How much cash can you bring on plane?

[Mr. T]

From Flash:

"Chichow — You said “10k and above will force a CTR.“

It must be at least .01 above $10K

However I have had to point this out to employees of both banks and casinos over the years"


Flash:

I agree that it is supposed to be above 10k per the regulation. Based on my experience though, despite the regulation...there are tellers and supervisors that will mistakenly file the CTR at 10K.

And by pointing in out, sometimes they will also go ahead and file the SAR.

So even though there is the policy, there is also the actual practice so I stated 10k and above.

Thank you for pointing out the 1 cent.

My Goodness! I thought there is a war going between you two.

Now you not only agree with Flash you are thanking him. What happened?

 

[Sucker]

I know of no credible reports of ANYONE actually being audited by the I R S and being asked to account for their C T R’s. Do you ? [/COLOR][/SIZE]

Yes, I do know someone. A non-counting friend of mine, who IS a big loser, and is known to the casinos as a "whale", was audited about 10-12 years ago. The audit was triggered solely by CTRs from casinos. When he got to the audit, the IRS agent had a whole stack of his CTRs from the few times that he WON and NONE of the CTRs from his many losses. He ended up having to fly to Vegas, and going from casino to casino collecting copies of ALL of his CTRs. He then returned to the IRS agent in question and satisfactorily proved to him that he WAS a losing player. It was a big pain in the butt nonetheless.

This whole ugly episode just goes to show why it's NEVER a good idea to attract ANY kind of attention from the IRS if you can help it.

 

[KimLee]

I believe poker player David Peat had previous marijuana charges before the DEA hassled him at the airport (after he bought a last-minute ticket with cash).

[EDIT: The rest of this post has been moved to this thread:
http://www.blackjackinfo.com/bb/showthread.php?t=19470

-Sonny-]

 

[Pro21]

Yes, I do know someone. A non-counting friend of mine, who IS a big loser, and is known to the casinos as a "whale", was audited about 10-12 years ago. The audit was triggered solely by CTRs from casinos. When he got to the audit, the IRS agent had a whole stack of his CTRs from the few times that he WON and NONE of the CTRs from his many losses. He ended up having to fly to Vegas, and going from casino to casino collecting copies of ALL of his CTRs. He then returned to the IRS agent in question and satisfactorily proved to him that he WAS a losing player. It was a big pain in the butt nonetheless.

This whole ugly episode just goes to show why it's NEVER a good idea to attract ANY kind of attention from the IRS if you can help it.

There is something wrong with this story. Maybe you are confusing a CTR with a W2G. CTRs have nothing to do with winning or losing. All it records is a cash transaction.

 

[WRX]

There is something wrong with this story. Maybe you are confusing a CTR with a W2G. CTRs have nothing to do with winning or losing. All it records is a cash transaction.

In other contexts, the IRS has happily used records of large bank deposits as evidence that the taxpayer must have had income larger than reported. I would imagine that the IRS would be more than ready to use CTRs in a similar way.

Sucker's story suggests that there is a danger, which unfortunately I do not find surprising, that an individual IRS agent, perhaps having a personal dislike of professional gamblers, or of anyone with a lifestyle more exciting than his own, might marshal evidence of cash receipts by a taxpayer, while deliberately ignoring or suppressing evidence of cash outflows.

 

[Sucker]

CTRs have nothing to do with winning or losing. All it records is a cash transaction.

CTR stands for "cash transaction report". It is exactly that - a REPORT of a cash transaction over 10K, and the IRS receives a copy of it.

In my friend's case, the IRS showed him a copy of every time he cashed OUT over 10 grand, and conveniently had no record of the many CTRs that were filed when he BOUGHT IN over 10K. Sorry if I didn't make it more clear the first time.

 

[bigplayer]

CTR's

You could carry around 6k. And then deposit / withdraw 9k.

As stated earlier, 9k doesn't force the CTR although CTR and SAR can still be filed.

So 6k / 9k instead of 5k / 10k. 10k and above will force a CTR.

And I am guessing (again guessing) that Vegas banks are less likely to file a CTR / SAR for amounts below the thresholds given that 100's are like 20's in usage out there.

You should not make a habit of having many 9K transactions. Better to keep transactions a good bit lower and occasionally intentionally CTR so you have a plausible defense that you have not been avoiding these reports. It would be very bad for you if you had dozens of 9K cash-outs, deposits, and withdrawals and never CTR'd. This is what got Rush Limbaugh in trouble when he was hooked on Oxycontin. He had multiple 9K withdrawals from his bank and was almost charged with structuring.

If you play for stakes high enough to need more than 10K in betting power you should stockpile chips.

 

[airfree]

How much cash

Is getting markers a good idea? I'm interested in finding out more about markers if I wish to play larger amounts let's say 300-500 per hand. Would they trace your winnings through your markers.. Cashing in below 10k or less or does it matter.

 

[FLASH1296]

Most markers are drawn on credit granted by the casino.

This is a dreadful idea. No discussion warranted.

I frequently deposit cashier's checks drawn on

my bank and draw against them via markers.

Upon leaving I generally take a check for the balance

of my "FRONT MONEY" and all chips.

 

[flyingwind]

Most markers are drawn on credit granted by the casino.

This is a dreadful idea. No discussion warranted.

I frequently deposit cashier's checks drawn on

my bank and draw against them via markers.

Upon leaving I generally take a check for the balance

of my "FRONT MONEY" and all chips.

using real name or alias?

 

[FLASH1296]

Preferably an alias of course - presuming that your bank is willing to deposit/cash checks in that name.

A huge presumption, especially when it comes to mid 5 figure sums.

Be aware that using an alias for a bank account is uber-dicey.

If the bank account in question, draws ANY interest at all, you are committing de facto tax-evasion.

Getting a no-interest checking account is, however, quite simple.

 

[The Chaperone]

Preferably an alias of course - presuming that your bank is willing to deposit/cash checks in that name.

A huge presumption, especially when it comes to mid 5 figure sums.

Be aware that using an alias for a bank account is uber-dicey.

If the bank account in question, draws ANY interest at all, you are committing de facto tax-evasion.

Getting a no-interest checking account is, however, quite simple.

Are you suggesting that bank accounts are tracked by name rather than SSN?