vpFREE2 Forums

cash jackpots - bank

#1

Congrats on fantastic $100,000 royal. Since IRS kindly gave you a W2G,
there was no need to worry about depositing a large check at the bank. The bank
must report all transactions over $10,000. But depositing a check would have
been safer, and you could have just told them - I hit a huge jackpot - and
no worries on your part. Explaining the partial deposits and carrying around
that much cash was more worry than it was worth.

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#2

I can't speak for the big winner.

But I think the logic for not having the bank submit a cuurency
transaction report is this: Why have the bank submit a document that
might lead to an audit down the road?

I think most of us try to fly "under the radar" with our Vegas doings.
Sure, a W-2G is issued. But why have more paperwork circulating around
the IRS with our name and SS# attached? To me, the less they see my
name, the less they'll be thinking about me.

Just a thought.

And, by the way, what was the tip on that Mirage $100K?

···

--- In vpFREE@yahoogroups.com, misscraps@... wrote:

Explaining the partial deposits and carrying around
that much cash was more worry than it was worth.

#3

Yes exactly...those are the primary goals of such transactions...lets
get a tip report too....of course we could always post at say Vpfree or
one of the other well used boards and say hi to the undercover
coppers...HI

I think most of us try to fly "under the radar" with our Vegas

doings.

···

And, by the way, what was the tip on that Mirage $100K?

#4

Trying to "fly under the radar" after a $100,000 jackpot by making
odd banking transactions is asking for an audit. Conduct your
financial affairs in the routine way most people do and you have very
little chance of an audit. How many people would take a $100,000
jackpot in cash?

Chris

> Explaining the partial deposits and carrying around
> that much cash was more worry than it was worth.

I can't speak for the big winner.

But I think the logic for not having the bank submit a cuurency
transaction report is this: Why have the bank submit a document

that

might lead to an audit down the road?

I think most of us try to fly "under the radar" with our Vegas

doings.

Sure, a W-2G is issued. But why have more paperwork circulating

around

···

--- In vpFREE@yahoogroups.com, "npf15251" <npf15251@...> wrote:

--- In vpFREE@yahoogroups.com, misscraps@ wrote:
the IRS with our name and SS# attached? To me, the less they see my
name, the less they'll be thinking about me.

Just a thought.

And, by the way, what was the tip on that Mirage $100K?

#5

I will be glad to give you my address here in Vegas for the safekeeping of
your winnings in small increments, or my banking information for the deposit
of the funds. I don't mind dealing with the paperwork.

Man...I wish I had this problem. :slight_smile:

--- In vpFREE@yahoogroups.com <mailto:vpFREE%40yahoogroups.com> ,
misscraps@... wrote:

Explaining the partial deposits and carrying around
that much cash was more worry than it was worth.

I can't speak for the big winner.

But I think the logic for not having the bank submit a cuurency
transaction report is this: Why have the bank submit a document that
might lead to an audit down the road?

I think most of us try to fly "under the radar" with our Vegas doings.
Sure, a W-2G is issued. But why have more paperwork circulating around
the IRS with our name and SS# attached? To me, the less they see my
name, the less they'll be thinking about me.

Just a thought.

And, by the way, what was the tip on that Mirage $100K?

#6

npf15251 wrote:

I can't speak for the big winner.

But I think the logic for not having the bank submit a cuurency
transaction report is this: Why have the bank submit a document that
might lead to an audit down the road?

I think most of us try to fly "under the radar" with our Vegas
doings.
Sure, a W-2G is issued. But why have more paperwork circulating
around the IRS with our name and SS# attached? To me, the less they
see my name, the less they'll be thinking about me.

Speaking generally, I don't think there's a lot of intrigue
surrounding the topic of CTR's (currency transaction reports). Like
you, I won't speculate on the specific motivation of the winner in
taking the full win in cash rather than some portion as check.
However, if the cash were deposited lump sum to the bank, a CTR would
be filed as a formality (with possible cursory explanation requested
for funds source for purposes of the form -- gambling winnings would
suffice).

