CTRs

[eandre]

Normally, an Id request is for markers. Many high rollers use markers and have them at multiple properties...like free 30-45 day loans.
As a rule of thumb, never cash out for more than 10k at the same cage. Have your wife or trusted partner cash out as well. Remember that if you are using a players card, your win loss statement will reflect the win regardless how you cash out.
If you play big and win, the comps points may not be worth the income tax ramifications.

 

[aslan]

Was it from this thread?

http://www.blackjackinfo.com/bb/showthread.php?t=6613

"...casino policies can differ and any refusal of ID, whether cashing out $2000 or $10000, will result in a SAR. My casino is requiring IDs and SSNs for $4000 and over buy in or cash out and already we're filing SARs and the law hasnt even taken effect yet."

-Sonny-

I think it was this one:

For a CTR, cashing anything $10,000 or over genereates the paperwork. But that doesn't have to be $10k profit. As Rspeirsmlb pointed out, it could be a $5K buy in and a $5k profit, or even a $9,900 buy in and a $100 profit.

The casinos are also "suposed" to write up a MTR (multiple transaction report) for transactions of (I think) $3k and over, but that usually doesn't happen unless they have a reason to...and in that case they would probably also fill out a SAR (suspicious activity report). Yeah, they have to do a lot of useless paperwork in a casino.

-Sonny-

(Dead link: http://www.blackjackinfo.com/bb/newreply.php?do=newreply&p=36370)

 

[FLASH1296]

The issue of CTR's centers upon the requisite Social Security Number.

The report goes to the Treasury Department.

In the 1980s and early 1990's I had numerous CTR's filed.
I never had a problem as a result of these re[ports.
No I R S agent is so stupid to think that just because your
aggregate cash transactions exceeded $10,000 in a reporting
day, that you are hiding income.

If you win a large jackpot at a slot machine or a poker tournament win, etc.
you will be given a copy of the form that is sent to the I.R.S. -- That is a
different ball of wax, as you need to itemize your losses to avoid paying
income tax on the win. Indeed, at years end, you may request a statement
of wins/losses from ANY casino for that purpose.

 

[aslan]

The issue of CTR's centers upon the requisite Social Security Number.

The report goes to the Treasury Department.

In the 1980s and early 1990's I had numerous CTR's filed.
I never had a problem as a result of these re[ports.
No I R S agent is so stupid to think that just because your
aggregate cash transactions exceeded $10,000 in a reporting
day, that you are hiding income.

If you win a large jackpot at a slot machine or a poker tournament win, etc.
you will be given a copy of the form that is sent to the I.R.S. -- That is a
different ball of wax, as you need to itemize your losses to avoid paying
income tax on the win. Indeed, at years end, you may request a statement
of wins/losses from ANY casino for that purpose.

Note that printed on your win/loss statement is a caveat, "Not for income tax purposes". Still, no matter what it says, it does represent a level of evidence to support your contention that you have losses to offset winnings you reported on your tax return (that is, if your statement confirms that you were a net loser at that particular casino).