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Old 04-08-2019, 04:57 PM   #23526
MikeStarr
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re: Winrates, bankrolls, and finances

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.
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Old 04-08-2019, 05:07 PM   #23527
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Originally Posted by johnny_on_the_spot View Post
yes



that's up to those individuals. they'll have to deal with the consequences if they ever get caught.
Which would be??
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Old 04-08-2019, 05:09 PM   #23528
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Originally Posted by MikeStarr View Post
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.
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
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Old 04-08-2019, 05:24 PM   #23529
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re: Winrates, bankrolls, and finances

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Originally Posted by Richard32 View Post
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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Old 04-08-2019, 05:25 PM   #23530
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re: Winrates, bankrolls, and finances

Quote:
Originally Posted by MikeStarr View Post
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.
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
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Old 04-08-2019, 05:26 PM   #23531
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re: Winrates, bankrolls, and finances

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Originally Posted by squid face View Post
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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Old 04-08-2019, 05:27 PM   #23532
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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
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Old 04-08-2019, 07:07 PM   #23533
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re: Winrates, bankrolls, and finances

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Originally Posted by squid face View Post
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
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.
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Old 04-08-2019, 11:21 PM   #23534
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re: Winrates, bankrolls, and finances

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Originally Posted by Richard32 View Post
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
Quote:
Originally Posted by MikeStarr View Post
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.
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Old 04-09-2019, 04:43 AM   #23535
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re: Winrates, bankrolls, and finances

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.
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Old 04-09-2019, 08:53 AM   #23536
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re: Winrates, bankrolls, and finances

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.
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Old 04-09-2019, 08:56 AM   #23537
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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.
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Old 04-09-2019, 09:11 AM   #23538
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re: Winrates, bankrolls, and finances

Quote:
Originally Posted by Shai Hulud View Post
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.
Unless you are an accrual basis taxpayer (most people aren't), the chips count as cash and the money is earned in the year you earned it.

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Originally Posted by Shai Hulud View Post
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've never been mugged, but just so you're aware, you face a different issue with keeping your roll in chips -- technically the chips are the casino's property and are not supposed to leave the casino. The best possible thing to do if the casino has safety deposit boxes is to acquire one and keep your big denoms in it. Otherwise, I'm not too sure what to tell you -- I don't think the RFID in the chips is that much of a deterrent, I believe if the robber passes the chips to a high-roller regular, the casino isn't going to look askance at how the chips got into their pocket.
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Old 04-09-2019, 09:14 AM   #23539
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Originally Posted by El Barbero View Post
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.
Thank you very much! Extremely helpful!

I have yet to be questioned yet about it
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Old 04-09-2019, 09:31 AM   #23540
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re: Winrates, bankrolls, and finances

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Originally Posted by Richard32 View Post
Which would be??
you want to know the consequences for tax evasion if you get caught?? seriously??

i'd guess financial penalties and potentially jail time. i'd consult with an attorney licensed in your state(s) rather than a free message board.
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Old 04-09-2019, 09:41 AM   #23541
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re: Winrates, bankrolls, and finances

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Originally Posted by Shai Hulud View Post

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.
can't imagine the casino would refund you the money from chips you report stolen. opens them up to a whole host of other issues.

what happens if Person A were to pay Person B with a 1k chip, something happened and A "wanted to screw B over", just reports the chip stolen and gets refunded? Now B goes to casino to cash out, casino won't pay him and claims A paid him legally. you think the casino wants to be in the middle of that?

my best guess of what would happen if you report chips stolen: the casino will cancel the chips and refer you to the local police department and your money is gone unless you can prove beyond a shadow of doubt that those chips are rightfully yours and were stolen. i see lawyer fees being involved too.
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Old 04-09-2019, 10:25 AM   #23542
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re: Winrates, bankrolls, and finances

Quote:
Originally Posted by Shai Hulud View Post
Probably a dumb question...Are chips treated the same as cash?
Yes

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Originally Posted by Shai Hulud View Post
Is it safer to carry chips vs cash?
It depends on who is robbing you. If someone specifically targeted you because they know you play poker, then no.

Some would say it’s actually a good thing to have cash on you when you are being robbed, as your main objective is to not escalate the situation. Some hyped up meth head is not going to respond well to empty pockets.

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Originally Posted by Shai Hulud View Post
But...is this common knowledge, an actual deterrent?
When in the history of mankind has common knowledge been a deterrent to crime?

Quote:
Originally Posted by Shai Hulud View Post
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.
Lol, no.

