As above, every casino (and bank) has an internal process rule about what level of transaction they need to track to be sure they are meeting the requirements to report CTRs for any transaction or set of transactions in a day that exceed 10k. Typically, this is just internal tracking, unless you get to 10k the CTR will not be filed. $2000 is maybe on the slightly lower end of what casinos usually use, but it's certainly within norms.
Even if a CTR is filed, it's just a report. Unless you are doing it a lot, or being suspicious, nothing is going to happen with this. If you do reach a threshold FinCEN will watch you and make sure you are not laundering money or supporting terrorism with it.
Ostensibly none of this is reported to IRS at all. It's a completely separate branch of government looking into financial crimes and terrorism, nothing to do with taxes.
If the casino/bank catches you trying to avoid these reporting, they will instead file a Suspicious Activity Report (SAR) on you. They will do this if you decline to provide ID, or they catch you structuring (asking what the reporting limits are, and trying to process numerous transactions under that limit, to avoid reporting), or if you in any way act suspiciously about it. This is worse for you, now they are definitely going to pass that on to FinCEN and they are likely to investigate you. Still, as long as you're not money laundering or supporting terrorism, probably nothing will happen. But you should know that structuring is actually a crime, so by trying to avoid an innocuous reporting issue, you are are instead committing an honest to god crime.
https://www.fincen.gov/sites/default...TRPamphlet.pdf
Bottom line: just cash in for whatever amount you would normally do, and give them your id whenever they ask, and you'll be fine.
Last edited by dinesh; 05-02-2024 at 01:27 PM.