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Old 12-02-2007, 03:46 AM
BBMW BBMW is offline
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Join Date: Oct 2005
Posts: 117
Default Re: When does the tax man cometh? (USA)

If you cash out for more than $10K pretty much for whatever reason, a currency transaction report will be sent to Treasury. This is not really a tax form. It's used to try and spot money laundering. But if you get one or (especially) more of this sent in for you, you can bet it will end up in the IRS computer. The casinos are supposed to try and track multiple cash outs that add up to $10K in a certain period of time (a day?). So if you end up with Say $12K in chips, and try to do three $4K cashouts, you may get spotted.

Also, I read (on here someplace) that, starting Jan 1, tourney wins over $1,200 will now earn you a 1099G. This does go to the IRS, so you will have to declare any wins.

But non-huge cash wins are still under the radar.
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