Also casinos definitely care if their customers get robbed...on their property.


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Originally Posted by Shai Hulud View Post
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.
wat. Don’t do this.

You are way overthinking this. Learn a safety routine. Make it so it’s not a routine (pattern). Tell no one, and I mean NO ONE, that you play poker, have money, etc. Call a safety buddy anytime you have to walk in a bad area to your car. Or just don’t be in bad areas in the first place. If at the casino after a big night, ask for an escort and tip the security officer. Take different routes home and one that is unusual (like taking the exit before your exit, then using backstreets to get home for example).

Above all this, don’t risk your life for paper or plastic measuring units.
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Old 04-09-2019, 10:40 AM   #23543
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I forgot another tip. If you have the option, cash out at different cages. A surprising amount of follow-homes are coordinated with people who work in the cage. So you don’t want to be the guy that is consistently cashing out $5K from cashier Britney on Saturday night just bc she has nice tits and you want to impress her. She has an alcoholic boyfriend that will beat your ass with a bat and rob you blind. She also has herpes.

So head on down to the blackjack cage and say hi to Mabel. She’s 83 and slow as **** but at least she doesn’t have an alcoholic bf that will beat your ass. Probably still has herpes tho.
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Old 04-09-2019, 11:04 AM   #23544
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re: Winrates, bankrolls, and finances

lol
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Old 04-09-2019, 11:06 AM   #23545
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This is something that has me sketched out too about my trip home from the card room I play at. There’s only one main road to take back home and it’s always deserted at night. It feels like a really bad situation waiting to happen.
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Old 04-09-2019, 11:18 AM   #23546
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This is something that has me sketched out too about my trip home from the card room I play at. There’s only one main road to take back home and it’s always deserted at night. It feels like a really bad situation waiting to happen.
Just pay attention to the cars around you. I thought someone was following me from Seminole hard rock tampa after cashing out $3k and change in a tournament. I lived in Clearwater at the time and the drive was around an hour. It was late not too many cars on the road, so I called the police and pulled into the cop station near my house. Obviously the guy didn't follow me in there and he might not have been following me anyways. But I was then able to go home. The cops did tell me that there had been 3 muggings in the last month from people leaving hard rock.
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Old 04-09-2019, 11:22 AM   #23547
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re: Winrates, bankrolls, and finances

Quote:
Originally Posted by Shai Hulud View Post
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.
Yes. There is a concept called "constructive receipt". You are taxed on income at the moment you gain control of the funds, even if you don't actually have cash on hand at the moment. As an example, if you do a job for someone and are issued a check for $1000, you are considered to have earned $1000 at that moment, even though you don't have $1000 to spend until you cash the check. Chips which can be freely exchanged for cash would surely fall under this.
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Old 04-09-2019, 11:38 AM   #23548
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Just pay attention to the cars around you. I thought someone was following me from Seminole hard rock tampa after cashing out $3k and change in a tournament. I lived in Clearwater at the time and the drive was around an hour. It was late not too many cars on the road, so I called the police and pulled into the cop station near my house. Obviously the guy didn't follow me in there and he might not have been following me anyways. But I was then able to go home. The cops did tell me that there had been 3 muggings in the last month from people leaving hard rock.
Yeah, I had one time that felt like that too.
I think my routine for leaving is decent. Pay attention while walking to my car. Get into car and lock doors. Look around again. Record results in my phone. Take one last look around for anyone suspicious. Leave.
I’m more worried about the potential of someone blocking off the main road late at night to force your car to a stop.
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Old 04-09-2019, 11:44 AM   #23549
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re: Winrates, bankrolls, and finances

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Originally Posted by Avaritia View Post
I forgot another tip. If you have the option, cash out at different cages. A surprising amount of follow-homes are coordinated with people who work in the cage. So you don’t want to be the guy that is consistently cashing out $5K from cashier Britney on Saturday night just bc she has nice tits and you want to impress her. She has an alcoholic boyfriend that will beat your ass with a bat and rob you blind. She also has herpes.

So head on down to the blackjack cage and say hi to Mabel. She’s 83 and slow as **** but at least she doesn’t have an alcoholic bf that will beat your ass. Probably still has herpes tho.


gold. accurate af description of Britney and Mabel.


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Old 04-10-2019, 12:36 PM   #23550
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re: Winrates, bankrolls, and finances

I played at a local charity room in Michigan (Vision Lanes) and they raked $210 in the first hour. Still beatable
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