Cash vs checks, CTRs, taxes, and dealing with cash in general

deleted

Quote: arcticfun

The cash-out was over two days because I won on both days and cashed out on both days, not because I was avoiding a single big cash-out. But man, you guys make it sound pretty serious. When I walked to the cage with 7k in chips, the procedure was completely painless and anonymous -- the only thing the cashier asked was if I had any markers (no, I didn't), and had a double count the bills in the 5k stack. In and out in a minute... No player's card required, nothing. Am I completely naive? an SAR for that? .... I didn't feel any heat in that sense whatsoever...

Also, there are no W2s from blackjack.

It is pretty serious. This is something that you do not want to be accused of.

If they didn't ask for a player's card, they might have already known who you were. If you gave a card at the table, I would not assume that it was anonymous.

Edit: The key here is, don't assume that no CTR or SAR was filed. It may well have been. The fact that it was under $10k does not imply that there was no paperwork.

Quote: arcticfun

Also, there are no W2s from blackjack.

You are right, there is no W-2g from playing blackjack because a payout has to be on a single bet paying out 300-1 or more before a W-2g is printed HOWEVER if you are a winner FOR THE YEAR, no matter what game you play, the casino has to issue you with a W-2g which they mail to your home address (just like your employer) AND they mail to the IRS.

Like Axiom mentioned, don't assume because they didn't ask for your name at the cage that they didn't know how you were. In order to confirm your play the cage would have had to phone the pit who would have given them your name.

Assumptions are not a good place to start.

deleted

Quote: Ibeatyouraces

I don't know one person that has received a w-2g for non jackpot table games play when they've come out ahead art the end of the year.

They play rated AND they come out ahead? Do they only sometimes play rated?

As far as I know the casinos are supposed to send out W-2g's to winning players. Obviously this can only be done through the players club which generates a report at the end of the year once the players are ahead.

Perhaps they have discontinued this practice but as of 2010 it was still being done.

I'll try and get more up to date feedback.

deleted

Quote: Ibeatyouraces

There's no way this can be possible because there is no way that it will be 100% accurate.

I have sent an email to a cage director friend of mine. You could be absolutely right, not going to argue with you.

I will report back when I hear anything.

deleted

Quote: Ibeatyouraces

Possibly a state by state type rule maybe?

I have no idea. It did strick me though, when you said that the tracking was inaccurate. I would have to agre but, from the IRS's perspective, wouldn't that be better than what an individual can come up with in their tax returns?

Surely a casino with the necessary capabilities to track your play throughout the year would be more reliable than a player declaring their earnings? Also, if you want to declare your earnings and deduct your losses, can't you use your P&L printout from your casino using your players club card?

I kept meticulous track of every single session over the last six months. The record is accurate to within a few hundred bucks (tipping, money spent on site, etc.) The casino lets you see your win/loss statement online, and the one they have on me is inaccurate by several thousand. Sadly, in the bad direction, ie they see that I won more than I actually have.

However, there is a very clear notice accompanying the statement that the casino cannot guarantee its accuracy, that it is up to me, the player, to report accurately to the IRS, and that the statement itself can't be used other than for informational purposes.

I'm eager for Tomspur's lead about the W2g from non-jackpot winnings because I too concluded they aren't given out for low-payout games.

@Ax: noted, and I will keep what you said in mind.