jsausley
jsausley
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Mission146
July 21st, 2021 at 12:14:42 PM permalink
This question isn't about tax liability and whether you have to give ID at the cage when you go to cash out -- I'm well aware of all the legal rules here.

I've won $2,000, $3,000, even $4,000 at a casino before but I've never got up from a table with over $10,000 in chips. So my question to you guys is, at a major Las Vegas casino like The Mirage, Bellagio, or Caesar's, how is it usually handled if I get off of the High Limit table with let's say $12,000 in chips and had to the cashier -- obviously that's a ton of cash, and I've taken as much as $3,500 in $100 bills from the cashier but never anywhere near that much. Can you ask for a check? lol.

Obviously I know once you hit that much money you have to report it and pay taxes so obviously they're going to ask for ID so they can send a 1099 -- that's not my question. I'm just wondering how much cash you can actually get from the cage, just to be prepared in the extremely unlikely chance that I win a lot of money on my next trip. ;)
sabre
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Mission146
July 21st, 2021 at 12:24:01 PM permalink
I'm not aware of any casino in the US that would send you a 1099 for a table game win.

The cage won't blink at handing you 10k+ in cash. They will likely check your ID and players card to verify that you won those chips that day though.
jsausley
jsausley
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Mission146
July 21st, 2021 at 12:28:27 PM permalink
Interesting -- I thought you would definitely get a 1099 for over $10,000 even if it was on a table game. That's actually really good info, thanks.

I know they'll pay you cash without a sweat, but I guess my question was how annoying/complicated it would be to get a wire or check instead, or if you can request to be paid in another room so that people can't see the money. Like if I won $12,000 off of a $2,000 buy-in or so -- I would love to get like $3-4k in cash and either get a check or the rest deposited.

$10,000 isn't a lot to a casino but it is to some people -- I've had nosey people standing behind me in line comment to me after getting just $2,000 out of the cashier. Personally, I don't want to stand in front of the cage while the cashier counts out $10,000 in $100 bills, and then I have to walk that money back to my room and trust the in-room safe, especially with some of the crimes we've been hearing about at Cosmopolitan, Wynn/Encore, and Resorts World recently.
AlanMendelson
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Mission146
July 21st, 2021 at 12:36:37 PM permalink
You get a 1099 for a qualifying Firebet win at craps.
Deucekies
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Mission146
July 21st, 2021 at 1:40:56 PM permalink
Quote: jsausley

Interesting -- I thought you would definitely get a 1099 for over $10,000 even if it was on a table game. That's actually really good info, thanks.



They'll take your info so they can file a CTR with FinCen, but that has to do with money laundering, not taxes. That may be where your confusion lies.
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
Deucekies
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Mission146Joeman
July 21st, 2021 at 1:41:50 PM permalink
Quote: AlanMendelson

You get a 1099 for a qualifying Firebet win at craps.



Do you get a 1099 or a W2G? I thought 1099s were for things like promotional prizes.
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
DJTeddyBear
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Mission146Joeman
July 21st, 2021 at 6:14:07 PM permalink
About 15 years ago at Foxwoods, my wife hit a straight flush on Let It Ride. Total win was about $13K.

The chips for the payout were on the table for almost half an hour while the cards and surveillance tapes were examined.

She got a 1099 (W2G?) on the side bet payout because it was over 600:1. Nothing for the main bet.

Finally paid, we took the chips to the cage and asked for a check for $10K and the rest in cash. They escorted us to a small waiting next to the cage where we could sit while they took care of it. Note that this room was just big enough for two chairs, with a low counter and regular cage bars above the counter. But it gave us privacy.

It took about 20 minutes, but most of that was finding someone with authority - it was about 1am at the time.

They did NOT try to pressure us at all into taking more in cash than we asked for.

Also, until they gave us the check and cash, the chips were on their side of the counter, but never out of our sight or reach.

All in all it was a very comfortable situation. In fact, more comfortable than the wait at the LIR table before they finally pushed the chips our way.
Last edited by: DJTeddyBear on Jul 22, 2021
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? 😁
ChumpChange
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Mission146
July 21st, 2021 at 7:13:19 PM permalink
Depending on the casino, they have a minimum amount that they'll cut a check for, whether it be $5K or $10K or higher. If I buy-in for $1K and win to $11.5K at a $25 blackjack table, they'll discount my $1K buy-in and give me that back in cash and they could cut a check for $10,500 and I can take that to the bank as a win with no CTR & no tax form. I could use the bank deposit as proof that I won something if I keep a gambling diary. I don't know if the casino will allow me to cash that same check for front money on another day if I don't get to the bank.

If checks don't expire for 6 months, I could collect a couple dozen of them and deposit them at the bank all at one time and still be <$10K under the FDIC limit (or over).
Last edited by: ChumpChange on Jul 21, 2021
WTflush
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Mission146
July 21st, 2021 at 7:25:48 PM permalink
10k is not that much cash, easily fits in a pocket.
AlanMendelson
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Mission146WTflush
July 21st, 2021 at 7:57:57 PM permalink
Quote: Deucekies

Do you get a 1099 or a W2G? I thought 1099s were for things like promotional prizes.



It's a 1099.

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