🎰 Big wins and taxes discussed in Big Wins/Gambling at Wizard of Vegas - Page 2

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Structuring: During the placement step, the money is broken down into cash out so they have a receipt to show as proof of their 'winnings'.


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Introduction. Suspicious Activity Reporting Guidance for Casinos is intended to provide Remember that structuring does not depend on the illegality of the proceeds that cash winnings, each for amounts under $10,


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Many SARs filed for structuring cash out relate to the redemption of chips. to patrons who have more gambling winnings than losses in a day.


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Dougherty was arrested at the Ameristar Casino in Kansas City, Mo., on the evening Dougherty is charged with structuring financial transactions at Ameristar in and lost $,, netting him $, in casino winnings.


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The BSA prohibits any person from structuring transactions to evade A casino is required to file a CTRC on customer jackpot wins paid in.


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and money laundering. Structuring cash deposits to avoid the filing of the required report is a returned home with gambling winnings. He had.


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Many SARs filed for structuring cash out relate to the redemption of chips. to patrons who have more gambling winnings than losses in a day.


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America is one of the few countries that taxes its citizens on gambling winnings. Apparently, the honor method of income reporting does not seem to be working.


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That's an admission of illegal structuring. Law enforcement didn't have to do any other work to confiscate casino winnings or hard earned.


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That's an admission of illegal structuring. Law enforcement didn't have to do any other work to confiscate casino winnings or hard earned.


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Plaintiffs' Case Unemployment for Pro Where is BBB? Assuming you have over ten thousand in chips. Interestingly and perhaps understandably, casino management is not very forthcoming in disclosing their rules and regulations about this subject. You are required to provide the casino with your Social Security number. If you have won enough money that you are worried about the taxes you will be paying, then why not just report them on Schedule C? As with anyone, I simply don't want my cash transactions reported if I can avoid it. Joined: Apr 2, Threads: 28 Posts: March 12th, at AM permalink. I was told once when asking about this that if I accurately declare my winnings on my taxes, then it should not matter to me as to what is filed. In either case, I have taken certain steps to handle these transactions differently so as to not generate these reports. Thus all the problems are avoided Life's not fair after all. There is a thread a while back about someone finding a large denomination chip on the ground in vegas. In other words, I do not get to deduct my losses in determining my state income tax. Joined: Dec 30, Threads: 8 Posts: March 11th, at PM permalink. It also occurs when you buy in at the table. This is called "structuring" and it may involve violation of other federal regulations. Purely curious, won't hold anyone to it. As for the SAR, this is filed when there is "suspicious" activity and the actual amount necessary for the filing of this report is not set out so clearly. I get screwed on this in Indiana since Indiana state income tax is based on the Adjusted Gross Income--which is your income before itemized deductions. Other bank tellers may file the SAR for even less amounts. I also have a strong suspicion that SARs have been filed on me by my banks when I deposit winnings. It is not an effort to evade taxes. By the way, you will know if a W2-G is filed, since the casino will give it to you on the spot. Otherwise it's a schedule A item. It involves some planning--and this is where the knowledge comes in. Coronavirus math.{/INSERTKEYS}{/PARAGRAPH} Whose chips ar these, when did you gather them, etc.. Incidentally, the winnings whether with or without a W2-G are reported on your , and you deduct gaming losses--but only to the extent of your winnings--on Schedule A for Itemized Deductions. Separate from the reporting requirements of the CTR, casinos are interested in also tracking large chip transactions. There are two different reports that may be filed involving large cash transactions. In Indiana where I primarily play they will withhold state income tax but not necessarily federal income tax. You can only use a schedule C if gambling is your primary business. As far as you guys are concerned, is there anything wrong with cashing out a thousand at a time over a few days? RSS Feed. Recommended online casinos. But if you can manipulate the numbers, and everybody can, to show a profit motive under the 3-of-5 test, then you can have your big deductions the other two years. And this does not only occur at the cage when you cash your chips. Keep track of all your expenses, related to anything really, but if you want to get specific to gambling, just keep a book with all your expenses, including travel. But that is a subject for another thread. That may be the same in other states. That probably bothers me more than the CTR. Popular opinion on this forum was that she wouldnt be able to even cash in the chip because surveillance would have no record of her play. If you cash in a few grand in chips and have not been playing that day surveillance could verify this is seconds then you're probably going to have a SAR filled out. That may be true to some extent, but I don't relish the prospect of an IRS audit as the result of a report being filed on me. {PARAGRAPH}{INSERTKEYS}A couple years ago my banker told me they have to fill out the same forms casinos do if somebody goes over a certain amount of cash transactions in a day. In response to some of the comments in this thread about large wins and taxes , there are a number of regulations pertaining to filing of different reports involving cash transactions--which may account for some of the confusion as to the different amounts being subject to inquiry. This isn't going to work if you made one trip to Vegas and hit it big. In these instances, the cashier may call surveillance which in turn may call the pit to double-check or further document the transaction. Most Active Forum Threads When will casinos open? If player refused to provide ID then we wouldn't cash their chips etc Joined: Mar 11, Threads: 5 Posts: Joined: Jan 15, Threads: Posts: Joined: Jan 5, Threads: 67 Posts: In my experience as a casino cashier, it is not worth it to the player to waste your time and cash in chips every few days. To begin with, you must declare all winnings for tax purposes regardless whether you receive a W2-G. That may not be the case if I failed to show winnings and losses on my tax returns. I have had reports filed on my own large cash transactions involving the casinos and, as a result, I have looked into this a good deal. Banks, brokers and other institutions--including casinos--must file these reports. Personally, I have had CTRs filed by casinos on me on many occasions and I have not been subject to an audit--yet. Granted, if you're losing money every year doing gambling, then this won't help you. This is not a common occurrence, but one example is the Fire Bet at craps. Joined: Mar 25, Threads: 33 Posts: Joined: Mar 12, Threads: 9 Posts: As a business owner and gambler I'm sure AcesAndEights is right.