Ohhh I see thanks a lot!! As always I appreciate ur feedback!

How would one get audited for thhat?

I also didn’t know if it was normal or common or like out of the ordinary to deposit like 2k every other month or month at the bank

Assuming you have a normal job, auditing is more or less random. The IRS may audit something like 1/1000 normal tax returns. I believe those with businesses, complicated finances, etc, are much more likely to be audited.

Depositing four figure cash sums occasionally is normal. Many people are paid in cash. Many people own cash businesses. Wedding gifts, bar mitzvah, everyone chipped in for a cremation and you wrote the check, etc. It's whatever.

Thank you very much!

its called structuring. it's illegal if your purpose is to evade taxes. what you do/do not report to the irs is your call. i believe over 10k/month usually triggers something

I've been asked about low 4-figgy cash deposits at the bank. I tell them honestly it's from poker and there's no issue.

My bank may or may not be filing SARs -- it's not my concern because it really is legal poker winnings.

I do not suggest lying about your taxes if you owe on gambling winnings.

ATM deposits ftw

Completely agree.

Out of the 17 1/3 sessions I've played this year, 3 have been greater than $1k swings.

6 hours -$1,200
10 hours +$1,073
6 hours +$1,291

$1k is meaningless.





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If your question is whether you should leave a paper trail of your winnings and not pay taxes on them (if you made over $10k total last year), don't do that, unless you want to risk a big pain in the a$$.

Lol if you think this will make your bank less likely to file a SAR.

It’s not that. I won a BBJ this year and had got a 1099 or whatever last year as well bc I won a table share and filed.

I just didn’t know if the bank is wary of someone depositing that much money routinely but they have never questioned me about it at all.

I have yet to make a single deposit >10k but over the past year I have deposited >10k in poker earnings

[QUOTE=DK Barrel;54997428]I've been asked about low 4-figgy cash deposits at the bank. I tell them honestly it's from poker and there's no issue.

My bank may or may not be filing SARs -- it's not my concern because it really is legal poker winnings.

I do not suggest lying about your taxes if you owe on gambling winnings.[/QUOTE

So theoretically all recreation players “should” be reporting their poker income/tracking it right? What about the majority who do not?

yes

that's up to those individuals. they'll have to deal with the consequences if they ever get caught.

They are only required to fill out a SAR (Suspicious Activity Report) for cash deposits over $10K. They could fill it out for less but nobody does paperwork when they dont have to do so I wouldn't worry about it.

That has nothing to do with tax reporting requirements though.

Which would be??

Thank you mike! So overall it could be fairly common and even recommended to make small deposits (2-3k)

Honestly I just don’t like keeping a lot of cash on hand and would rather have it in my savings account which is why I do it

As long as you report properly on your taxes there will be no problems. If you do small deposits for the purpose of staying under the 10K cap, that is a different crime called structuring.

Banks have artificial intelligence algorithms to try and predict things like that and if any of your activity gets tripped up by that they will also report it.

Similar to how they have algorithms to try and predict credit card fraud is happening. I'm sure lots of us have had notification from our credit card companies about suspicious transactions because they don't fit into the regular spending pattern. It's the same sort of thing.

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this is wrong mike. They are required to fill out crt's over 10k

depending on your bank, history etc a lot less can trigger an sar.

for example. If you deposit 8k for 10 days in a row. You can bet your ass they gunna file an sar on you

This is 100% correct.

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[QUOTE=ZippyThePinhead;54998071]As long as you report properly on your taxes there will be no problems. If you do small deposits for the purpose of staying under the 10K cap, that is a different crime called structuring.

Banks have artificial intelligence algorithms to try and predict things like that and if any of your activity gets tripped up by that they will also report it.

Similar to how they have algorithms to try and predict credit card fraud is happening. I'm sure lots of us have had notification from our credit card companies about suspicious transactions because they don't fit into the regular spending pattern. It's the same sort of thing.

Sent from my SM-G975U1 using Tapatalk[/QUOTEe

Ohh that makes a ton of sense!

I just have been on a heater lately and wasn’t sure how this all worked

I didn’t even know structuring was a thing but that’s interesting

Whats wrong about what I said? Sure they can/will also fill our a SAR if you make multiple $8k deposits in a row, but a $2-3K deposit every other month or so (which is what he is asking about) is not suspicious and wont trigger a SAR.

Yea at first he said every other month then he said the bolded, which I'm not sure exactly what it means. Sounds like it could be more than every other month though.

Probably a dumb question...Are chips treated the same as cash? I.e. I keep X% of my roll R in chips from an Indian casino (don't know if that's relevant) do I owe tax on R or (R-X)? Im filing professional. I'm assuming it's the former but my brain kind of shuts down when it comes to filling out government forms and whatnot.

And semi-related, I have started playing larger games and thinking more about how much money I'm carrying. Is it safer to carry chips vs cash? I've heard larger chips have RFID chips in them which enables tracking them and if necessary deactivating them. So if I'm carrying 10 orange chips and get robbed those chips are worthless, assuming the tracking actually works. But...is this common knowledge, an actual deterrent? Was in a T/25 uncapped game the other day bought in 10k, if I had run that up (didn't, broke even) I might look like an easy target.

My temporary solution to transporting money is not carrying cash, coloring up when I win, and cashing out at most a few thousand when I lose (assuming I haven't been felted).

And related to that...say I get mugged for 10 orange chips with RFID tags. I give them up, report it, if they were tracked correctly they are worthless and the casino would lose no money reimbursing me. I'm guessing they wouldn't, because they don't really seem to care much if customers get robbed, but I don't know.

I'm concerned I'd come across as suspicious if I asked the cage supervisor which chips use tracking and how that works in case of theft. I mean if that were my job I'd find it rather suspicious unless I personally knew the player was a professional, and even then I still might. They've been robbed in the past year (in cash) and might think I'm trying to figure out what denomination of chips to steal. Hence why Im asking you gents.

So I've worked at banks. If you deposit $2k a week for multiple weeks and we don't know where it's coming from, someone will either ask about the origin (normally in a "small talk" type fashion) or if you don't seem like the type of person that wants to chat about your money they will likely fill out a SAR.

Monthly deposits of $2-3k probably wouldn't result in either a question or a SAR.

And to be clear a SAR isn't a bad thing. It's just a report of activities. The cops aren't going to come talk to you, none is going to assume you are a drug dealer. It's just paperwork to the people in the bank. No one at the bank really gives a damn where the money came from, they just don't want to be fired for not filing the report.