Why would the NJCCC care about players making change for one another?

[AngusThermopyle]

[ QUOTE ]
I recently read that starting next March, casino's will have to take taxes out of any gambling winnings when the total winnings exceeds $5,000.


[/ QUOTE ]

Right. Sure. You go to the cage with $6000 and how do they know how much you bought in? Are you a $5500 winner or a $2000 loser?

The "new rule" is that tournament wins over $5000 will have to be reported no matter what. The casino will have to take out taxes (28%) only if player does not provide a tax ID. If the casino fails to do either, they have to cough up 25% themselves.

IRS statement

[Mr Rick]

Angus, you are right. I misread the article. It was clearly about tournament winnings only...

[*TT*]

Drew - I think this was always NJ law because I heard that this was the case years ago except it was never enforced. Taj was subject to a fine a few years back because poker players were paying for takeout food using chips which is against the law, chips are not legal tender. Additionally its against the law in AC to leave a casino with chips, there are placcards on all the exit doors explaining this.

[hamsamich]

There has also been some discussion that does not apply to tournaments though. Specifically, anyone cashing 3k or more at the cage will be required to show their players card. 10k or more and the Casino will be required to report it. It's very easy to see how the buying/selling of chips from player to player would defeat this so I think we can expect to see more and more of this from the Casino.

[*TT*]

[ QUOTE ]
There has also been some discussion that does not apply to tournaments though. Specifically, anyone cashing 3k or more at the cage will be required to show their players card. 10k or more and the Casino will be required to report it. It's very easy to see how the buying/selling of chips from player to player would defeat this so I think we can expect to see more and more of this from the Casino.

[/ QUOTE ]

Last year when I went to the Borg I had to show a picture ID anytime I cashed in more than 3k in chips. They only made a record of the transaction, no tax forms were filed.

[Percula]

[ QUOTE ]
Last year when I went to the Borg I had to show a picture ID anytime I cashed in more than 3k in chips. They only made a record of the transaction, no tax forms were filed.

[/ QUOTE ]

CAZ and the Wynn are doing it as well.

I am not sure if everyone got together and decided on $3K all of the sudden, or the IRS stepped in and set down some guide lines for the rooms to track from or what.

[Don O]

This all has to do with the 10K in 24 hours rule. It has been around for ever (seems like it) but has rarely been used. Casinos are now stepping up the tracking.
Heck, here in Reno I found they track any exchange of $1,000 or more for24 hours. No big deal.

[Bulldog]

Instead of asking the floormen to split their attention on that, they should just make sure the cage is well-staffed so these transactions aren't as attractive. Most of us would rather buy chips at the cage, but if I'm in a 10-minute line, and the guy behind me has a rack of what I need, I'm inclined to make the purchase.

[pocketpared]

That's really going to cut down on the action at the high limit tables.

[pocketpared]

That's tournament winnings and they're not going to do that anymore.
http://www.pokernews.com/news/2007/1...e-debunked.htm
And a CTR is "over" 10K. That's 10,000.01 to file one.