Amazing craps roll to end our trip

[Grandpaul]

We did one of those one day cruises out of Miami back in the 90's on one of those gambling ships. I was showing my friend how to play crap and some guy was passed the dice. He started his roll with $5 on the line. After his first roll he would have no odds, no place bets, nothing. He rolled for at least a half hour and won like $150. The manager finally came over and shut the game down after this roll. Won way more than enough to pay for our trip down there and a couple days at the horse track. I told my friend to never play again and he hasn't. I had so much money on the table for my pass bet and 2 comes I was almost happy when he sevened out. Almost.

[OldSeaDog1969]

Just to clarify some things for you OldSeaDog1969. Customs could care less how much somebody wins. if I get a check for 50K from winning in the casino onboard a ship, I don't even have to declare it to customs. Why?, because a check leaves a paper trail. What customs does care about is bringing in more than 10K in cash. The IRS needs to know all cash transactions over 10K in cash. Customs is just working with the IRS in monitoring large cash sums being brought in. As far as the 10K in winnings being taxable, wrong. All winnings are taxable, now what someone does personally is up to them. Keeping a log and recording all wins and losses along with expenditures will keep you out of trouble with the IRS if you report it each year. Also you can only file wins and offset them with losses. Only under very specific circumstances can you file losses on there own.

 

Oh yeah I would have loved to have seen the two idiots that had their money confiscated, which I highly doubt happened anyway. Money is not something illegal, worst case would be that they would have had to pay a fine.

 

My 2 cents

 

Skeeter195 - the next time you take a cruise read the customs declaration form that you fill out & sign. It does not specify cash but monetary items, which does include checks.

You doubt something happened even though you were not there. That's a well informed position you are taking there.

You are 100% correct that money is not illegal but falsifying a custom declaration is.

 

 

Do I have to pay duty on monetary instruments, currency, checks, etc?

 

Customs and Border Protection (CBP) does not collect duty on currency. However, travelers leaving or entering the U.S. are required to report negotiable monetary instruments (i.e. currency or endorsed checks) valued at $10,000 or more on a "Report of International Transportation of Currency or Monetary Instruments" form FinCEN 105.

You can obtain the form in advance and download it from here FinCEN 105, or a CBP Officer can give it to you upon your departure or return to the U.S.

Failure to declare currency in amounts of over $10,000 can result in its seizure.

Information on the FinCEN 105 is provided to the Internal Revenue Service (IRS), and they determine whether or not the importation of monies constitutes income subject to taxation.

The requirement to report currency on a FinCEN 105 does not apply to imports of gold bullion.

 

Link provided from US CBP

 

https://help.cbp.gov/app/answers/detail/a_id/447/kw/more%20than%20$10000%20cash/session/L3RpbWUvMTM5NDI4OTgxMC9zaWQvd0U3QkpKT2w%3D/suggested/1

[OldSeaDog1969]

Not my 2 cents but well informed facts for the cruising community.

[MRBOOKEND]

Skeeter195 - the next time you take a cruise read the customs declaration form that you fill out & sign. It does not specify cash but monetary items, which does include checks.

money is not illegal but falsifying a custom declaration is.

 

 

 

 

I am not an expert but: As long as the checks are NOT endorsed and Payee IS the bearers name, you do not need to declare the check on the Treasury's FinCEN 105.

 

I suspect the Treasury has methods to track checks properly made out to him, just guessing.

 

So as long as he doesn't sign the back of the check (blank, restrictive or special endorsement) and the check is made out to him (not cash or fictitious name), he doesn't need to declare.

 

If you want to dispute what I looked up, I can ask my brother who has his LLM in contract law (retired JAG) and I have a close friend who is an EX-IRS attorney now in corporate practice. (too many lawyers in my life)

 

Not sure if this will clear up but hope it helps.

 

Cheers....

 

(PS: If you get hauled off by a Customs Officer, I disavow anything in this post)

Edited March 8, 2014 by MRBOOKEND

[skeeter195]

OSD1969. I was being nice in my last post, but not anymore.

 

First, I will come right out and say it, you did not see on 2 seperate occasions peoples money being seized, unless you are a customs agent. Even if you are an agent, then these were were the 2 dumbest people to have ever won money.

 

Second, a check does not have to be declared, only cash. Anyone who would endorse a large check before depositing it must be friends with the two that had their money confiscated.

 

Third, thank you for hijacking a post that I started because I was excited about a great the time my wife and I had.

[OldSeaDog1969]

Skeeter195........so today I spoke with a US CBP officer in Bahamas. He said quite clearly that if you bring any monetary item over $10k you must declare it. This includes all checks endorsed or unendorsed. Failure to do so can result in the confiscation. That conversation took place because I was there.

[skeeter195]

Why??? Do you have nothing better to do?

[OldSeaDog1969]

What no admission that you have been talking complete & utter nonsense? Guess that's the mark of the man you are!

 

Come back when you know what you're talking about.

[skeeter195]

Utter nonsense? Why in the world would you be talking to a Bahamian customs official about entry into the U.S. Easy on the name calling, we might meet up on a cruise someday and you might need me on your side. I can see by your responses that you appear to be someone who would need to be defended.

 

I did look up about the check and in some instances a check does need to be declared, you are correct. No problem though, just have the cruiseline issue you a check once you get back into the U.S. They refund money all the time.