darkoz
darkoz
Joined: Dec 22, 2009
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July 4th, 2019 at 7:10:50 PM permalink
Quote: RS

Of course, keeping criminals away from me.



Irony.

Feel like you should partake of the welfare system because you pay into it so much you might find yourself partaking of the prison system you pay for as well
For Whom the bus tolls; The bus tolls for thee
ReyGarcia
ReyGarcia
Joined: Jul 2, 2019
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July 4th, 2019 at 8:05:19 PM permalink
Quote: waasnoday

According to the training sessions I have been too, it is not shared with the IRS.
Please be aware that trying to avoid a CTR is a crime and if casino staff suspect this a SAR (Suspicious Activity Report) will be filed and those get a lot more attention than a CTR. SARs are something you do not want to have filed on you. FinCEN and the AML/BSA regulations/laws are taken quite seriously by most casinos.


Quote: ChumpChange

CTR's are shared with the IRS, and a SS# could be flagged. A W-2G or Form 1099 would be a sure-fire problem, a CTR is a mystery.



Is CTR shared with the IRS?

The game he plays is a type of baccarat machine with a low variance side bet that's countable, and the way he plays has no chance to trigger a W-2G.
He never received a W-2G or 1099 because he doesn't play slot.
He never cashed out more than 10k at the cashier because he doesn't play table games.

The situation is:
He coined-in 250k on this baccarat machine in a 24 hours period, ended with a net loss.
4 days later, he came back to the casino and found out his player's card is locked(red flagged). He went to the cashier, the cashier manager said his transaction was more than 10k, and asked him to provide SSN and fill out the W-9 form, so he did.
After he provided SSN and filled out the W-9, his player's card was unlocked, then he could play as usual.

Is that a CTR, or probably a SAR?
Does it have any impact on his taxes?
RS
RS
Joined: Feb 11, 2014
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July 4th, 2019 at 8:46:54 PM permalink
Quote: darkoz

Irony.

Feel like you should partake of the welfare system because you pay into it so much you might find yourself partaking of the prison system you pay for as well





01000101 01110000 01110011 01110100 01100101 01101001 01101110 00100000 01100100 01101001 01100100 01101110 00100111 01110100 00100000 01101011 01101001 01101100 01101100 00100000 01101000 01101001 01101101 01110011 01100101 01101100 01100110 00101110
darkoz
darkoz
Joined: Dec 22, 2009
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Thanks for this post from:
RS
July 4th, 2019 at 8:52:11 PM permalink
Quote: RS





Lol

Didnt know you were part of the #MeMeToo movement
For Whom the bus tolls; The bus tolls for thee
MDawg
MDawg
Joined: Sep 27, 2018
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July 4th, 2019 at 9:04:26 PM permalink
Quote: ReyGarcia

Is CTR shared with the IRS?



CTRs are sent to the Department of Treasury which collects taxes through the IRS, more specifically, CTRs are sent to the Financial Crimes Enforcement Network (FinCEN) which is a bureau of the Department of the Treasury.

All are interconnected all are part of the same Dept. of Treasury. When you pay your taxes you make your check out to the Dept. Of Treasury, not to the IRS, don't you?

As far as all your other questions, maybe someone here will come along and wing it answering them, but I'd charge to answer all those questions for any client. You're talking about a very serious matter that if not handled properly may land your buddy there in the hoosegow, especially ongoing as far as how he continues to handle his gambling. Free advice is worth what you pay for it.
onenickelmiracle
onenickelmiracle
Joined: Jan 26, 2012
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July 4th, 2019 at 9:36:49 PM permalink
I like parking in handicapped spots with no placard.
#FreeNATHAN #Paytheslaves
ChumpChange
ChumpChange
Joined: Jun 15, 2018
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July 4th, 2019 at 11:04:12 PM permalink
A W-9 Form means they want the person's SS#. What we've learned from online gambling is that even a Blackjack can trigger a W-2G because the hand won $1200 or more, something you don't normally see, because it's considered a slot machine online. If your friend playing a casino Baccarat machine won a tie bet on a $1,000 wager, that could be a 10 for 1 payout of $10,000, a penny short of reporting requirements. Some casinos want you to fill out a W-9 form in case you get near going over $10,000 in a day; casinos might request your SS# if you cash out $3,000 or $5,000 or some such at the cage so they'll be ready with the CTR when you get above $10,000. In situations like this, it's better to bring your SS card & ID with you instead of filling out a W-9 because that will definitely go to the gov't and cause a potential red flag.

