Scan
Scan
Joined: Sep 9, 2013
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September 30th, 2019 at 4:52:52 AM permalink
From the guys over at TravelZork. This article explains what and why the casino is tracking your money and telling Uncle Sam


https://travelzork.com/fincen-what-is-the-casino-telling-the-government/
DRich
DRich
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heatmapRS
September 30th, 2019 at 7:10:38 AM permalink
Quote: Scan

From the guys over at TravelZork. This article explains what and why the casino is tracking your money and telling Uncle Sam


https://travelzork.com/fincen-what-is-the-casino-telling-the-government/



There are many things omitted from that article.

For one, CTR's are not filed for jackpots over $1,200 on machines.

I teach classes on CTR's and SAR's to casinos and might be able to answer any questions if there are any.
Order from chaos
Deucekies
Deucekies
Joined: Jan 20, 2014
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DeMango
October 3rd, 2019 at 9:54:48 PM permalink
Quote: DRich


For one, CTR's are not filed for jackpots over $1,200 on machines.



Of course not. $1200 is well below $10,001.
Casinos are not your friends, they want your money. But so does Disneyland. And there is no chance in hell that you will go to Disneyland and come back with more money than you went with. - AxelWolf and Mickeycrimm
RS
RS
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October 3rd, 2019 at 11:02:49 PM permalink
Quote: Deucekies

Of course not. $1200 is well below $10,001.


Even if you get a jackpot for $10,001+, I don't believe you'll get a CTR.
ChumpChange
ChumpChange
Joined: Jun 15, 2018
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October 3rd, 2019 at 11:53:59 PM permalink
If I keep winning $9,000 per gambling day at the tables; should I take cash or a check?
If I keep winning $15,000 per gambling day at the tables; should I take cash or a check?
DRich
DRich
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October 4th, 2019 at 7:37:39 AM permalink
Quote: RS

Even if you get a jackpot for $10,001+, I don't believe you'll get a CTR.



You are correct. All slot jackpots are exempt. Yes, even million dollar ones.
Order from chaos
darkoz
darkoz 
Joined: Dec 22, 2009
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October 4th, 2019 at 8:06:53 AM permalink
Quote: DRich

You are correct. All slot jackpots are exempt. Yes, even million dollar ones.



Boy, table games get such a bum rap
For Whom the bus tolls; The bus tolls for thee
AcesAndEights
AcesAndEights
Joined: Jan 5, 2012
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October 4th, 2019 at 8:48:53 AM permalink
Quote: DRich

You are correct. All slot jackpots are exempt. Yes, even million dollar ones.


Wow, I did not know this. That's some BS right there.
"So drink gamble eat f***, because one day you will be dust." -ontariodealer
DRich
DRich
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October 4th, 2019 at 8:57:00 AM permalink
Quote: AcesAndEights

Wow, I did not know this. That's some BS right there.



It is not BS. A W2G is still filled out and filed for the jackpot so the Treasury department is notified of the source of funds. It would just be extra paperwork to fill out a CTR also.

The whole point of the CTR is just to let the Treasury department know the source or destination of large cash transactions.
Order from chaos
AcesAndEights
AcesAndEights
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October 4th, 2019 at 9:34:24 AM permalink
Quote: DRich

It is not BS. A W2G is still filled out and filed for the jackpot so the Treasury department is notified of the source of funds. It would just be extra paperwork to fill out a CTR also.

The whole point of the CTR is just to let the Treasury department know the source or destination of large cash transactions.


Right, forgot about the W-2G. I retract my comment, but is some interesting trivia.
"So drink gamble eat f***, because one day you will be dust." -ontariodealer

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