Table games + being issued W2G's
when do they give you a W2g?
after you color up, or when u cash in the chips at the cage? or... ?
Just trying to figure out how to minimize/avoid the taxes on the win.
They don't give you a W-2G. Those are only issued when you hit a table games bet of 300-1 or more. Those don't exist on the craps table. You will not get a W-2G on a $25k craps win, but you will have to identify yourself at the cage when cashing out for CTR purposes if you cash out more than $3k. (They will have to issue a CTR if you attempt to cash more than $10k in 24 hours).Quote: 100xOddslets say u win $25k on craps.
when do they give you a W2g?
after you color up, or when u cash in the chips at the cage? or... ?
Just trying to figure out how to minimize/avoid the taxes on the win.
Six-point Fire Bet. And maybe a Sharpshooter bet, though I haven't seen that enough to remember the payout. And there is both a minimum $ win and a minimum payout ratio to warrant a W2-G on a table game. I think the 300-1 is correct, but I can't remember the $ figure. This has been discussed around here before, and the correct info was finally quoted from a reliable source (IRS rules?), but I didn't bother to search for it.Quote: teddys... Those are only issued when you hit a table games bet of 300-1 or more. Those don't exist on the craps table. ...
Also as has been discussed, the CTR can be avoided most places if you will accept a cashier's check or a wire transfer, since there is no currency involved.
and a cashiers check has a paper trail :(
unless u can make it out to 'CASH'?
$600 and 300-1.Quote: DocSix-point Fire Bet. And maybe a Sharpshooter bet, though I haven't seen that enough to remember the payout. And there is both a minimum $ win and a minimum payout ratio to warrant a W2-G on a table game. I think the 300-1 is correct, but I can't remember the $ figure. This has been discussed around here before, and the correct info was finally quoted from a reliable source (IRS rules?), but I didn't bother to search for it..
Cash Transaction ReportQuote: 100xOddswhats ctr?
You are exactly correct. I finally searched and found the thread where this was discussed before. Member tgarrettcpa posted a link to the appropriate IRS reg., and I quoted a portion of that reg. in this post, showing what the requirements for a W2-G are for bingo, slot machine, keno, poker tournament, or "other" games.Quote: teddys$600 and 300-1.
Quote: teddys...but you will have to identify yourself at the cage when cashing out for CTR purposes if you cash out more than $3k. (They will have to issue a CTR if you attempt to cash more than $10k in 24 hours).
Huh? Why do you have to identify yourself for >$3K if the CTR threshold is $10K?
The most I've ever cashed out is just over $4K at the Cosmo. I had been playing on a card, but they didn't ask for ID or anything at the cage.
To avoid structuring. Every casino does it differently, I believe. Some trigger identification at as low as $2k, some at $3-$4k. If you were playing on a card, they knew who you were and could identify you. If you declined to show a card or ID, they would write down your physical description.Quote:AcesAndEights]
Huh? Why do you have to identify yourself for >$3K if the CTR threshold is $10K?
The most I've ever cashed out is just over $4K at the Cosmo. I had been playing on a card, but they didn't ask for ID or anything at the cage.
No ID was asked for, but one time in Las Vegas when I cashed in just a little over $600 from a winning session of craps at the now-demolished Boardwalk, the cashier had to call someone to get the OK. I said that her phone call made it sound as if I were a high roller or something. She just smiled and said, "Small casino."Quote: 1BBI have been asked for identification at the cage and asked where I was playing. They then called the pit to verify what I told them. This was only for a few thousand.
Quote: FleaStiffCash Transaction Report
so what are the odds of being audited by the IRS if i get a ctr but do not put down any gambling info on my 1040?
Quote: FleaStiffCash Transaction Report
FinCen Form 103 for casinos.
Quote: DocAlso as has been discussed, the CTR can be avoided most places if you will accept a cashier's check or a wire transfer, since there is no currency involved.
Does Casino Royale give out cashiers checks?
I've never had reason to ask, but I suspect that if you are cashing out for an amount that would require a CTR if you asked for currency ($10,000 or more), then their cashier would be willing to cut you a check. Preparing a check is likely no more trouble than preparing a CTR, and they would get the benefit of not having to count/dispense/restock the cash at the cage.Quote: 100xOddsDoes Casino Royale give out cashiers checks?
