How much cash can you bring on plane?

Discussion in 'General' started by runningaces, Mar 25, 2008.

  1. Mr. T

    Mr. T Well-Known Member

    My Goodness! I thought there is a war going between you two.

    Now you not only agree with Flash you are thanking him. What happened?
  2. Sucker

    Sucker Well-Known Member

    Yes, I do know someone. A non-counting friend of mine, who IS a big loser, and is known to the casinos as a "whale", was audited about 10-12 years ago. The audit was triggered solely by CTRs from casinos. When he got to the audit, the IRS agent had a whole stack of his CTRs from the few times that he WON and NONE of the CTRs from his many losses. He ended up having to fly to Vegas, and going from casino to casino collecting copies of ALL of his CTRs. He then returned to the IRS agent in question and satisfactorily proved to him that he WAS a losing player. It was a big pain in the butt nonetheless.

    This whole ugly episode just goes to show why it's NEVER a good idea to attract ANY kind of attention from the IRS if you can help it.
  3. KimLee

    KimLee Active Member

    I believe poker player David Peat had previous marijuana charges before the DEA hassled him at the airport (after he bought a last-minute ticket with cash).

    [EDIT: The rest of this post has been moved to this thread:

  4. Pro21

    Pro21 Well-Known Member

    There is something wrong with this story. Maybe you are confusing a CTR with a W2G. CTRs have nothing to do with winning or losing. All it records is a cash transaction.
  5. WRX

    WRX Well-Known Member

    In other contexts, the IRS has happily used records of large bank deposits as evidence that the taxpayer must have had income larger than reported. I would imagine that the IRS would be more than ready to use CTRs in a similar way.

    Sucker's story suggests that there is a danger, which unfortunately I do not find surprising, that an individual IRS agent, perhaps having a personal dislike of professional gamblers, or of anyone with a lifestyle more exciting than his own, might marshal evidence of cash receipts by a taxpayer, while deliberately ignoring or suppressing evidence of cash outflows.
  6. Sucker

    Sucker Well-Known Member

    CTR stands for "cash transaction report". It is exactly that - a REPORT of a cash transaction over 10K, and the IRS receives a copy of it.

    In my friend's case, the IRS showed him a copy of every time he cashed OUT over 10 grand, and conveniently had no record of the many CTRs that were filed when he BOUGHT IN over 10K. Sorry if I didn't make it more clear the first time.:eek:
  7. bigplayer

    bigplayer Well-Known Member


    You should not make a habit of having many 9K transactions. Better to keep transactions a good bit lower and occasionally intentionally CTR so you have a plausible defense that you have not been avoiding these reports. It would be very bad for you if you had dozens of 9K cash-outs, deposits, and withdrawals and never CTR'd. This is what got Rush Limbaugh in trouble when he was hooked on Oxycontin. He had multiple 9K withdrawals from his bank and was almost charged with structuring.

    If you play for stakes high enough to need more than 10K in betting power you should stockpile chips.
  8. airfree

    airfree New Member

    How much cash

    Is getting markers a good idea? I'm interested in finding out more about markers if I wish to play larger amounts let's say 300-500 per hand. Would they trace your winnings through your markers.. Cashing in below 10k or less or does it matter.
  9. FLASH1296

    FLASH1296 Well-Known Member

    Most markers are drawn on credit granted by the casino.

    This is a dreadful idea. No discussion warranted.

    I frequently deposit cashier's checks drawn on

    my bank and draw against them via markers.

    Upon leaving I generally take a check for the balance

    of my "FRONT MONEY" and all chips.

  10. flyingwind

    flyingwind Well-Known Member

    using real name or alias?
  11. FLASH1296

    FLASH1296 Well-Known Member

    Preferably an alias of course - presuming that your bank is willing to deposit/cash checks in that name.

    A huge presumption, especially when it comes to mid 5 figure sums.

    Be aware that using an alias for a bank account is uber-dicey.

    If the bank account in question, draws ANY interest at all, you are committing de facto tax-evasion.

    Getting a no-interest checking account is, however, quite simple.
  12. The Chaperone

    The Chaperone Well-Known Member

    Are you suggesting that bank accounts are tracked by name rather than SSN?

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