Quote:
Originally Posted by danny356
I Cashed out 6500 Friday and got asked for my players card, should I be concerned at all?
Sounds like it, yes. That is, if you don't properly track and
pay your taxes on your poker winnings. At least, it's a possibility.
Federal law requires two types of
reporting for large cash transactions:
A Currency Transaction Report (CTR) for any cash transaction over $10K.
A Suspicious Activity Report (SAR) for any cash transaction that seems suspicious (connected to a possible violation of law or regulation).
Both types of reports go to Financial Crimes Enforcement Network (FinCen), but can make their way from there to the IRS.
There is no IRS requirement that a poker room or casino make any sort of IRS withholding or reporting on poker winnings except for net tournament winnings over $5000.00.
Given all of this, I don't think you were asked for your players card for IRS reporting purposes. It also seems unlikely that it was for SAR reporting, since there isn't anything suspicious about a poker player cashing out poker chips for that amount. So it may have just been an internal THR security measure. OTOH, it's hard to know what is going through the minds of the THR personnel and management. You might want to ask.