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Thread: mikmuk: presenting i.d. at a casino

  1. #14
    Wildcard
    Guest

    Wildcard: my 2 cents on CTRs - briefly

    If you play any casino game with an expectation of winning in excess of $10k in any "casino business day", you should do yourself a HUGE favor, and research the nuances of not only a CTR-C, but Nevada Regulation 6A as well. It is (IMO), essential to read the mice type and become familiar with what the casino can and cannot legally ask you for, ie, ID. There are also some casinos that do not require a CTR-C, even if you win more than $10k. All this kinda stuff is in the mice type. And, the East Coast uses a slightly different form than used in Nevada.

    The entire CTR-C (Currency Transaction Report - Casino)issue was generated by the Bank Secrecy Act. One need only Google "Regulation 6A", and "Bank Secrecy Act". Go to the IRS website "www.irs.gov", and search for the appropriate forms to see what the requirements are.

    There are also thresholds for other games that will generate a W2-G, and in some cases a 1099. These would be keno, VP, slots, contest wins, etc.

    IMO, CTRs are no big deal. However, I don't know the threshold at which the casino can file a Suspicious Activity Report...this might come as you fumble around trying to provide ID to get your cash, or I guess act in a suspicious manner. You really, REALLY, don't want to have an SAR (Suspicious Activity Report) filed on you. Once FINCEN (FINancial Crime ENforecment) of the IRS gets your name on an SAR, that is not a good thing. Google the stuff and read for yourself...yup, it's boring as hell!

    If you play at this level, and have a tax attorney, or someone well versed in this area, I'd certainly pick their brain on this topic.

    Remember, once the IRS smells any blood in the water, they can audit you from day one. Life is too short to try and play footise with them, the EV is definitely very negative.

    I used to know this stuff a lot better, but thankfully as the years of retirement march on, the mind tends to mercifully forget those times with my former employer! :-)

    GL !!

  2. #15
    Sun Runner
    Guest

    Sun Runner: Really nice.

    Well said.

    > If you play any casino game with an expectation of winning in excess of $10k ..

    I would like to reiterate, it has nothing ot do with 'winning', it has all to do with how much cash is changing hands.

    > IMO, CTRs are no big deal.

    In and of themeselves, I'd agree. I started to post they could be your firend if you were wanting to 'hide' a large amount of money from a judgement creditor, the courts, or your ex-spouse. Nothing proves you might have lost $12K by gambling it away than a CTR from your favorite casino.

    They are a big deal however if you are trying to stay ingonito from casino management.

    > Remember, once the IRS smells any blood in the water,
    > they can audit you from day one. Life is too short to
    > try and play footise with them, the EV is definitely
    > very negative.

    Could not agree more .. but this is not to say you should be afraid of them. Keep records, file your returns properly, but take every advanatge in filing your returns that you would take playing cards.

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