Quote:
Originally Posted by callipygian
(3) Will the casino notify the government if I move a lot of cash around? This is totally unrelated to the first two questions. The filing is called a CTR - Cash Transaction Report. It just states that you cashed in/out more than $10,000. It neither means you won nor lost, nor does it mean you owe or don't owe taxes. It's just a way of tracking large blocks of cash.
As a side note, if you repeatedly cash out sums under $10,000 in an effort to evade a CTR, that's also a crime. I believe it's called a SAR (Suspicious Activity Report) but casinos are also required to file those (without your consent) if they think someone is trying to avoid a CTR. There's absolutely no reason why you should fear a CTR unless your cash was raised illegally.
Very good post, and here's 3a:
Casinos these days will also be asking for ID or a players card if you're cashing out several thousands dollars (every casino will have their own #) to prevent you from structuring (what you describe above). So the point is to not be alarmed if you walk up to the cage with four yellow chips and they ask for ID- it's for the Justice Dept, not the IRS.