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arcticfun
arcticfun
Joined: Oct 2, 2013
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October 15th, 2013 at 11:17:29 AM permalink
Any cash transaction (or aggregate of cash transactions over a 24h period) exceeding $10k must be accompanied with a cash transaction report. This is the case for casinos as well as banks and other institutions. Has anyone had any experience with this? What information do they need, and how does it haunt you later on in life (tax season?) Based on what I read online, they need a social sec number and an ID. What if you're a foreigner and don't have a SSN? or, what if you're unable to supply your SSN for whatever reason?
coilman
coilman
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October 15th, 2013 at 11:30:47 AM permalink
Likely ask for your drivers license ( passport and maybe your country SSN) I know my recent filing for a ITIN with the IRS required all of the above
MathExtremist
MathExtremist
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October 15th, 2013 at 11:35:50 AM permalink
It has nothing to do with taxes. The CTR and SAR forms are FinCEN requirements, not IRS (two separate bureaus under Treasury).

I've never caused anyone to fill out a CTR because I've never handled that much cash at once, but I did sit on a grand jury where several folks were indicted on structuring charges. You don't want to get caught structuring.

And you don't need an SSN, you just need an approved form of identification. Obviously you won't necessarily have an SSN if you're not a US citizen. See 31 CFR 1010.312:
http://www.gpo.gov/fdsys/pkg/CFR-2011-title31-vol3/pdf/CFR-2011-title31-vol3-sec1010-312.pdf
"In my own case, when it seemed to me after a long illness that death was close at hand, I found no little solace in playing constantly at dice." -- Girolamo Cardano, 1563
Ibeatyouraces
Ibeatyouraces
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October 15th, 2013 at 11:36:20 AM permalink
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DUHHIIIIIIIII HEARD THAT!
DJTeddyBear
DJTeddyBear
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October 15th, 2013 at 12:05:05 PM permalink
If the tax issue isn't your reason for concern, then just ask for a check. Then you won't need the CTR (although I have no idea what ID they want with a check payout...)
I invented a few casino games. Info: http://www.DaveMillerGaming.com/ 覧覧覧覧覧覧覧覧覧覧覧覧覧覧覧覧覧覧 Superstitions are silly, childish, irrational rituals, born out of fear of the unknown. But how much does it cost to knock on wood? 😁
arcticfun
arcticfun
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October 15th, 2013 at 12:10:06 PM permalink
Quote: DJTeddyBear

If the tax issue isn't your reason for concern, then just ask for a check. Then you won't need the CTR (although I have no idea what ID they want with a check payout...)



This is not true - the rule applies to cash and cash equivalents like checks.
MathExtremist
MathExtremist
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October 15th, 2013 at 1:49:15 PM permalink
Quote: arcticfun

This is not true - the rule applies to cash and cash equivalents like checks.


Depositing a check in excess of $10k does not trigger a CTR. Unlike cash amounts in excess of 10k, I deal with large checks all the time. The C in CTR stands for "currency." Checks are not currency.
"In my own case, when it seemed to me after a long illness that death was close at hand, I found no little solace in playing constantly at dice." -- Girolamo Cardano, 1563
Buzzard
Buzzard
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October 15th, 2013 at 1:58:27 PM permalink
CURRENCY : Used in this context, currency means the coin and/or paper money of any country that is designated as legal tender by the country of issuance. Currency also includes U.S. silver certificates, U.S. notes, Federal Reserve notes, and official foreign bank notes.
Shed not for her the bitter tear Nor give the heart to vain regret Tis but the casket that lies here, The gem that filled it Sparkles yet
DJTeddyBear
DJTeddyBear
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October 15th, 2013 at 4:40:33 PM permalink
I don't think checks are legal tender under that definition.

They are NOT issued by the government. They are almost universally HONORED, but they're not currency, and do not fall under the CTR requirement. In my job, I handle checks in excess of $50K regularly. No CTR required.
I invented a few casino games. Info: http://www.DaveMillerGaming.com/ 覧覧覧覧覧覧覧覧覧覧覧覧覧覧覧覧覧覧 Superstitions are silly, childish, irrational rituals, born out of fear of the unknown. But how much does it cost to knock on wood? 😁
Alan
Alan
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October 15th, 2013 at 5:03:39 PM permalink
I have no knowledge, but I think a check is kind of like an IOU, but payable on demand.

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