in reply to Nordo's post (quoted below): I'm not aware of any self-reporting obligations re transactions that might be viewed as a "structuring" activity.
Making multiple, separate withdrawals at related bank branches, with an aggregate withdrawal amount of $10000 will most certainly result in a Treasury Dept CTR, and possibly an SAR, Suspicious Activity Report.
However, Drawing a combined $10000 from credit lines through individual transactions at separate casinos that fall under the $10000 transaction reporting limit is not "structuring" if there was no intent to purposely avoid reporting. For example, if you take a $8000 marker at one casino, lose $6000, then move on to another casino where you take a $5000 marker and lose another $6000, the transaction doesn't qualify as "structuring".
If the IRS should have cause to monitor your transactions, and the sequence of markers comes to light, exposure of the related gambling activity would clear any concerns.
As far as paying back a cash marker with a check ... why? If you're seeking to avoid a CTR for transactions in excess of $10000 cash with the casino, I think you're being overly cautious (unless you do have activity you wish to hide).
Since I sometimes exceed this threshold via marker advances/repayment, cash jackpot payments, credit buyins at the machine and ticket cashouts, I have every reason to believe my activity periodically generates a CTR. So what ... it's routine reporting that, under normal circumstances, is without consequence.
Prudence suggests avoiding excessive CTR reporting. So, indeed, if I generate a nice machine win and have a marker outstanding, I'll have them repay the marker. But I'm not going to write a check to repay a marker if it means I'm going home with a wad of cash.
---In vpFREE@yahoogroups.com, <Nordo123@...> wrote :
I know about ATM's but for me I have only a daily $1300 limit between my 2 banks, not enough for me. When I'm out of town I go to 1 of the banks and take out about $7500. That should cause no problem. I used to work in a bank. I do not go to my other bank or another branch of the bank I withdrew the cash, to take out say $5000. That would be called structuring a currency transaction and could get you in serious trouble with the IRS. In the case where you went to the bank and took out $7500 and then went to a different branch of the same bank and took out $5000 more in the same day, clearly you did such acts to avoid reporting of a currency transaction. This is illegal and should never be done. You could be in very serious trouble. As with casino credit if you take out more than $10000 in credit from one casino that casino will report a currency transaction on you. If you go to a few casino and take out in aggregate more than $10000 you have "structured" a currency transaction and you should report what you did to the IRS. Remember what you did was not illegal and long as you report what you did to the IRS. When paying back a marker or markers use chips or a check(s). When flying on a domestic flight and stopped by airport security answer all questions truthfully and bluntly. Do not make jokes. I myself do not like flying, especially when carrying a lot of cash. Everyone is different however.
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Posted by: harry.porter@verizon.net
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