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Reading a Men's Health article today got me thinking about this. i had two big live tourney wins two months ago. 10k guarantee firsts that I dealed in both to get 8k and 5k. Inboth, I technically won because 1. i had the most chips at the deal and 2. I won the final hand. This led to me getting the 1st place slip from the casino. question: The casino is reporting these to the IRS and the IRS is going to think I made 20k here isn't it?

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Reading a Men's Health article today got me thinking about this. i had two big live tourney wins two months ago. 10k guarantee firsts that I dealed in both to get 8k and 5k. Inboth, I technically won because 1. i had the most chips at the deal and 2. I won the final hand. This led to me getting the 1st place slip from the casino. question: The casino is reporting these to the IRS and the IRS is going to think I made 20k here isn't it?
Did you read the slip you signed? It should be spelled out on it.
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My limited understand is the guy that signs for the win takes the tax hit.There was an article in Card Player where a guy did just that, chopped it and signed for the win, the total taxes were his. The rules at that particular tourney said only one guy could sign, regardless of the split.

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My limited understand is the guy that signs for the win takes the tax hit.There was an article in Card Player where a guy did just that, chopped it and signed for the win, the total taxes were his. The rules at that particular tourney said only one guy could sign, regardless of the split.
if that's the case, then ouch.
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Reading a Men's Health article today got me thinking about this. i had two big live tourney wins two months ago. 10k guarantee firsts that I dealed in both to get 8k and 5k. Inboth, I technically won because 1. i had the most chips at the deal and 2. I won the final hand. This led to me getting the 1st place slip from the casino. question: The casino is reporting these to the IRS and the IRS is going to think I made 20k here isn't it?
If you signed the standered form...yes the IRS will not only think that, the paperwork will show that.Make sure the Floorman changes any tax forms to reflect any deals in the future.Then tip him. :club:
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Yup, at this point you're paying for the whole 20k. If you're doing a deal you should always fill out the appropriate forms (the casino will provide them usually) that will state the actual payouts.

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Yup, at this point you're paying for the whole 20k. If you're doing a deal you should always fill out the appropriate forms (the casino will provide them usually) that will state the actual payouts.
well I'm glad I lost 50k at the crap table Vegas then I guess.
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I came in first in a Borgata tourney last year, got almost 10k. I asked the floorman about the tax situation and he told me they wont say anything so neither should I.

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i was talkin to a player who plays for a living in vegas(small time pro not a name) and he says he goes to the sportsbook and picks up unwinning betting stubs and deducts those from his winnings. a little shady but so is alot of things the irs does

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