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Do casinos give you a choice of cash or check if you win big?
Posted on 7/30/26 at 7:16 pm
Posted on 7/30/26 at 7:16 pm
Let’s say you win $10K. Do they give you an option of how they will pay you? Do they offer a form so that when you go deposit your winnings you’d don’t get shite from the bank if it’s all cash?
15
Posted on 7/30/26 at 7:19 pm to tigerinthebueche
Only deposit $9,999.00 or less. The bank won’t have a reason to flag
Posted on 7/30/26 at 7:20 pm to RIPMachoMan
No, you will always receive a 1099-G and the bank may also make a bank secrecy act notification for transactions above $10,000
Posted on 7/30/26 at 7:21 pm to tigerinthebueche
quote:
Let’s say you win $10K. Do they give you an option of how they will pay you? Do they offer a form so that when you go deposit your winnings you’d don’t get shite from the bank if it’s all cash?
10k they are filing all the paperwork there on hand before you even sniff the money.
Posted on 7/30/26 at 7:26 pm to tigerinthebueche
Yes you can get a check or cash.
Anything over 2K is a jackpot and taxable.
Anything over 2K is a jackpot and taxable.
Posted on 7/30/26 at 7:26 pm to beerJeep
Banks fill out a CTR but I’ve deposited more than 10k cash multiple times. They ask for identification and profession, sometimes. Thats its.
Either way you’re getting paperwork from the casino, show them that if you want. They just want to know source of income, and if it’s legal.
Either way you’re getting paperwork from the casino, show them that if you want. They just want to know source of income, and if it’s legal.
Posted on 7/30/26 at 7:27 pm to RIPMachoMan
quote:
Only deposit $9,999.00 or less. The bank won’t have a reason to flag
You do this and the bank will file a SAR instead. You don't want that.
Posted on 7/30/26 at 7:32 pm to lazlodawg
quote:
You do this and the bank will file a SAR instead. You don't want that.
That is what I was going to say. Anything that looks like willful avoidance will result in a Suspicious Activity Report. Secret reports to the government are always worse than the open ones.
Posted on 7/30/26 at 7:34 pm to tigerinthebueche
I don’t think they let you ‘win big’
Posted on 7/30/26 at 7:35 pm to tigerinthebueche
Bank doesn't care if you walk in with 40k and say you won in Vegas. They'll file the 10k cash threshold report, but that isn't really bad for you or anything, it's just a bank rule.
The bad one for you is when you walk in and keep depositing $9999 and they tell the feds you are laundering money
The bad one for you is when you walk in and keep depositing $9999 and they tell the feds you are laundering money
Posted on 7/30/26 at 7:39 pm to tigerinthebueche
They asked us if we wanted cash or check on this jackpot. Took cash, paid the taxes right then which I believe were approx $3700.
Posted on 7/30/26 at 7:44 pm to rocksteady
quote:
The bad one for you is when you walk in and keep depositing $9999 and they tell the feds you are laundering money
Structuring is a federal crime I think. Not sure what the elements are.
Posted on 7/30/26 at 7:53 pm to tigerinthebueche
Worry more about how many $ thousands it will cost you to win $10k.
Worry less about bank deposits.
Worry more about bank withdrawals.
Worry less about bank deposits.
Worry more about bank withdrawals.
Posted on 7/30/26 at 8:00 pm to dblwall
$50 a spin? Big ballin
Posted on 7/30/26 at 8:06 pm to RIPMachoMan
CTR’s barely get checked. The feds will peek and check trafficking or laundering and quickly move to the next.
Deposit right under $10k and government is about to severely dig into you
Deposit right under $10k and government is about to severely dig into you
Posted on 7/30/26 at 8:08 pm to tigerinthebueche
Depends on several factors. Usually they will do either.
Posted on 7/30/26 at 8:09 pm to tigerinthebueche
quote:
choice of cash or check
Posted on 7/30/26 at 8:12 pm to tigerinthebueche
I always took cash.
Posted on 7/30/26 at 8:13 pm to HailToTheChiz
quote:
$50 a spin?
Look at the small white print. The payout was $10,266.28. It was a 50 credit spin with a 1 cent denomination selected or 50 cent spin.
That is a ridiculous 20,532x of the spin jackpot win.
A 205x jackpot on a $50 spin is rare. This was 100 times that.
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