IRS rules clear. Poker tou4nament win over $5k excess of buy in gets a W2G and 24% tax withheld. If it’s a free roll then or something like a HH promo $600+ (and probably under $5k where federal withholding becomes required) no withholding.

W9 are used to collect from you to card room/casino/other your information to allow the room to issue to you a 1099-Misc (the info also goes to IRS). But a 1099 nor W2 nor W9 are associated with a CTR. Those are IRS forms. CTR firm is a Treasury dept firm that goes to FINCEN. Though IRS can access and use the info.

CTRs are for when you the player (or bank customer, car buyer,etc) initiate a $10K transaction using currency. They ask you for the information and for a govt issued id. They fill it out and send it to Treasury dept. you don’t fill out the form and you are not given the fo4m or even a copy. Heck if they are good you might not know even know one was filed. Even the $10k is not a hard limit. That or larger and the CTR is required, but they could choose to fill one out at $5k.

So again, you don’t get a receipt for a CTR reportable cash out. But it does create a record, including amount, that could be used for proof of origin. But a better protection against the room setting you up for a CF is that neither room nor cop have incentive to do it. Now stealing is a different scenario. A paper trail doesn’t help there.

But why are you wearing a bandana? Are you a pirate?

sometimes. If you drink rum before noon are you an alcoholic or a pirate?

Don’t mess with Texas. I would be shocked if at least 10% of the room wasn’t armed in the great great lone star state. That ****** is lucky to be alive.

got out of my two day 2+2 prison sentence earlier today (guilty as charged, Ive paid my dues to society and am a reformed man.) so.....

my only thought on this thread ....

since Houston gonna Houston. meh pretty normal no big deal


But... put this story in Austin and include some casualties and its problem...some smart dude wrote this in other TX club threa. discussion here was about longevity of clubs not having any legal problems in TX

Sorry dude this is not reasonable. Cant say ”this is not my personal protection” while getting robbed. No matter the location.

Who was getting robbed?

Yeah, Cody brothers be all over that. (Animal Kingdom. FX)

tourney cash is different than cashing out less than 10k from a cash game

Pretty sure withholding isnÂ’t required for tournament winnings or all the venues IÂ’ve played at in the last 5 years are not in compliance. Pretty sure they use a SSN or Tax identification number for CTR or every casino IÂ’ve cashed out in over last 10 years has been wrong when they said they are required to have it (usually they w9 me so they have it on file for future cash outs) or wouldnÂ’t pay me out on cashouts over 10k.

All this is kinda irrelevant though and your obsession about arguing about nothing is bizarre. I imagine you are in compliance or something for financial institutions thatÂ’s why this is so important to you. You should probably see the actual implementation of the rules not how theyÂ’re supposed to be. I would be shocked if anyone ever had a CTR filed for their cashout and “not even know one was filed”. Takes forever and cashiers are the worst at it for poker cause they rarely do it and it’s always required a supervisor to review. IÂ’d be willing to wager you donÂ’t get paid out on your first cashout over 10k at a casino venue outside vegas/borgata in less than 30mins without a host.

Would you like the link to IRS rules on tournament winnings and with holdings. Here you go. Btw, this covers both reporting , W2Gs, and withholding, which is 24%.
https://www.irs.gov/instructions/iw2g.
See backup withholding item 3 for poker tournament winnings in excess of $5k. So if you have wins exceeding $5k after deducting buy in, they did withhold and also issued you a W2G.

W9 s are a IRS form to support W2 and 1099. CTR are not even a IRS thing per se. They are a FinCEN requirement. Both FinCEN and IRS are in Treasury dept but are not the same. The casinos may use your W9 on file but this is not true for everyone. Since I do not play tournaments, I don’t have a W9 on file. So they ask me for SSN or TIN and a govt issued ID.

Yes it is very much a pain when casino has to withhold taxes, issue W2s or 1099s, file a CTR or SAR. So if you know what is happening p, yes you know they are filing. Not everyone does know about CTRs and while it is a pain, they probably will just be told it is paperwork not a CTR.

