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Casino Employees or Bankers?
Actinguy1
Registered User regular
Registered User regular
Hey all! Any casino employees and bankers out there?
My situation: I've recently become a professional blackjack player, and am (for now, at least) actually doing insanely better than I had even "hoped" to do.
This has resulted in my having more cash on hand than I am comfortable carrying.
Now, let me be clear right up front: I WILL pay every dime owed in taxes. I am making a great living doing something that I love to do, and I'm not going to risk that for a few extra bucks. I am keeping very careful track, and will report every single dime.
However, what I want to avoid is the IRS getting notices that I won $20,000 yesterday, and NOT the notice that I lost $20,000 today. (Those aren't real numbers of course, just an example.) I don't want to be taxed for winnings that aren't offset by my losses.
So, the questions:
Casino employees: What's the max someone can cash out for without setting off alerts, requiring tax paperwork be filled out, etc?
Bank employees: How much cash can I deposit at one time without setting off the same alerts? If I deposit one dollar less than that on a regular (maybe even daily) basis, does that matter?
Thank you!
tl;dr: Winning a lot of money at blackjack, don't want to report it until tax time (for legitimate, legal reasons). Also don't want to hide the cash under my mattress. Suggestions?
My situation: I've recently become a professional blackjack player, and am (for now, at least) actually doing insanely better than I had even "hoped" to do.
This has resulted in my having more cash on hand than I am comfortable carrying.
Now, let me be clear right up front: I WILL pay every dime owed in taxes. I am making a great living doing something that I love to do, and I'm not going to risk that for a few extra bucks. I am keeping very careful track, and will report every single dime.
However, what I want to avoid is the IRS getting notices that I won $20,000 yesterday, and NOT the notice that I lost $20,000 today. (Those aren't real numbers of course, just an example.) I don't want to be taxed for winnings that aren't offset by my losses.
So, the questions:
Casino employees: What's the max someone can cash out for without setting off alerts, requiring tax paperwork be filled out, etc?
Bank employees: How much cash can I deposit at one time without setting off the same alerts? If I deposit one dollar less than that on a regular (maybe even daily) basis, does that matter?
Thank you!
tl;dr: Winning a lot of money at blackjack, don't want to report it until tax time (for legitimate, legal reasons). Also don't want to hide the cash under my mattress. Suggestions?
Actinguy1 on
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As for the cashing out question, the most you can cash out at one time is 9,999 dollars without the IRS requiring the casino to file a cash transaction report, although the casino does have the option of doing that with any amount cashed out if they find it suspicious. Really though, talk to an accountant. The cost is worth it.
For any cash deposit over 10k in a 24 hour period, it is reported to the IRS. So be careful.
Note that repeatedly depositing $9,999 to get around the form requirement is not recommended.... Seriously though; accountant.
EDIT: I suppose I should be more explicit:
http://en.wikipedia.org/wiki/Smurfing_(crime)
The goverment just wants to make sure you aren't a dealer of the various illegal items out there.
I would suggest getting an accountant like evil said or at least telling your bank what the situation is.
For now.
My bank knows I'm a gambler, because I was friendly with a few tellers back when I was poor...so the first time I won $10,000 in a single night, I told them all about it. The next day, one of the tellers (who wasn't on duty) mentioned it was a good thing I had only deposited about 8000 of that, but then he immediately shut up without saying why. So I figured the limit was 10k. I deposited 9k today without any paperwork being filled out.
Interesting reading on the Smurfing. Thanks for the link! Had no idea it was against the law when the income is legit and you have every intention of paying the taxes.
I'm also going to look into getting an accountant. Don't know if I'm at that level yet...but I definitely plan to be, so best to start looking now.
Thanks again!
If enough of these build up without a "good" explanation, (not that they'll come right out and ask you for one) or it seems like you're avoiding a ctr, or the bank just really wants to be on top of their compliance stuff that season, you may have a Suspicious Action Report filed on you.
Which isn't SO bad if you've got nothing to hide, but it will probably call down 1 or more government entities with three letter abbreviations. At the very least it screams audit me. So yes: accountant up if you plan to be doing this professionally or just playing often, and DON'T make it look like you're trying to hide it from the government.
Also using the bank and getting to the know the people there will help you out in a lot of ways later on for loans for a house etc. If your with a smaller local bank or credit union or trust knowing the managers and being freindly with everyone there makes getting other services from the bank ssoooo much easier.
I was giving you the benefit of the doubt as Blackjack can be beaten, but since you say you can't count how exactly do you plan on being a winning Blackjack player? While the house edge is about the smallest you can get in a casino, just rough estimating will not switch it into you favor, and the long odds say that you will eventually exhaust your bankroll. If you have independent wealth or income then rock on, but being a "professional" blackjack player as your sole source of income strikes me as a long walk off a short pier. You may be able to ride a hot streak for a year or two, but eventually you'll be back down to the felt.