BJ - cashing out $10k+ in chips (forms required)

[Tom-n-Cheryl]

I know in years past I've several times gone to the cage with $10k in chips (that's one of my automatic "stop points"). Never has it come up that there were forms to fill out, but I understand now that is no longer the case. On one of my cruises this year, I did notice that they had these info cards at the cage (for the CTR-C: Cash Transaction Report - Casino).

 

Is this something new?

THANKS,

 

Tom

[Jim_Iain]

Single Table Game Limit - 300 Times the wagered amount will have to fill out W2G.   They don't mention how they would handle an accumulation of multiple wins under that limit.    I'm sure some of the big gamblers can weigh in on it.

 

You might check the RCL FAQ - 

https://www.royalcaribbean.com/faq/questions/casino-onboard-regulations-policy

[paulh84]

US FICNEN would require a CTR for any  cash out totaling more than $10,000 within a days time. There used to be a few exceptions but I’m not sure they apply now. A CTR is totally different than the W2G. 

[go.without.you]

Unfortunately this is a problem I have never encountered.

[Tom-n-Cheryl]

1 minute ago, go.without.you said:

Unfortunately this is a problem I have never encountered.

 

Yep - it's not like you have to fill out a form when you donate $10k...  😉

 

Tom

[canderson]

22 hours ago, Tom-n-Cheryl said:

I know in years past I've several times gone to the cage with $10k in chips (that's one of my automatic "stop points"). Never has it come up that there were forms to fill out, but I understand now that is no longer the case. On one of my cruises this year, I did notice that they had these info cards at the cage (for the CTR-C: Cash Transaction Report - Casino).

 

Is this something new?

THANKS,

 

Tom

Depends upon what you mean by 'new'.  The FinCen 103 form (last updated in 2007) has been around for at least a couple of decades, and covers all cash-in AND cash-out transactions.

 

Further, if you run multiple transactions to try to get around the $10K rule, the casino is supposed to be aggregating the transactions to watch for daily totals over $10K, and may even file a FinCen 102 against you for 'suspicious activity' if you make a habit of this.  Casinos were just too handy a mechanism for doing a little light money laundering back in the day.

 

[mahdnc]

Just now, canderson said:

Depends upon what you mean by 'new'.  The FinCen 103 form (last updated in 2007) has been around for at least a couple of decades, and covers all cash-in AND cash-out transactions.

 

 

I agree--I thought this requirement was already in place.

[canderson]

22 hours ago, paulh84 said:

US FICNEN would require a CTR for any  cash out totaling more than $10,000 within a days time. There used to be a few exceptions but I’m not sure they apply now. A CTR is totally different than the W2G. 

One exception is a payout on a slot or similar game machine of over $10K.  Can't remember why these were exempted.

[mahdnc]

"Paul" needs to tip the sports book employee(s) at least $500.  What a cheap SOB.

 

[Peteymil]

5 hours ago, go.without.you said:

Unfortunately this is a problem I have never encountered.

I'm with you!!!!

[Arizona Wildcat]

It is simply a rule put in place some 15 years ago to track large cash deposits and withdrawals.  It was designed to reduce money laundering and drug transactions.  Getting a CTR from a casino is not a big deal, but probably best to cash up a bit more often.

[Fly and Sail]

This is definitely not a W2G unless these $10k are actual winnings.

 

On a side note, have you ever asked Celebrity/BCC to wire this money back to you rather than taking cash?

 

I have a cruise in Greece coming up and then Norwegian Fjords. I understand that the onboard currency is USD but I can't do anything with USD in cash after the cruise ends as I have nowhere to deposit the money.

[Tom-n-Cheryl]

6 hours ago, Arizona Wildcat said:

It is simply a rule put in place some 15 years ago to track large cash deposits and withdrawals.  It was designed to reduce money laundering and drug transactions.  Getting a CTR from a casino is not a big deal, but probably best to cash up a bit more often.

 

So, then only recently has there been "enforcement"? I know it's not a big deal (not a tax form), it's just that I've never seen the regulations followed previously.

 

Tom

[OysterD]

To the best of my understanding, this only affects US citizens or citizens of other countries when sailing in US waters. 

 

Most other countries don't tax gambling winnings!

[Tom-n-Cheryl]

2 minutes ago, OysterD said:

To the best of my understanding, this only affects US citizens or citizens of other countries when sailing in US waters. 

 

Most other countries don't tax gambling winnings!

 

It's not a tax form - but who knows what one branch shares with another...

 

So, other countries don't tax gambling winnings?  That's interesting !

 

Tom

[OysterD]

7 minutes ago, Tom-n-Cheryl said:

 

It's not a tax form - but who knows what one branch shares with another...

 

So, other countries don't tax gambling winnings?  That's interesting !

 

Tom

Yeah, if a UK taxpayer wins £10,000,000 on the lottery here in the UK, that's all yours to keep, tax free. Same with all gambling winnings, either from a casino, online betting etc.

[5waldos]

1 hour ago, OysterD said:

Yeah, if a UK taxpayer wins £10,000,000 on the lottery here in the UK, that's all yours to keep, tax free. Same with all gambling winnings, either from a casino, online betting etc.

Well- I know where I am going to go to win my big money!

 

Oh wait- my biggest win ever was $100 in nickels from a slot machine. Guess I don't need to worry too much. 

 

Serious question though- do people cruise to gamble? I know that people go to Vegas to gamble but I always assumed that gambling onboard was a passing fancy and that everything would be even more stacked against the player. Is this not so?

Edited June 28, 2022 by 5waldos

[PTC DAWG]

8 hours ago, Arizona Wildcat said:

It is simply a rule put in place some 15 years ago to track large cash deposits and withdrawals.  It was designed to reduce money laundering and drug transactions.  Getting a CTR from a casino is not a big deal, but probably best to cash up a bit more often.

This, and not all in one day if you can. 

[Tom-n-Cheryl]

14 minutes ago, 5waldos said:

...

 

Serious question though- do people cruise to gamble? I know that people go to Vegas to gamble but I always assumed that gambling onboard was a passing fancy and that everything would be even more stacked against the player. Is this not so?

 

For a sub-group of people, absolutely. I'd imagine you won't catch many casino fans on a Disney cruise!

 

Tom

[mahdnc]

2 hours ago, OysterD said:

Yeah, if a UK taxpayer wins £10,000,000 on the lottery here in the UK, that's all yours to keep, tax free. Same with all gambling winnings, either from a casino, online betting etc.

 

Then I would insist that my employer pay me in "casino winnings"--have a rigged slot machine in the office lobby or something like that ("wow, I won again!").  After all sometimes going to work is a like a crapshoot.

Edited June 28, 2022 by mahdnc

[Guppy99]

I don't understand the issue...unless you are trying to ultimately not report the winnings on your income tax return?  There has always been a reporting requirement.

[Tom-n-Cheryl]

15 minutes ago, Guppy99 said:

I don't understand the issue...unless you are trying to ultimately not report the winnings on your income tax return?  There has always been a reporting requirement.

 

Apparently just with selective enforcement 🙂

 

BTW - I don't think I've ever had a year where my winnings exceeded my losses (to any substantial degree at least). It's basically hobby/fun, and not a "job". The only time I was ever issued a W2-G was after hitting for perhaps $1,500 on a video poker machine in Vegas while waiting for the box office to open in order to get tickets to see "O". "Oh" the memories!

 

Tom