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Automatic w2-g when you win more than $10k at a table?

#1

In a message dated 2/3/04 5:57:35 AM, stut70@yahoo.com writes:

<< I know you get a w2-g tax form when you win $1200 or more at a

machine.

But does the casino automatically give you one when you win more than

$10k at a table? or if you cash in more than $10k at one time?

THX >>

On your first item, you receive a W-2G only if you win over $1200 on one
hand. It is likely on $1 or even 50c machines or triple play quarters that you
could amass a cashout slip above $1200. This does not merit a W-2G unless it is
a single event hand.

As to the later which I saw many times at the crap/blackjack tables at the
Horseshoe during its heyday. Remember very few casinos want to be an
extension of the IRS during a busy session at the table games. As I recall, there was
never any paperwork where the "player" was asked to identify themselves or
sign off on any amount.

Rather, the pit boss/floorperson would make a notation that a "player unknown
to them had walked with 10K +". I had many occasions where the pit whispered
to different players to "rathole" some of their chips in their pockets to
visibly keep the amount in front of them under the 10K. Times may have changed
since then but even the stash you have in front of you is not indicative of a
"net win".

Never, cash out that amount (10K + ) at one time. I believe the cashier must
then make another note of same. Go to another booth or come back at another
time in smaller increments. The regs may now be stricter with the casinos for
better documentation but I've yet to see play interrupted on a live game to
issue any type of form.

#2

But does the casino automatically give you one when you win more than
$10k at a table? or if you cash in more than $10k at one time?

The $10K limit is not for a W2-G, it's for the anti-money laundering
reporting form triggered under the Banking Security Act. It applies anytime
there's a single or aggregate daily cash transaction over $10K, which
requires a disclosure of the source of the funds. So, whether you win $10K
at the tables, or pay off a $10K marker with cash, or buy-in $10K worth of
chips without a marker, the Casino needs to file a "Currency Transaction
Report by Casino" ("CTRC"), IRS Form 8362, with the Department of the
Treasury. These CTRC's are usually filled out at the booths when you move
$10K of cash over the window. You'll note the plaque next to the booth in
most casinos informing you of the reporting requirement, it's also often
seen in banks, car dealerships, and real estate brokerage firms, because any
business is required to report a cash transaction of over $10K.

It's the IRS's way of keeping track of drug dealers and terrorists and the
like who might try and use casinos to launder money by showing up with
briefcases full of cash, buying a ton of chips, and then cashing them out.

A W2-G is supposed to be presented to the IRS and the player whenever
there's a single-race WIN of over $1200. This is a separate reporting
requirement for income taxes, different and apart from the CTRC.