Casino win and customs

marsman802

Archergirl wrote: »

Could have been the slots, they can have big payouts.
What great news hope he put's it to good use.

He may have to declare on exit from the USA as well, I don't know, just a thought.........

Probably spent the night in Sapphires.

catoutthebag

Will your friend be treating you for helping you find out? Rolex?

Moto2

The way I understand it, he needs a TIN number to avoid the casino taking tax.
However the casino should sort out the paperwork so that he is issued with the TIN number

Gambling winnings are not taxed in the UK so he should be fine all round

martindow

DKLS wrote: »

About 150k less a new rolex and "the best night out ever" whatever that means/

I think he may be greeted with a lot of suspicion. Gambling wins must be a classic money laundering strategy and for a large win they may be interested in where the initial stake money came from as well. Can the casino provide some paperwork to back up the sum he left with? Let us know how it turns out.

DKLS

catoutthebag wrote: »

Will your friend be treating you for helping you find out? Rolex?

I doubt it he is normally sensible chap who has a habit of vanishing when its his round and quite happy with my Casio G-shock, not sure I would feel comfortable with a few k on my wrist.

martindow wrote: »

I think he may be greeted with a lot of suspicion. Gambling wins must be a classic money laundering strategy and for a large win they may be interested in where the initial stake money came from as well. Can the casino provide some paperwork to back up the sum he left with? Let us know how it turns out.

I agree It has to look suspicious to Customs especially if someone is carrying bundles of cash.


He is due back at the weekend so will find out what happens.

ferf1223

Moto2 wrote: »

The way I understand it, he needs a TIN number to avoid the casino taking tax.
However the casino should sort out the paperwork so that he is issued with the TIN number

For slot wins that require tax paperwork, the casino isn't obliged to sort out the paperwork but some do...Paris did when my hubby had a win over $1199 (barely) which is the threshold for a single win on a slot machine...but some don't do it...I should imagine for $150k they would sort it out though...if it was a poker tournament I would imagine that they have plenty of entrants from other countries with tax treaties with the US, etc. so it's probably pretty standard for them to have to deal with.