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ID Form 8300: What You Should Know
Form 8300 -- Fin CEN “There's a big opportunity for people to make big money” by going to a casino and making large cash payments to the cashier, who gives the money to a person on the other side of the counter, who then pays that person, and the gambling commission keeps a portion of that money until the money is returned to the dealer. The casino can avoid taxes on the 10,000-100,000 in cash, since that “frequently happens” and most casinos won't be audited in the future, said Thomas P. Radar, a tax lawyer in New York City. The casino is also entitled to an excise tax deduction on the cash received from the dealer. Radar said the casino “can reduce the amount of its profits” with the payment, and there is no cash transaction tax, although it could be charged a fee for the cash transaction. The casino should be in the business of making money, and it's in the business of recruiting people,” Radar said. The casino can claim an income tax deduction for the amount paid on the cash in question. The casino will not benefit from the deduction, since the casino paid the cash from other sources, like a checking account or investment account. Identity of the person from whom you made the cash payment that could be checked against federal or state databases of missing persons and missing children. Income Tax Deduction for Cash Payments Over 10,000 in Any Trade or Business — Fin CEN If your personal funds are invested by your employer, and there are cash checks received, there is a possibility that cash is being made to pay personal taxes. You pay the tax as it is imposed. The IRS can claim a deduction for cash payments that are 1,500. If the amount you receive from your employer is more than 1,500, the IRS can deduct an additional amount (usually 1,000 to 4000) for any amounts over 4000. If this deduction is claimed, the amount of the debit will be less than or equal to 9000 if you have no other itemized deductions (e.g.
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