But the key points are a) they don’t tell you they are filing a CTR and b) they don’t give you anything.

Btw, they might say they won’t pay you if you refuse to provide a SSN/TIN on a 10k cash out (not tournament winnings, this is specific to CTRs) but they will eventually, after multiple layers of mgmt convince you to provide. They will file a SAR (suspicious activity report). They might also ask you to never return or other actions. So I don’t recommend refusing to provide.

You keep talking like you get a receipt or even a copy of the CTR. You don’t. A record is obviously created. You can use this record to seek return of forfeited cash. But you will need to get a copy from FinCEN, not IRS. THAT is what I have been correcting you on. Casouts and tournament winnings are quite different beasts.

No I don’t work for a financial or casino; never have. I am retired (recently) after 35+ years as an engineer. My wife is a CPA and I have helped her for years during crunch times, might even take some accounting courses and sit for the CPA myself. So I am familiar with the rules.

I mean you're misreading or misinterpreting the IRS... clearly states payout has to be 300x initial buyin for withholding so that like never happens outside for poker tournaments outside wsop events cause you need like 2k+ fields for that and 1st place. Saying they withhold on over 5k profit is just wrong.

You're misconstruing what I'm saying... I didn't say you get a copy of a CTR ever. I said there's a paper trail for the transaction. Meaning if you need to verify the source they can. If there is a CTR filed for a transaction that clearly shows the cash originated from gambling what judge is ever going to side with the police.

I'm done with this discussion. It's pointless and incredibly off topic. You seem fixated on irrelevant details and completely misinterpret relevant ones. I think there's a thread on here somewhere about taxes for poker that you can move this discussion to.

I think it is a bunch of BS talking about bad about the security at Legends. There was a attempted robbery and the security staff was trained well enough to subdue the assailant while risking his life. What more do you want from them. Would other clubs security do the same? Would you chance playing in other places or play in a room that you know the security will "Protect" you. This could of happen to any club. There is always 4 guards there all the time. There is metal detector at the front. For those who is talking all this stuff about Legends lacking security, give me a break. You must be hire by 101 or Prime to do so. It sadden me that other places will take the opportunity to slander other clubs to promote there own.

You’re definitely the guy reading Guns and Ammo in the donut shop scene in Boogie Nights.

https://m.youtube.com/watch?v=Zubto7OIGns

I haven’t been to Legends but been to other poker rooms in town. Others had metal detectors. Others served alcohol. It’s generally posted that in places that serve alcohol that it’s a felony to bring in your firearm. Even if they make less than 51% of income from alcohol sales and even if they don’t serve alcohol I’m sure they have signs posted forbidding you to bring in firearms which makes doing so a criminal offense. These laws keep evolving here but I highly doubt 10% of the people in there are dump enough to bring in a gun. Although a lot idiots in poker rooms.

That’s a weird little stretch of Richmond that’s no man land and kind of low rent. Right next to Westchase and a little west of the Galleria. Drive by it all the time from work. Westchase isn’t all that nice anymore these days, half the corporate office space is empty.

For ****s sake how many more people aren’t going to understand the difference between where something is and where it’s close to.

Stop being a little snowflake every other post you put on 2+2 is you getting your panties in a bunch.

Your very first reply specifically claimed Prime gave W2Gs on $10k cash outs which is demonstrably wrong. You are done with the conversation because you know you are wrong.

My experience with most card rooms is that Id gladly take a reduction in whatever security they have inside in return for at least one armed guard in the parking lot.

Right about when civilization first formed.

glad everyone is ok, scary situation

Normal parking lots for supermarkets and stuff that's not dangerous often have security or attendants; it's wild af for a casino to not have someone patrolling or if it's a small enough parking lot, sitting in a booth keeping ppl from loitering.

A members card room isn't a casino, and even casino security is primarily there to protect the Casino and its assets, not patrons.

Yes, casino security is primarily there just to protect the casino's assets and yet even at casinos, security guards patrol the parking lots to ensure they are safe.