Cash for High Stakes game

[brandon]

If you think structuring is a joke and nothing to worry about, you could be in for a world of hurt.

[FatalError]

you can't get caught doing it in a casino because they do not have SAR (suspicious activity reports) to send to the IRS outlining your structured transactions

[DeNutza]

When I tried cashing out somewhere in the ballpark
of $4k at bellagio, the clerk told me I had to
write down my SS#....I asked him what was the max I
could cash out w/out doing this...He said he wasnt
allowed by law to tell me...As I tipped him, I pulled
back a few K and he said, "Thats good".

Anyone know how the high stakes bellagio guys do this?
I find it hard to believe they come in every day and
cash out 3k a day.

[Justin A]

[ QUOTE ]
When I tried cashing out somewhere in the ballpark
of $4k at bellagio, the clerk told me I had to
write down my SS#....I asked him what was the max I
could cash out w/out doing this...He said he wasnt
allowed by law to tell me...As I tipped him, I pulled
back a few K and he said, "Thats good".

Anyone know how the high stakes bellagio guys do this?
I find it hard to believe they come in every day and
cash out 3k a day.

[/ QUOTE ]

They don't ask for your SSN, you're mistaken. When you make cashouts over $3k they ask you to write your name down, but none of the information goes to the IRS in that case.

[DeathDonkey]

He might have looked the guy up in the book and found something else in the last 24 hours. They have to use the sum of all activity in the last 24 hours and if that's over 10k you get CTR'ed. Happened to me last trip, I just gave them the number didn't think about trying to take some of the chips back.

-DeathDonkey

[mike l.]

it's fine if you want to do it all on the up and up, just let them know everything going on. commerce is like money laundering central though, you can shift around tens of thousands pretty easily without anyone knowing anything ever.

[JMAnon]

[ QUOTE ]
you can't get caught doing it in a casino because they do not have SAR (suspicious activity reports) to send to the IRS outlining your structured transactions

[/ QUOTE ]

This is false. Casinos are under the same obligations as financial institutions to file suspicious activity reports. In fact, here is the IRS form:
IRS

Note the line for "structuring."

[MaverickUSC]

[ QUOTE ]
When I tried cashing out somewhere in the ballpark
of $4k at bellagio, the clerk told me I had to
write down my SS#....I asked him what was the max I
could cash out w/out doing this...He said he wasnt
allowed by law to tell me...As I tipped him, I pulled
back a few K and he said, "Thats good".

Anyone know how the high stakes bellagio guys do this?
I find it hard to believe they come in every day and
cash out 3k a day.

[/ QUOTE ]

Keep more cash on hand and less chips. Only cash out in chips when necessary. If we only have chips on hand we're probably playing over our heads anyways!

Devo

[Barry]

Keep more cash on hand and less chips. Only cash out in chips when necessary. If we only have chips on hand we're probably playing over our heads anyways!

Devo

[/ QUOTE ]

Actually I think that you have this backwards. Coloring up in chips never seems to raise any eyebrows, it's converting chips to cash that is the problem.

So if you always have to "cash" out, and not be able to maintain your working capital in chips you're probably playing over your head.

The rest of you IRS fearers are way too paranoid. Just pay your taxes like your supposed to and there is nothing to worry about from anybody.

[StellarWind]

[ QUOTE ]
Structuring

[/ QUOTE ]
Remember that as essential element of the crime of structuring is that your purpose must be to circumvent the reporting system.

If all you are doing is raising cash quickly by the only possible means then that is not structuring even if there is a side effect that you don't get reported.