chem nerd: scary article

[Parker]

> I'm planning another trip to Nevada in April
> and may be carrying up to $8K (depending on
> how things go between now and then).
> Parker's experience seems to be that even if
> they search me and find the cash, I should
> be fine. Night Train seems to be saying that
> I should take additional precautions.

> Parker, what do you think of Night Train's
> advice? It seems reasonable, but may be
> overkill for this level of cash.

> I just got back from Reno about a week ago
> and was carrying $4K - $5K in a money belt
> through security. At first I thought this
> wouldn't be a problem, but on the way back,
> I started to get a bit nervous. I know
> people who routinely carry $2K or so in
> their wallet, and there are a bunch of
> "moderate rollers" who play at the
> $25 tables and buy in for $1,000 at a time,
> so I would think that it would be fairly
> common for people to be carrying this kind
> of cash when they go to Reno or Vegas.

I agree. I do not think that it is at all unusual for people traveling to Las Vegas or Reno to be carrying $5K, $10K, or even $20K in cash. My own experience is that it doesn't get a second glance from TSA.

However, if carrying the notarized letters, tax returns, etc., makes you more comfortable, it certainly couldn't hurt anything.

I don't carry such items, but I usually have a couple of blackjack books, the latest CBJN, some TrackJack printouts, not to mention a laptop full of software that would support the premise that I am a serious player.

If I were carrying more than $20K or going somewhere other than Las Vegas or Reno, then I would undoubtedly take additional precautions.

[Coug Fan]

I actually make much more from my day job than I do from gambling. In fact, I can point to ATM withdrawals totaling more than what I am carrying within just the last 18 months or so. I am not a lawyer, but it seems like the burden of proof should be on the IRS agent who suspects tax evasion, not on the person who is quite literally paying his salary. Besides, I have not yet reported any winnings or losses during 2003.

I have detailed records substantiating my gambling activity, which show a net loss for 2002. I would report this, but I don't thik I can use net gambling losses to offset ordinary income. Of course, my records include every session at a casino where I was playing under my real name.

Of course, I understand that the point is to avoid the issues in the first place. I just tend to get pissed off at the big brother nature of government when it comes to tax collection.

[Coug Fan]

[Brick]

I think there is too much paranoia about carrying money on a trip to Vegas, everybody does it,it's expected.

Using money belts to hold or hide small amounts of money while talking to lawyers and getting documents for proof is not necessary.
5-10k is peanuts. Who needs to where a money belt if they are carrying a small bankroll. 5K is only 50 franklins,big deal. That's a perfect fit right in my front pocket. I have nothing to hide or anything to feel guilty about. If I wish to add several more thousand there is always my other pockets and wallet to use. 8k dont make anybody like an over weight elephant unless they're carrying it in $1 bills. Besides the main concern of airport security is firearms,weapons,bombs,illegal immigrants,etc.

Dont worry,just enjoy your trip and good luck!

Brick

> I'm planning another trip to Nevada in April
> and may be carrying up to $8K (depending on
> how things go between now and then).
> Parker's experience seems to be that even if
> they search me and find the cash, I should
> be fine. Night Train seems to be saying that
> I should take additional precautions.

> Parker, what do you think of Night Train's
> advice? It seems reasonable, but may be
> overkill for this level of cash.

> I just got back from Reno about a week ago
> and was carrying $4K - $5K in a money belt
> through security. At first I thought this
> wouldn't be a problem, but on the way back,
> I started to get a bit nervous. I know
> people who routinely carry $2K or so in
> their wallet, and there are a bunch of
> "moderate rollers" who play at the
> $25 tables and buy in for $1,000 at a time,
> so I would think that it would be fairly
> common for people to be carrying this kind
> of cash when they go to Reno or Vegas.

[Sun Runner]

> I just tend to get pissed off at the big
> brother nature of government when it comes to
> tax collection.

Who dosen't? But being pissed off does no good in pre-planning a strategy.

Like an advantage player must think outside the box to beat the casino, so should we in other areas of life.

So you feel like maybe showing a 1040 with gambling profits on it might be a good thing to have at the airport gate but you showed a net loss in 2002 playing BJ. What to do?

File a 1040 for 2002 showing all the wins and losses and let it net to zero. It is still in there even tho it shows a zero net. Or, are you ready for this, actually report a small profit and pay the associated taxes. A small price to pay for the ability to flash that 1040 when neccessary and help validate you and the cash you are carrying.

Audits are generally no more than a pain in the butt for most wage earners. The IRS guys are by and large pretty decent folk. And a schedule in the return showing a cash business such as BJ play gives rise to a whole lot of wiggle room when trying to explain all that cash.

