Thread: Does the IRS still get alerted if I cash out w/o gambling?
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Old 11-17-2005, 06:09 PM
AngusThermopyle AngusThermopyle is offline
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Join Date: Feb 2005
Location: Ankh-Morpork
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Default 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.
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