Thread: Does the IRS still get alerted if I cash out w/o gambling?
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Old 11-17-2005, 06:03 PM
WhoIam WhoIam is offline
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Join Date: May 2005
Location: Pittsburgh, PA USA
Posts: 6
Default 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.
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