Now, please don't post about how it's crazy to pay taxes you don't owe, you are not giving the man anymore than he deserves, etc, etc, etc. If you don't like the idea, then don't do it.

But it is no different than any other cost of doing business.

SR

[Coug Fan]

I was just being a bit of a smart ass. That is actually a good idea. Kind of like buying an insurance policy. Definitely positive EV.

[Coug Fan]

[suicyco maniac]

As far as security goes if someone in the casino sees you cash out for all that money it really doesn't matter if you shove it where the sun doesn't shine if they want to take it from you they will find it! You should probably carry some other sort of self defense product. As for the money belt its just one more thing you need to hide from your wife. Soon your entire life will be a lie..... first to the pit then the bastards at the IRS then your wife ..Whos next??????

> Thanks for the advice. At my level, I don't
> think that I need to worry about it much. I
> will keep the money belt even if just from a
> security standpoint since I don't feel
> comfortable walking through parking lots at
> night with a significant portion of my BR in
> my front pocket.

[Night Train]

Coug Fan:

Flying into Las Vegas or Reno, or many domestic airports, you "shouldn't" have any problem on the amount of cash you are carrying. The folks I've heard of running into difficulty were traveling with much more and had no means of demonstrating how they came about to earn the money.

For more clarity to my previous post, if you are traveling internationally you have to declare if you are carrying $10,000 or more. It's the law.

For domestic travel, I'm not aware of any law requiring you to declare how much currency you are traveling with. However, if you are randomly searched for no apparent reason, and they find $60,000 in cash on your person, you'll want to be able to clearly explain things!

Sorry for any confusion and hope this clears things up a bit.

Regards,
Rick

[Sun Runner]

> ... its just one more thing you need to hide
> from your wife. Soon your entire life will
> be a lie..... first to the pit then the
> bastards at the IRS then your wife ..Whos
> next??????

So now you have her filing fraudulent tax returns? What is she supposed to rely on when you get caught, the "innocent spouse rules?"

Or are you filing sperately? That's a gret move for an "advantage" player.

SR

[Wildcard]

Get over the tax issues. You are better off to keep your IRS angst to yourself...we all have issues with taxes, but to openly post your disdain is just not a good idea.

As for the bastards at the IRS...I was one of those "bastards" for almost 13 years. I had nothing to do with taxes as I was in a Facilities Management role. However, trust me when I tell you that if you have the remotest thought that filing a fraudulent tax return is to your benefit, I highly recommend you seek out a Tax Attorney, CPA, or tax specialist who can enlighten you on a one-on-one basis.

IF you are ever found to have filed fraudulently, or with the intent to create fraud..."those bastards at the IRS" have the full weight and authority to audit you back to day one of your earning life. TRUST ME!!

Your angst of the IRS is better directed in a call or letter to your Congressman. They are the ones who created this myopic conundrum we live with today...no one else is responsible for this mess!

[Coug Fan]

Trust me, I am very familiar with the tax laws, and have no need to consult a CPA in this regard.

Wildcard, I apologize for any offense that I may have caused, that was not my intention. I intended to refer to the institution, not the people and chose the wrong words. I have warm feelings for accountants and understand that IRS employees are generally hard working folks.

Most people routinely under report their income. I know very few people who make sure they keep records of all money received for baby sitting, doing odd jobs, winning a $2 Nassau at the golf course, etc. I am sure some do, but I am guessing that they are in the minority.

For the record, I keep detailed records of all my gambling activities and for 2002, I show a small loss. So there is no reason to worry about me or my wife filing a fraudulent tax return, although I do appreciate your concern for my personal well being.

We are getting pretty far off topic here, so we should probably end this thread. I appreciate all of the advice.

[Coug Fan]

Suicyco,

I was thinking more about security when walking through the airport and into the airport parking garage, etc. Obviously, other precautions are needed when leaving the casino after cashing out with a sizable amount.

Fortunately, when I am in Nevada, I usually play during daylight hours. At home is where I need to worry more about security leaving casinos. Like the other night walking through the parking lot of the south end ghetto place at 3 A.M. after cashing out for $2K.

As for your comment on lying to everyone, I am assuming you meant that tongue in cheek, unlike some others on this board. Actually, you have the order wrong, I've been lying to my wife since I met her - "no, I don't think that Pamela Anderson is hot, she is way too slutty for my taste".

Good cards to ya.

Coug Fan

BTW, I still need to get you what I promised. Give me a call.