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Cashing out in Vegas

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02-25-2014 , 04:22 PM

mark32607

banned

Join Date: Feb 2014 Posts: 1,383

In Vegas when cashing out chips at the cage that you have won from any table game, how much can you cash in without receiving a W-9 for taxes?

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02-25-2014 , 04:24 PM

Brown Keeper

Pooh-Bah

Join Date: Nov 2010 Posts: 4,542

Quote:

Originally Posted by mark32607

In Vegas when cashing out chips at the cage that you have won from any table game, how much can you cash in without receiving a W-9 for taxes?

Please pay your taxes.

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02-25-2014 , 04:26 PM

squid face

ChatThreadPrez

Join Date: Dec 2009 Posts: 11,715

structuring is a felony

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02-25-2014 , 04:54 PM

mark32607

banned

Join Date: Feb 2014 Posts: 1,383

so far you guys are 0 for 2 on answering my question.

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02-25-2014 , 05:00 PM

Brown Keeper

Pooh-Bah

Join Date: Nov 2010 Posts: 4,542

Quote:

Originally Posted by mark32607

so far you guys are 0 for 2 on answering my question.

Not interested in aiding a felon and being disbarred.

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02-25-2014 , 05:03 PM

Thousand Tigers

veteran

Join Date: Nov 2009 Posts: 2,570

Cash out $5 --> Bus ticket to Library --> Google it --> Bus back to cage --> Cash out the amount minus $6

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02-25-2014 , 05:07 PM

ythelongface

adept

Join Date: May 2008 Posts: 1,109

This is neither an original or a good idea. Better to pay taxes because sooner later it will come back to bite you.

Sent from my SPH-D700 using 2+2 Forums

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02-25-2014 , 05:25 PM

Thousand Tigers

veteran

Join Date: Nov 2009 Posts: 2,570

And yes, as everyone has wisely said, pay your fn taxes. I fear there are far too many pros or semi-pro players who are running quite a significant risk by not tracking or declaring their income properly.

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02-25-2014 , 05:28 PM

mark32607

banned

Join Date: Feb 2014 Posts: 1,383

What happens when u buy in for say 8k play for a few hours and end up even so u cash out 8k? This is not money that u won this is the amount u originally bought in for. Won't the cage still try to give u a w-9 when u go to cashout? You should not have to pay taxes on non-winnings

Sent from my LG-LS720 using 2+2 Forums

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02-25-2014 , 05:35 PM

#10

Franchise5

adept

Join Date: May 2013 Posts: 753

As others have said, pay your taxes, but to answer your question I do not believe that they will give you any tax forms at the cage at any time for chips, but any transaction that is over $10,000 must be reported on their end.

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02-25-2014 , 05:42 PM

#11

pete921

old hand

Join Date: Mar 2009 Posts: 1,603

$9,999.00 any cash transaction 10k or more must be reported to IRS.

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02-25-2014 , 06:03 PM

#12

sirswish6

Iron Sharpens Iron

Join Date: Apr 2008 Posts: 7,054

Quote:

Originally Posted by mark32607

In Vegas when cashing out chips at the cage that you have won from any table game, how much can you cash in without receiving a W-9 for taxes?

thats what you get for cashing out in vegas

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02-25-2014 , 06:35 PM

#13

eco74

Carpal \'Tunnel

Join Date: Sep 2006 Posts: 10,116

A. That form isn't for taxes, dummy. They file a CTR. Filing your tax return is for taxes.

B. There is no standard, every casino has different rules for when they ask for your ID.

C. Structuring to avoid getting a CTR filed is a felony.

D. You've never cashed out $8k in your life so why are you worrying about it now.

E. The casino probably already knows who you are anyway.

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02-25-2014 , 07:38 PM

#14

overcast

journeyman

Join Date: Nov 2013 Posts: 230

Quote:

Originally Posted by Brown Keeper

Not interested in aiding a felon and being disbarred.

Because you can be disbarred for advising of consequences of actions? If you don't want to tell him, fine, but it's not "aiding a felon" to tell him what a law says

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02-25-2014 , 07:58 PM

#15

Jstarda9

old hand

Join Date: Jun 2012 Posts: 1,689

Quote:

Originally Posted by sirswish6

thats what you get for cashing out in vegas

Well played

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02-25-2014 , 08:02 PM

#16

pig4bill

Carpal \'Tunnel

Join Date: Dec 2005 Posts: 34,978

Quote:

Originally Posted by mark32607

In Vegas when cashing out chips at the cage that you have won from any table game, how much can you cash in without receiving a W-9 for taxes?

All of them.

If they aren't from a tournament win or some weird jackpot like hitting a royal at Let It Ride.

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02-25-2014 , 08:12 PM

#17

RiverNoPlse

banned

Join Date: Dec 2013 Posts: 74

Two plus two has went to complete **it instead of just answering a question you guys would like to be pos ***holes about everything and that goes for not just this thread but all of them. This is a site for ppl to help each other and all you get is ppl being negative little **nts.

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02-25-2014 , 08:23 PM

#18

OBizz

centurion

Join Date: Jan 2013 Posts: 115

I am net negative pretty much every year yet I've still had days of big cash outs and the last thing I'd want is that one day winning reported to the IRS.

Can y'all help a brother out?

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02-25-2014 , 08:46 PM

#19

xxx

veteran

Join Date: Oct 2003 Posts: 2,253

This qfit page has a summary of CTR and SAR rules. http://www.qfit.com/privacy7.htm

To be honest, I thought this was going to be someone imitating Nic Cage in Leaving Las Vegas and asking how to kill himself ... Pretty relieved it is only someone thinking about the IRS.

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02-25-2014 , 08:53 PM

#20

raisebot

journeyman

Join Date: Jan 2007 Posts: 244

At $2999.99* they start tracking you very closely.
At $9999.99* they report you.

*figures are approximate

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02-25-2014 , 09:17 PM

#21

chuckiegolf

centurion

Join Date: Oct 2011 Posts: 122

Quote:

Originally Posted by OBizz

I am net negative pretty much every year yet I've still had days of big cash outs and the last thing I'd want is that one day winning reported to the IRS.

Can y'all help a brother out?

You shouldn't be concerned about a day's winnings being reported to the IRS if you are properly reporting your wins and losses are your tax return. If you aren't then you have some issues.
So if you think it is OK to cheat on your tax return, is it OK to cheat at the table too?????

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02-25-2014 , 10:19 PM

#22

ActIIaerial

temp-banned

Join Date: Nov 2012 Posts: 69

Just hire some strippers to cash them in for you. The casino will just think they're tips!

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