Whats the deal with casino safety deposit boxes and the IRS....

[shag]

Do they know you have one or have the right to find out how much cash you have in one?

[thirddan]

my limited understanding is that there are a couple kinds of boxes...my home casino has the equivalent of safety deposit boxes, put whatever you want in and the casino doesn't even know what you have...i think you can also get a players account kind of box where the casino keeps records of your activity and such...

[shag]

well I have one where they keep a record of every time I access the box... but they don't know what I keep in the box...

[jaminbird]

If you get audited then the IRS could get a court order to see what's inside.

[Dave D]

It's not a way to hide winnings, if that's what you're thinking. There was a court case specifically on this where the players tried to say it wasn't income b/c it never left the casino (they kept hte chips in the box) and they never cashed it out. They lost.

[NevadaKaz]

Currently there website is down, but http://www.sovereignsolution.biz/ is worth looking into.

Phone or email them for all the relevent info, but their boxes are 'IRS proof'

[shag]

I was just curious if they even knew i had one... (I have a normal job and don't spend much money.