parlayin said:
They log any payout over 3,000 on a CTR and if you go over 10,000 they will ask for ID,if they know your trying to get around the limits they will fill out a suspicious activity report and you don't want one of those filled out on you.
These are IRS regulations and not the casinos rules and one thing casinos do is follow these rules closely since they can get huge fines if the don't.
fun story from Vegas
Someone approached the cage at the WSOP to get paid (I don't recall if this was the main event or a different one, it was decent $ but not in the six figures range)
The guy is told that because he didnt report his didn't pay his taxes in the 2005 WSOP winnings ........he couldn't get paid
The IRS had guys right there at the cage
ucking:
Someone approached the cage at the WSOP to get paid (I don't recall if this was the main event or a different one, it was decent $ but not in the six figures range)
The guy is told that because he didnt report his didn't pay his taxes in the 2005 WSOP winnings ........he couldn't get paid
The IRS had guys right there at the cage
ucking:Reported has 2 meanings..
The winnings and earnings of places needs to be reported..As mentioned here there are ways around that..We all know behind every dream is usually a great scheme..
Other reported means a trend..if action starts coming in on one side in whirlwind fashion, radar goes up..Usually this happens around rumors..etc..etc..Sportsbooks realize the difference between hot square action, and a frenzy..
Today with the internet really bringing us in to real time, the frenzy gets noticed quickly..
One other thing, the internet gambling world is vast, but like a family connected..
The winnings and earnings of places needs to be reported..As mentioned here there are ways around that..We all know behind every dream is usually a great scheme..
Other reported means a trend..if action starts coming in on one side in whirlwind fashion, radar goes up..Usually this happens around rumors..etc..etc..Sportsbooks realize the difference between hot square action, and a frenzy..
Today with the internet really bringing us in to real time, the frenzy gets noticed quickly..
One other thing, the internet gambling world is vast, but like a family connected..
sean1 said:
I understand that you can get paid in chips. But eventually, you would have to convert those chips into cash/check, and they would have to fill out paperwork then anyway, as a previous poster mentioned. And if you structure your cash outs to avoid being reported, you get reported for doing that anyway. What am I missing?
I pay my taxes so it really does not matter to me. I usually simply put the money on my account at various books in Vegas and wire it in or out to my bank from there.I also probably have 50-100 $10K forms filed on my various casino and bank accounts. If the banks stopped filling out forms, the gov would probably wonder.Someone asked how not to be reported and if you wish not to be reported, the best way is to take chips. If you cash out over $3000 in chips, they will write it down. If you cash out over $10000 in a day, they fill out one of those forms - those forms are not illegal!!! If you cash out less than $3000 they will not ask for ID or if they do, you can decline to give it to them. Many casinos will accept each others chips at the tables in exchange for their own although they are not supposed to do so. Casinos have many cages and really are not in the business of chasing around gamblers day and night who cash out $1000 here or $2000 there.Now I will let those who are intent on not paying taxes to figure out how they can use the above.Sean
quantumleap said:
The question is when these guys want to be pricks is how can you prove that you did? Yes there are ways around it but I just went through an IRS audit that you won't believe, still don't have the heart or the inclination to even write about it, it's sickening the amount of money it cost me in lawyers and other fees. Pay your taxes but still don't act foolish, cut obvious corners when you can. It's silly to have 11k in chips and run them up to the cage all at once.
BTW I have seen a casino approach players that were still in the pit and make them fill out the form. It wasn't me but apparently they claimed that the action he was given made them report that because it was well over the 10k barrier. I don't know if they had an auditor in the area or what was going on because I've seen it overlooked more times than I can remember but I think they do technically have the power to stop you while you are playing and before you cash in.
Maybe there was bad history between the player and the casino? Can't imagine why you would harrass players like that if you didn't have to.
The key is to limit the amount of time you keep cashing chips in the best scenerio is to hold onto your chips until you are ready to leave and then sneak them thru the system as make a future bet and hand them a 1000 chip and the guy will ask you if you want chips back or cash and then you hesitate and say i guess give me cash. But i see so many people get up from a table and run to the cage and get cash and little do they know that if you get audited you have to answer where did you get all this cash. Example you buy in for 5g you run it up to 12g and cash out the 12 you later buy in for 10g and blow when you get audited they will ask you where did you get 15g . When you are dealing with people that are not familiar with gambling it is hard to convince them that it was only 2g out of pocket.
