Cashout Questions

Tablerat · #1 03-07-2005, 09:29 PM

Couple noob questions regarding poker room cashouts:

- What is the max. limit of a single cashout before the tax papers or other similar hurdles start appearing? (i.e. at $2700 you're golden, but at $3050, you're over the limit and the casino needs paperwork, SS# etc.) Any related experiences welcome, especially from Vegas and L.A.

- For ways to avoid this, I heard someone say to split up the chips and go to multiple cages. I thought it might be easier to cashout incrementally - is that allowed? For example, in a 4/8 game, I leave $200 on the table and take the same amount to cashout. Or, for no-limit, I leave $1000 and cashout the same amount, while retaining my seat.

These questions assume you want to cash all chips by the end of your play.

Thanks in advance for any advice.

tubalkain · #2 03-07-2005, 09:49 PM

What you're proposing is a felony. Structuring is bad, m'kay?

TM1212 · #3 03-07-2005, 10:24 PM

[ QUOTE ]
What you're proposing is a felony. Structuring is bad, m'kay?

[/ QUOTE ]

I dont believe he asked about the legal ramifications about Structuring, just at what limit must you report your winnings.

Legally, All transactions over $10,000 must be reported. Some casinos have you report it at a much smaller amount but that can vary. Check with the floor person or cashier.

As the other poster mentioned structuring is illegal, but very hard to prove. Personally, I say why risk it, just file the papers and pay your taxes! But you can make decisions for yourself im not going to tell you that "Structuring is bad"!, thats for you to decide.

Tablerat · #4 03-07-2005, 10:41 PM

[ QUOTE ]
I dont believe he asked about the legal ramifications about Structuring, just at what limit must you report your winnings.

[/ QUOTE ]

Bingo. I guess I came across as someone trying to evade the Man by stealthily running out the side door of the casino with wads of cash before anyone sees my ID ... that's not my intention. I don't know much about cashing out and I should have delineated the questions better.

More pertinent to my situation would be, for example, removing X dollars of surplus from the table to cashout and then playing with the rest.

AngusThermopyle · #5 03-07-2005, 10:45 PM

You may not take chips off the table while you are playing. If you cashout part, you cash out all. Go back on the list, and in many places, if you return to the table within 1/2 hr, you must buyin for the amount you left with.

mrkilla · #6 03-07-2005, 10:47 PM

well on that point most poker rooms are table stakes. IE if you are winning 10 Grand at your 3/6 table it has to say there until your ready to leave for the night. Thus you can't pull off a G at a time and cash it in. BTW if your ever up over the max, most times , on that day you'd be happy to pay the tax [img]/images/graemlins/smile.gif[/img]

TM1212 · #7 03-07-2005, 11:27 PM

Oh yeah I didnt answer the second part of your question. As other posters already mentioned you can never take chips off the table, unless your leaveing the table. The wait to rebuy again at a lower amount is usally a few hours or so.

tylerdurden · #8 03-07-2005, 11:47 PM

Some cardrooms will allow you to sell chips to other players. You have to leave the cash on the table, and it plays, but it can reduce the amount you have to cash at the cage.

How do big-game players deal with this? I can't imagine 4k/8k players filling out this paperwork every day. Do they just keep their "working" roll in high-value chips and cash some out once a month or something?