actually cut off at the table because he reached 10,000 dollars in buys in one day. I guess its a money laundering issue at that point.
That is what I have been told. I understand the 10k rule applies to any business, not just gambling establishments.
what happens then, if a high roller buys in for 10, 000 right away. I know they aren’t gonna turn him away. Does it only apply to consistent small buy ins only. If thats the case i don’t understand how they can be bias toward one person and not another? Thats interesting, what do you think?
what happens then, if a high roller buys in for 10, 000 right away.
High rollers typically establish an account with the casino(s) and take markers against that account. The CTR 10k threshold applies to cash only, not total buyins.
I don’t know what the scoop is on your friend. Was he buying in with cash? Had he (or a significant other, or some other interested party) established a limit as a way to enforce quitting when things went south? Perhaps the casino itself, or the jurisdiction it is in, has a daily limit. (Last I heard Missouri limits buyins to $500/cruise, another “protect us from ourselves” ploy used to get gambling legalized there.)
A CTR is just a report sent to the feds. To my knowledge there is no law per se that limits cash transactions to $10k.
I’ve heard CTR’s were being STARTED on people who buy-in or cash-out $3K, since 4 buy-ins at $3K each would equal $12K, so the cashiers’ cage accumulates the data during their 24 hour day. If I was a higher roller of the cash kind, I’d buy-in with $20K-$25K and make sure I cashed out with at least $10K, (if not $40K or $50K), so the loss of $10K-$15K can be documented for tax purposes.
yeah i truthfully wasn’t standing next to him to hear all the details. But he walked up to me and said he was cut off because of the 10,000 dollar rule. Yeah he was using cash. His total buy-ins added up to 10, 000 dollars, so they cut him off i guess. Doesn’t necessarily mean he lost 10,000, but just totaled 10,000 in buy ins. Thats the story i got….I’ll probably never buy in for 10,000 dollars so i won’t have to worry about it.
Does losing money matter when talking about tax documentation?
It does if one has documented wins the casino sent to the IRS. Without documented losses to offset (or cancel) those wins one would have to pay taxes on the total amount.
I never let the casino know I’m cashing out more than $10,000 in 1 day. The ways I do this is are I never cash out more than $10,000 at 1 time. I also figure out at each casino what amount of chips will the casino ask for your players card. It seems like they are all different but an average casino will ask for your players card if you cash out $3000 or more chips at 1 time. So say for example, I have $25,000 chips to cash in 1 day. I will go to the window 6 times for $2500 where they won’t ask for my identification and 1 time for $10,000 where they will ask for identification. Also, the times I’m cashing out for $2500, I spread out the times I cash in and I try to go to different tellers so nobody notices all of my cash ins or if I have a friend or my wife with me, I get them to cash out some of my chips. What I’ve found over the years is the casinos don’t go out of their way to catch somebody cashing in over $10,000 in 1 day.
I never let the casino know I’m cashing out more than $10,000 in 1 day.
I suspect you may not be as clever as you think you are being. While it takes ten grand to trigger a CTR, a casino is also required to file Suspicious Activity Rreports (SARCs, see http://www.fincen.gov/statutes_regs/guidance/pdf/casinosarguidancefinal1203.pdf) when it “knows, suspects, or has reason to suspect: ...” a transaction (e.g. cashing in) “is designed to evade the reporting or recordkeeping requirements of the BSA (structuring) ... .” (“BSA” = Bank Secrecy Act) I have heard that $3000 is a common trigger point for a SARC, but it is not one written on tablets, and the casino does not have to notify the suspect that the casino is filing such a report.
wheatman - 08 November 2010 07:59 AM
What I’ve found over the years is the casinos don’t go out of their way to catch somebody cashing in over $10,000 in 1 day.
Perhaps, but where I play, if my cash-in includes more than just a few black chips I get asked what I played, and the cage then calls the pit to verify that what I am cashing in matches what I should be cashing in. Does that not happen where you play?
where I play, if my cash-in includes more than just a few black chips I get asked what I played, and the cage then calls the pit to verify that what I am cashing in matches what I should be cashing in.
And what happens if it doesn’t? Not that you would do anything suspicious, of course. ))
where I play, if my cash-in includes more than just a few black chips I get asked what I played, and the cage then calls the pit to verify that what I am cashing in matches what I should be cashing in.
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