Large Cash Transaction Forms

[niatrosswi]

A casino tried to make me fill one out because I cashed in $9975 in chips and they knew I had more chips in my pocket. does anyone have a link or info on when these forms must be completed? I refused to fill it out, and they said I could not cash in anymore chips for 24 hours. They said that is the fed. requirements, but that doesn't make a whole lot of sense.

 

[bigbet1234]

10K in CASH within a 24 hours period. You are REQUIRED to fill out a CTR

 

[BuckNaked]

24 hrs? i am pretty sure it is 10K per calender day.

 

[FunkSoulBrother]

Not that I'll probably ever have that kind of money at a casino, but whats to stop you from going to a different cashier on the other side of the casino floor for another 9K, and then across the street to a diff casino for yet another couple 9K's, and so on?

 

[bigbet1234]

it is 10K in a 24 hours period. you can do 5K here, 2K there and then 3K. what this is called is structuring, I would not advise this, you are only asking for trouble

 

[FunkSoulBrother]

Yeah, I understand you'd be setting yourself up for a fall, but it seems like it would be easy enough to do for a guy who wanted 25K or soemthing in one day.

 

[BuckNaked]

just checked and yes it is 24 hours but it is important to remember the burden is on the casino not the player. the whole ctr deal was the result of the treasuary dept putting pressure on casinos to comply with bank secrecy act.

structuring deposits in a bank can be considered money laudering but i am not familiar with anyone ever being charged with structuring chips.

btw, the ctr is used when one transaction exceeds $10,000. in a cases where multiple transactions exceed $10,000 the casino is supposed to use the mtr. as a general rule, a transaction must exceed $2,500 to be entered into a mtr.

don't forget if you are cashing large amounts of chips, some casinos will you push you for personal info in attempt to determine if you have a marker down.

as for other casinos, there is no relevance with this. each casino is a seperate deal. although it does bring up an interesting point because it is sometimes possible to cash chips for one casino at another casino. for example, mirage chips at mgm (same owners) but if you have large amounts they will push you for info.

 

[JohnnyDeMarco]

during my audit that just buried me, the IRS rep asked me to identify a man who gave me 34,000. I didnt recognize the name and it turns out he was a casino employee in Mississippi who had to put his social on the old ctr forms. Believe me, they keep track.

 

[go2guy]

How did the audit go overall Johnny?

 

[TheGeneral+]

Welcome to The Rx.com niatrosswi

 

[acw]

I find this an extremely interesting subject. Here in Macau even if you cash US$1m it will be considered perfectly normal.
In my case coming from a country where gambling winnings are perfectly tax-free the best that I could get was a cheque from the casino. This may however be different if you do have to pay tax over your gambling winnings. Also I am not 100% sure that foreigners are technically exempted from this duty in the USA?

 

[WEEKENDALKI]

I had the same problem several years ago, and asked a friend o fmine who is a host at the Mirage what to do. He told me to adhere to the 24 rule and there will be no problems. the key is to be patient, and if you have to, save the chips until your next visit. There are worse problems than having to return to Vegas with Chips because you won.