Does anyone know how much you would need to win at the sportsbook for them to make you sign a W-2G? I think it's 5k but I was wondering if anyone could verify. Thanks in advance :SIB
Vegas Sportsbook Question
- Thread starter 60 SEC ASSASSIN
- Start date
no W-2Gs at sportsbooks in Las Vegas.
they do have to report cash transactions over $10k to Treasury dept due to "money laundering" rules of the Bank Secrecy Act.
I've seen dudes, cashing sports parlays that paid out bit over $10k, cash it at main cashier's cage "I want $9,950 in cash and the rest in chips"....then a big smile breaks on cashier's face as she gets outta having to file a BSA report.
tho structuring your payout in this fashion is obviousy done to avoid the paperwork and that, technically, is not allowed either..
but I've never seen W-2Gs required..
they do have to report cash transactions over $10k to Treasury dept due to "money laundering" rules of the Bank Secrecy Act.
I've seen dudes, cashing sports parlays that paid out bit over $10k, cash it at main cashier's cage "I want $9,950 in cash and the rest in chips"....then a big smile breaks on cashier's face as she gets outta having to file a BSA report.
tho structuring your payout in this fashion is obviousy done to avoid the paperwork and that, technically, is not allowed either..
but I've never seen W-2Gs required..
Thanks Terryray. My friend was curious and I knew someone in the forum would know the answer. :SIB
