Tax related question

[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]

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

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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.

[Jimbo]

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That, and he's citing defunct sources.


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'
The regulations were posted in the ZFederal Register as required by law in June 2007 and became effective July 1st 2007. Just how defunctcound that possibly be since it is only now October 2007?

Sheetwise, the $3000 limit applies to any cash transaction at the cashiers cage, period.


Jimbo

[SheetWise]

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That, and he's citing defunct sources.


[/ QUOTE ]
'
The regulations were posted in the ZFederal Register as required by law in June 2007 and became effective July 1st 2007. Just how defunctcound that possibly be since it is only now October 2007?

Sheetwise, the $3000 limit applies to any cash transaction at the cashiers cage, period.


Jimbo

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Federal Register / Vol. 72, No. 122 / Tuesday, June 26, 2007 / Rules and Regulations

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B. Casino Currency Transaction Reporting Requirements
Regulations under the Bank Secrecy Act define a "transaction in currency" as any transaction "involving the physical transfer of currency from one person to another." Casinos must report each transaction in currency involving "cash in" or "cash out" of more than $10,000, and are required to aggregate transactions in currency (that is, treat the transactions as a single transaction) if the casino has knowledge that the transactions are conducted by or on behalf of the same person and result in cash in or cash out of more than $10,000 during any gaming day.


The rule requiring casinos to report transactions in currency also lists examples of transactions in currency involving cash in and cash out.

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A search of the entire text for the number 3,000 returned one hit -- in footnote #31, which follows.

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While the tickets redeemed at kiosks or terminals do not contain the customer’s name or any account number, it is FinCEN’s understanding that customers usually are limited to redeeming tickets valued at no more than $3,000 at a kiosk or terminal.

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