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Tax related question
Sorry if this is in the wrong forum or may sound dumb, but figured this is the place to ask.
What is the cashout limit in chips at a casino before you have to file a tax form? Also, if I buy chips with my credit card, can I cash those out into cash with a receipt? |
#2
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Re: Tax related question
[ QUOTE ]
What is the cashout limit in chips at a casino before you have to file a tax form? [/ QUOTE ] Just the ones you give the cashier, or including the ones you keep in your pockets? |
#3
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Re: Tax related question
That's a really good answer.
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#4
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Re: Tax related question
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#5
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Re: Tax related question
They take all my info every time i cash out more than $3000
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#6
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Re: Tax related question
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They take all my info every time i cash out more than $3000 [/ QUOTE ] You can refuse to show them ID if you want. It's only mandatory at $10,000. If you refuse then, you're committing a felony and will probably get barred from the property. |
#7
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Re: Tax related question
I agree. Anything under 10K is not required under the law (unrecorded transactions). There are times when you may be asked, because of suspicion of structured transactions to show ID. I've always asked the cashiers one very pointed question --
"I have no legal reporting requirements -- you may or may not have reporting requirements -- I don't know. Are you telling me right now that you're not going to honor this debt?" End game. |
#8
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Re: Tax related question
[ QUOTE ]
I agree. Anything under 10K is not required under the law (unrecorded transactions). There are times when you may be asked, because of suspicion of structured transactions to show ID. I've always asked the cashiers one very pointed question -- "I have no legal reporting requirements -- you may or may not have reporting requirements -- I don't know. Are you telling me right now that you're not going to honor this debt?" End game. [/ QUOTE ] As of 7/1/07 this amount decreased to $3000 for casino cage transactions. It was posted at most of the vegas casino cashier cages during the WSOP. Jimbo |
#9
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Re: Tax related question
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As of 7/1/07 this amount decreased to $3000 for casino cage transactions. It was posted at most of the vegas casino cashier cages during the WSOP. Jimbo [/ QUOTE ] That's simply not true. You're still not legally obligated to show any identification until $10,000. Those postings at the WSOP were just Harrah's Entertainment failing to understand new legislation and being dicks. They will file an SAR on you, but they can't force you to show ID for a $3,000 cashout. |
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