casinos and feds

[Marsha]

After a day of rigorous blackjack play, at a Washington st. casino, a floor supervisor approaches me. He actually stopped the game, and informed me that i needed to sign a federal form. It concerned laundering drug money. Not wanting to appear guilty of anything, i provided the information and signed the form. What's up with that? Did i make a mistake? Could that be a reason for not using a players card?

[Sonny]

It sounds like you passed the threshold for a cash transaction. The government requires all financial institutions to keep records of transaction over a certain amount and file corresponding paperwork. Don’t worry, you didn’t do anything wrong. Here’s a link with more information about the paperwork the casinos must fill out for cash transactions:

http://www.blackjackinfo.com/bb/showthread.php?t=7206

-Sonny-

[EasyRhino]

Did you cross over a $3000 or $10000 threshold?

[Marsha]

They said it was 10,000. It made me very uncomfortable, since i had been trading dollars most of the day. I was probably only up a couple hunded at the time. I didn't like the idea of my name showing up on some list, or being flaged by the IRS. Good information link. Thank you.

[AnIrishmannot2brite]

There ought to be some way of deducting "losses" too. So if your 1099 form comes in from some casino showing a high earning just direct your tax accountant to fill out schedule C where all your outstanding "losses" occurred.

Case dismissed...

[Knox]

Originally Posted by Marsha

They said it was 10,000. It made me very uncomfortable, since i had been trading dollars most of the day. I was probably only up a couple hunded at the time. I didn't like the idea of my name showing up on some list, or being flaged by the IRS. Good information link. Thank you.

It sounds like you camped out too long. Only game (or only one worth playing) in town?

[EasyRhino]

It wasn't a 1099 (actually a W-2G), those are only for jackpot winnings, not table games.

It was probably a CTR-C (Currency Transaction Report, Casino). Sorry, but there's an honest-to-god federal law that requires them for cash transactions totalling over $10,000 in one day.

This might be one case where frequent cashiering actually hurt more than help.