Question about taxes at a land casino

CHOPTALK · Jun 17, 2006

Louisiana has a law where if you cash out over 7G at a land based casino they make you fill out a form.

I was wondering if you build up a large bankroll playing poker in one sitting and say you win 15K in chips, whats to stop someone from only cashing 5K at the window and bringing the rest of the 10K home, then go back the next day cash out another 5K, and then do that again the next day?

WildBill · Jun 17, 2006

They do that all the time. High limit poker rooms have safety boxes where players do just this. The rule is all about cash transactions because the intent is to prevent money laundering.

CHOPTALK · Jun 17, 2006

Thanks for the answer.

bigbet1234 · Jun 17, 2006

What your diong is called "structuring" and that is a Felony. If you attempt to cash out less than the 10K, knowingly, to prevent a CTR they can nail ya.

BB

CHOPTALK said:
Louisiana has a law where if you cash out over 7G at a land based casino they make you fill out a form.

I was wondering if you build up a large bankroll playing poker in one sitting and say you win 15K in chips, whats to stop someone from only cashing 5K at the window and bringing the rest of the 10K home, then go back the next day cash out another 5K, and then do that again the next day?

CHOPTALK · Jun 17, 2006

bigbet1234 said:
What your diong is called "structuring" and that is a Felony. If you attempt to cash out less than the 10K, knowingly, to prevent a CTR they can nail ya.

BB

I did not say im doing that. I was just wondering how anyone could prevent that from happening.