Betting $250K on a machine in one day? What was he betting? 500 hands an hour? Are machines that fast? I don't know. What bet level would that be? $25 a hand for 20 hours? If using a progression and hitting a tie on a $1,001+ bet, that would set off the alarm and a CTR will be filed like the manager said.

If you've got bureaucracies to deal with about any (big) wins, you probably have 10 days or until the 10th of the following month to report it. If trying to offload money to keep benefits, a lawyer would have to get involved to set up a trust and get that money in there before the end of the month. That could cost $1200 +/- itself.

If the person lost for the day despite being way up there, you have no record of it except a whisper from the casino that they sent in a CTR. Learn how to record gambling sessions, in case you have to account for winning more than the standard tax deduction.
Last edited by: ChumpChange on Jul 5, 2019
ReyGarcia
ReyGarcia
Joined: Jul 2, 2019
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July 5th, 2019 at 2:49:37 AM permalink
Quote: ChumpChange

A W-9 Form means they want the person's SS#. it's better to bring your SS card & ID with you instead of filling out a W-9


What he did was simply fill out the SSN without showing the card.
Do you mean if you bring the physical SS card, then filling W-9 form is not required? How about show a picture of SS card?

Quote: ChumpChange

If your friend playing a casino Baccarat machine won a tie bet on a $1,000 wager, that could be a 10 for 1 payout of $10,000, a penny short of reporting requirements. If the person lost for the day despite being way up there, you have no record of it except a whisper from the casino that they sent in a CTR.


For machine play, I thought the $10,000 transaction threshold means cash-in or cash-out more than $10,000 in 24 hours.
Does winning or losing more than $10,000 at any time during 24 hours count?


Quote: ChumpChange

Betting $250K on a machine in one day? What was he betting?


He plays 4 machines together for 18 hours.
darkoz
darkoz
Joined: Dec 22, 2009
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July 5th, 2019 at 4:12:43 AM permalink
Quote: ReyGarcia

What he did was simply fill out the SSN without showing the card.
Do you mean if you bring the physical SS card, then filling W-9 form is not required? How about show a picture of SS card?


For machine play, I thought the $10,000 transaction threshold means cash-in or cash-out more than $10,000 in 24 hours.
Does winning or losing more than $10,000 at any time during 24 hours count?



He plays 4 machines together for 18 hours.



An Octopus?

Heres what it sounds like to me.

The guy is playing high limit slots. $20, $50 higher? Prefty easy ro reach $250k in action at $100 per spin.

Triggering lots of jackpots but still losing. He loses $8k and then wins a jackpot for $7k for example.

He isnt playing 4 machines simultaneously as much as hes enjoining another machine while the others are locked up in jackpot mode waiting for the slot attendants.

Is this what hes doing?

Also, is he being rated with a players card and keeping the card in all four machines? If it really is simultaneously played machines he probably does not have 4 cards of his own in the machine. Thats why the casino maybe tracking him as a winner when hes actually losing
For Whom the bus tolls; The bus tolls for thee
ChumpChange
ChumpChange
Joined: Jun 15, 2018
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July 5th, 2019 at 8:45:33 AM permalink
Quote: ReyGarcia

What he did was simply fill out the SSN without showing the card.
Do you mean if you bring the physical SS card, then filling W-9 form is not required? How about show a picture of SS card?



I'm too old school to know how things are done now. In the mid '90's, grannies used to bring their SS card & Driver's License/State ID with them to the casino to show to the slot attendant when they won a slot jackpot of $1200 or more. In the age of cell phone photography, I'm not sure whether a picture of a SS card is enough for a slot attendant. Would you show a cop a picture of your car insurance card instead of the real thing? I'd have to scroll on my phone for miles to find it.

Did your friend keep feeding the machine new cash? Did he walk in there with over $10,000 cash to feed the machines? Also, what does a cash-out look like? They've got those TITO things now. In the old days, you'd have to bring silver dollar tokens to the cashier's cage, and every time you go to the cage potentially adds towards a $10,000 threshold.

It's possible to walk in there with $400 and bet $20 a hand forever if you start off with a lucky streak.

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