Tax related question

[Nick Rivers]

[ QUOTE ]
They take all my info every time i cash out more than $3000

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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.

[SheetWise]

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.

[Jimbo]

[ 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

[Nick Rivers]

[ 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

[/ 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.

[Jimbo]

It simply is true, you just stating otherwise doesn't change the law.

Linky to Article portion quoted below

[ QUOTE ]
All individuals conducting certain large currency transactions for themselves or for another person must be positively identified by obtaining the name, address, social security or other identifying number, and date of birth. In addition, the regulations require that the individual's name and permanent address be verified and recorded. Transactions that require the casino to obtain identifying information are:

Purchases (buy-ins) of chips, tokens, or plaques of $3,000 or more, by one or more transactions in currency during a gaming day.


[/ QUOTE ]

Or you could read the entire Federal Register for June of 2007 if you like, it is in there, I'd give you the exact date but then I'd be doing all your homework.

Jimbo

[SheetWise]

Jimbo -- You're confusing buying-in with cashing-out. Cash a customer gives to a casino is different than cash a casino gives to a customer, for reporting purposes. OP was specifically asking about cashing out. I'm aware that a lot of clubs and banks request information they're not required to collect, because they have internal policies designed to protect themselves -- but the truth is that if they are not required to collect it, you have no obligation to provide it.

[Nick Rivers]

[ QUOTE ]
Jimbo -- You're confusing buying-in with cashing-out.

[/ QUOTE ]
That, and he's citing defunct sources.

On a related note, has anyone actually ever spoken with the accountants whose page he referenced? They're scammers, if you ask me, and not anymore clued in about filing for professional gamblers than a standard CPA. They wanted $500 to do my taxes in 2004, and that was without even letting me come in to consult and ask a few questions first. I instead paid a more reasonable $75 to get it done from a very skilled CPA.