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Old October 31st, 2003, 04:34 AM
hkolln hkolln is offline
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Default Re: Re: Re: Re: Re: Re: Taxes on winnings

10k is claimed by you always due to federal regulations-it has nothing at all to do with gambiling regulations-it is a CUSTOMS issue. I used to work in a bank as a teller....whenever someone deposited 10k in CASH into their account there was a regulation where we had to report it to the govt. This is due to the amount and the idea it may be drug money, etc....Here is the info on that:

How much cash may I bring with me for my trip?
There is no limit on the total amount of money or monetary instruments that may be brought into or taken out of the United States. However, if you transport or cause to be transported, more than $10,000 in monetary instruments on any occasion into or out of the United States, or if you receive more than that amount, in behalf of someone else and then transport it, you must file a Customs Form 4790 with U.S. Customs. Failure to comply can result in civil and criminal penalties, including seizure of the currency or monetary instruments. Monetary instruments include U.S. or foreign coins, currency, traveler's checks, money orders, and negotiable instruments or investment securities in bearer form are all considered when determining the total $10,000 reporting requirement.

If you go to the IRS website it states gambling winnings ARE taxable...however I'm not sure about cruiseships being outside the US how that works. Go to www.irs.gov and type in "gambling winnings" and you can read the regulations.

I believe the casino was speaking about the customs issue, not the gambling tax issue when they stated anything over 10k is reported. I would be sure I reported it on my taxes as the IRS may audit you if they find out.



Post Edited (10-31-03 04:40)
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