Originally Posted by
Freightman
It is truly my intent to seriously limit posting. However, this is such an important topic - what the hell! And though as a Canadian without any real expertise on US tax issues, the concepts are very much the same.
Bricklayer, sorry, but you’re naive. It would be my assumption that a large percentage of members here do not pay taxes on winnings. Simply the appearance of structuring could lead to criminal charges and very hefty legal fees. And yet, the problem of keeping your ID a secret from the casino hordes is indeed a legit one.
Regardless of casino policy for showing ID at some pre determined limit, such as 3k, policy is not law unless the amount equals or exceeds 10k, and this includes the cumulative amount of cash ins over a 24 hour period. So, if you’re getting close to a 10k cashout, either stop, or make it worthwhile by really blowing past it.
Now, there is one other possibility that I have never seen in the forum(s). Canadian tax law, and I’m certain that US tax law allows for the same provision, to contact CCRA or IRS (as the case may be) for a WRITTEN ruling on the issue. A well articulated letter outlining the issues, and the need for secrecy might (and I emphasize, might) result in a written ruling by the relevant tax authority, allowing for the cumulative cashing in of funds exceeding 10k over a 24 hour period, without incurring criminal charges.
This ruling would almost certainly be limited to the taxpayer in question, though the arguments used, if successful, could be piggybacked by others subject to the same constraints.
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