vpFREE2 Forums

Cash Jackpots

I was at the Mirage during the wee hours of this past Saturday
morning and decided to sit down at one of my favorite 3-5-10 play
machines at the $5 level before heading up to bed. It was my
birthday so I thought I would live it up by staying up past 1:00 a.m.!

A chatty guy was sitting at the machine next to me. Being in an
expansive mood, I broke by usual rules and spoke to him while
playing. He convinced me to try Triple Double Bonus, a game I had
never played before.

On about an hour of hitting decent small jackpots, I turned to speak
to my neighbor after hitting the deal button. I heard a "thunk" and
turned back to see that I had been dealt at 5 play royal for
$100,000! I have sent a photo for posting in the jackpots area and
anyone who would like the machine number and location can feel free
to backchannel me.

I took the jackpot in cash. In the past, to avoid getting the 3rd
Degree at my bank, I have made deposits of jackpots in increments of
$9000 over several days. This was a lot of trouble and didn't work
anyway as I was asked by them for an explanation of the cumulative
deposits a few weeks later.

Does anyone know what the current banking rules are for reporting
cash deposits?

Thanks.

Bob J.

rgj21 wrote:

On about an hour of hitting decent small jackpots, I turned to speak
to my neighbor after hitting the deal button. I heard a "thunk" and
turned back to see that I had been dealt at 5 play royal for
$100,000! I have sent a photo for posting in the jackpots area and
anyone who would like the machine number and location can feel free
to backchannel me.

I took the jackpot in cash. In the past, to avoid getting the 3rd
Degree at my bank, I have made deposits of jackpots in increments of
$9000 over several days. This was a lot of trouble and didn't work
anyway as I was asked by them for an explanation of the cumulative
deposits a few weeks later.

Does anyone know what the current banking rules are for reporting
cash deposits?

A $10K+ transaction (or series of transactions within a day) is
reported via a Currency Transaction Report. However, financial
institutions are required to be on alert for those who attempt to
circumvent CTR reporting by splitting transactions. Do a little
"googling" for details.

The IRS takes a dim view of "structuring" of deposits to avoid CTR
reporting. This is particularly true where there's a clear intent to
reduce documentation of taxable income -- that's obviously not your
case, given the W2-G reporting already in place, but it's undesirable
scrutiny to attract nonetheless.

Check out the following DOJ news release from 12/05.
http://tinyurl.com/2karce

- H.