Tax related question

SNGplayer24 · #1 10-23-2007, 07:13 PM

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?

SheetWise · #2 10-23-2007, 08:17 PM

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What is the cashout limit in chips at a casino before you have to file a tax form?

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Just the ones you give the cashier, or including the ones you keep in your pockets?

WhiteKnight · #3 10-24-2007, 02:07 AM

That's a really good answer.

Nick Rivers · #4 10-24-2007, 03:46 AM

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What is the cashout limit in chips at a casino before you have to file a tax form?

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A $10,000 cashout will trigger a CTR. A $3,000+ cashout may trigger an SAR. As for your credit card question, I don't know, but I'm sure if you get creative enough, they'll label you a terrorist.

FieryJustice · #5 10-24-2007, 07:15 PM

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

Nick Rivers · #6 10-24-2007, 09:23 PM

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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 · #7 10-24-2007, 09:46 PM

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 · #8 10-26-2007, 02:11 PM

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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.

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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

Nick Rivers · #9 10-26-2007, 11:56 PM

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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

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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 · #10 10-27-2007, 02:48 PM

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

Linky to Article portion quoted below

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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.

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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