The Treasury Department isn't likely to bat an eyebrow. They're going
to match it electronically against the CTR filed by the casino -- who
indeed also filed one for the cash disbursement, in addition to the
W2-G. The casino is also required to file CTR's for daily
transactions aggregating in excess of $10K. That matching is pretty
much going to settle things.

As has been discussed, deposit of sub $10K installments over a series
of days to the bank isn't likely to forestall CTR reporting -- just
ensure a little more extensive questioning when the form is filed.
It'll flag evasiveness in the report, but the subsequent matching will
more than likely just place you firmly in the "a little out there"
bucket. Between the casino W2-G and casino CTR, there's no "radar to
fly under" at that point ... just proudly march into the bank with
your bounty and grin like a fool (if you really do feel the casino
might stop payment were they to issue a check instead of forking over
cash).

···

------

The CTR process is a relatively normal one -- large cash transactions
are unusual these days, but hardly rare, and regularly arise in
business. The reporting is intended to flag illicit activities such
as unreported income, drug dealing, and terrorist funding, among
others -- all of which won't have any corresponding matching
documentation filed such as reported income or quarterly tax filings.

Concerning casinos and CTR's, casinos are required to be vigilant and
record your large cash transactions, at their discretion. These
include receipts and disbursements (non-netted), and include marker
draws and cash repayments and potentially buy-ins/cashouts. CTR
reporting is made without any notification to the player.

When in Tahoe over Thanksgiving, I was puzzled when we were requested
to present a players card anytime we cashed a large ticket at the
window and they made a manual note of the cashout. I'm not sure of
that purpose ... if it was part of CTR aggregation -- or perhaps it
was insurance in case I was laundering a suitcase full of bills from a
bank heist in order to swap out of a set of known serial numbers :wink:

- Harry

#7

I tipped the slot attendant $1000 and gave the security guard who
walked me to my room another $100.

What does everyone think of that tip level? I have hit many $40K
royals including one at the Venetian on this same trip. On those, I
usually tip $400.

Yes exactly...those are the primary goals of such transactions...lets
get a tip report too....of course we could always post at say Vpfree

or

···

--- In vpFREE@yahoogroups.com, "beachstu" <beachstu@...> wrote:

one of the other well used boards and say hi to the undercover
coppers...HI

> I think most of us try to fly "under the radar" with our Vegas
doings.

> And, by the way, what was the tip on that Mirage $100K?
>

#8

<<I tipped the slot attendant $1000 and gave the security guard who
walked me to my room another $100.

What does everyone think of that tip level? I have hit many $40K
royals including one at the Venetian on this same trip. On those, I
usually tip $400. >>

I can't imagine anyone being unhappy with either of those tips. I personally
don't tip slot attendants or security guards and I seem to have survived.

Cogno

#9

A $9000 cash deposit is likely to generate a SAR, and similar ones day
after day would seem to be evidence of structuring (a felony.)

···

On 12/3/07, Harry Porter <harry.porter@verizon.net> wrote:

As has been discussed, deposit of sub $10K installments over a series
of days to the bank isn't likely to forestall CTR reporting -- just
ensure a little more extensive questioning when the form is filed.

#10

King Fish wrote:

A $9000 cash deposit is likely to generate a SAR, and similar ones
day after day would seem to be evidence of structuring (a felony.)

I don't think that absent other questionable behavior a single $9K
cash deposit would give rise to a SAR. However, you're right in
suggesting that multiple days of such sub $10K transactions is hardly
as innocuous as I painted.

I was of the impression that once such activity was found to be
supported by documented income and no evidence of illicit activity
that there would be no pursuit of a structuring charge. I had assumed
that the structuring felony had been put in place to facilitate
prosecution of illicit activity when evidence of that activity
otherwise might be difficult to establish (e.g. drug running).

A little digging establishes it's sufficient that one knowingly evades
CTR reporting through structured deposits to attract prosecution, even
if there is no underlying illegal activity. While it's not clear if
the sentences imposed are as stiff as might otherwise be the case,
it's ample reason to forget about trying to avoid CTR reporting (as
previously noted, if your transactions are legit in the first place,
there's no reason to anyway).

Check out:
http://www.buchananingersoll.com/news.php?NewsID=1424

- Harry