In a message dated 8/10/2003 11:36:29 AM Central Daylight Time,
elliotts@joimail.com writes:
>>My understanding is if you win taxable jackpots in
>>excess of $10,000 at one casino in one day the IRS is
>>notified and estimated taxes are withheld.
>
I think you are mixing up two different IRS rules. As I understand it the
casino is supposed to get your identification information if you have over $10k
total transactions in one day. This includes buy in and cash out. This is
almost impossible for them to monitor and is most often triggered when a cash in of
chips or tokens exceed $10k.
That is why most winner's who are aware of the rule don't make that kind of
cash in.
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