Does the IRS still get alerted if I cash out w/o gambling?
 

Suppose I want to play some high-stakes poker at the Bellagio. I go to their poker room and get $20,000 in chips, after which the floorman tells me there will be a short wait for the game I want to play in. After sitting for a few minutes, I get a phone call from my friend telling me I have to bail him out of jail. When I cash my chips back in, do I get reported to the IRS for winning $20,000? Or what if I wait for 3 hours then get annoyed and cash out but there's a new cashier and floorperson.
Just curious.

Re: Does the IRS still get alerted if I cash out w/o gambling?
 

If you paid for the chips with cash, or take cash for them, you have to fill out forms. Because it is a cash transaction at/over $10K. Casino does not report it as "winnings", just as a cash transaction.

If you buy in for $500 and run it up to $50,000 due to your unbelievable poker skills and cash out via a check, IRS hears nothing from the casino.

Re: Does the IRS still get alerted if I cash out w/o gambling?
 

Not only will you get written up when cashing out, but you will also get written up when you buy the chips. You cannot transfer with the cage more than $10K either way in a 24 hour period. Cash plays at the table, so don't make this mistake. If you make a transaction greater than $3K, they will keep record of it to make sure you don't go over the $10K limit, but don't be worried if they take your info for $3K.

Re: Does the IRS still get alerted if I cash out w/o gambling?
 

My understanding is that cash transactions over $10k get reported to the Treasury Department, not to the IRS. I wouldn't promise that the two agencies never communicate with each other, however.

Re: Does the IRS still get alerted if I cash out w/o gambling?
 

Out of curiosity, I checked irs.org.

[ QUOTE ]
Search: reportable casino transactions
3228 results found, top 500 displayed

[/ QUOTE ]

There seem to be some duplications and I didn’t linger. If you’re interested, here’s my bookmark…


edit: this is the 2rd shot at this. maybe it'll work this time.
ok, 3 times. i give up getchur own dam link! [img]/images/graemlins/grin.gif[/img]

Re: Does the IRS still get alerted if I cash out w/o gambling?
 

The IRS is a division of the Treasury Dept.

Re: Does the IRS still get alerted if I cash out w/o gambling?
 

If you buy-in for $20K and cashout for $20K you shouldn't have to worry about the IRS.

If you are really interested in the rules and laws on this sort of thing, look up regulation 6a (nevada). I'm not going to detail the specifics, but that is the regulation that applies here in nevada. Every casino employee who deals with any kind of significant cash or chips is trained in this area.

As for AVOIDING the reporting for regulation 6a, it's bad news if you try it and get caught, an NO casino employee (in their right mind) will ever help you get around the reporting laws, but they certainly will report you if they realize you are trying to get around them. Nevada at least doesn't have much of a sense of humor on this particular topic.

al

Re: Does the IRS still get alerted if I cash out w/o gambling?
 

[ QUOTE ]
If you buy in for $500 and run it up to $50,000 due to your unbelievable poker skills and cash out via a check, IRS hears nothing from the casino.

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Really? Can anyone else confirm this?

-Yarney

Re: Does the IRS still get alerted if I cash out w/o gambling?
 

Poker is one of the best ways to launder money.