Cashing chips

[jbjnooch]

What

[Freightman]

Whats the best way to cash out chips when you win over 10k so that they dont report to IRS.. Ive gone to different cashiers but wonder if they could see me and still report.. I also lose big so its not like this always happens..

Want to go to jail? It’s called “structuring”. It’s against the law. Cash out in full - don’t be a dummy.

[Freightman]

Want to go to jail? It’s called “structuring”. It’s against the law. Cash out in full - don’t be a dummy.

Not sure about US law, but Canadian federal law requires ID at 10k buy in. Some Provincial jurisdictions require ID at 9k buy in.

[jbjnooch]

To you have to declare the winnings at the end of the year even if you have a total loss from all gambling..

[stopgambling]

Maybe play small. Are you trying to avoid ID by the casino? Structuring is illegal while trying to be "ANON" from the casino because you are an AP is not. There ways ways you can be less likely to be identify as an AP by the casino. Is that your goal ?

[ummagumma]

Want to go to jail? It’s called “structuring”. It’s against the law. Cash out in full - don’t be a dummy.

Welcome to the land of the free, lol

[21forme]

Want to go to jail? It’s called “structuring”. It’s against the law. Cash out in full - don’t be a dummy.

+1000

Or, if you play there regularly, take some chips home with you and use them for play next time you're at that casino

[ZeeBabar]

+1000

Or, if you play there regularly, take some chips home with you and use them for play next time you're at that casino

Agree, absolutely.

[Dog Hand]

Whats the best way to cash out chips when you win over 10k so that they dont report to IRS.. Ive gone to different cashiers but wonder if they could see me and still report.. I also lose big so its not like this always happens..

jbjnooch,

Just cash out all of them: the casino won't report you to the IRS, though they will file a currency transaction report (CTR) with FinCEN.

Hope this helps!

Dog Hand

[21forme]

If you have net winnings, you are supposed to report them to the IRS just like any other income. This has nothing to do with CTRs. They don't affect you at all, however, if you have a lot of them, the IRS may want to see your gambling win/loss records.
If you are a net loser, you don't report or owe anything in Fed taxes.
If you have W2G's from machine play, have a table game loss, AND you itemize on your taxes, then you can write off losses against wins (down to zero).

Note that rules for state taxes vary by state. There are a bunch of states that don't allow you to write off gambling losses against wins.

[Midwest Player]

If you are a net loser, you don't report or owe anything in Fed taxes.

This is not true. The IRS wants you to report all gambling winnings as other income. They want to see it listed on your return, and only then can you claim your gambling losses up to your winnings as an itemized deduction. If you don't itemize you can't claim any gambling losses. As a side note with the higher standard deduction this year a lot more folks won't be itemizing. The bottom line is you are screwed.

https://www.creditkarma.com/tax/i/ho...innings-taxed/

[stopgambling]

If they file a CTR, what do i need to do when the man comes during tax time... Not trying to hide anything.. Just no clue what to do and even asking accountants they all have different opinions..Love to gamble.. also love my freedom... If i cash out 25k in chips, do i ever need to worry about it.. just asking around what others do. appreciate any advice ... Im not AP just play for luck and streaks... ie pressed 4 times in a row.. 1k, 2k, 4k, 8k and walked with 14k... next day i play for 3 hours and win 125 dollars and was down more than 10k for most of time until a 5 hand streak at end...

if you are willing to gamble( playing to lose in the long run) ,why would a bit of tax bother you.

[Badbeat]

How about filing as a professional gambler?
Schedule C, Form 1040:
Use this schedule to report income or loss from a business you operated or a profession you practiced as a sole proprietor. An activity qualifies as a business if:
your primary purpose for engaging in the activity is for income or profit, and
you are involved in the activity with continuity and regularity.
Copied and pasted from the IRS website.

The Supreme Court decision on Groetzinger in 1987 that it has to be pursued full time is preposterous. There are many people with full time day jobs who run a side business to make a little extra money who file Schedule C.