Scott3705 0 Posted July 31, 2006 Share Posted July 31, 2006 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? Link to post Share on other sites
mtdesmoines 3 Posted July 31, 2006 Share Posted July 31, 2006 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. Link to post Share on other sites
timwakefield 68 Posted July 31, 2006 Share Posted July 31, 2006 Reading a Men's Health article today got me thinking about this.Really? A whole article about Men's health? Link to post Share on other sites
FourFlusher 0 Posted July 31, 2006 Share Posted July 31, 2006 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. Link to post Share on other sites
chester97 0 Posted July 31, 2006 Share Posted July 31, 2006 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. Link to post Share on other sites
solo319 0 Posted July 31, 2006 Share Posted July 31, 2006 **** deals Link to post Share on other sites
PotDragon 0 Posted July 31, 2006 Share Posted July 31, 2006 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. Link to post Share on other sites
FourFlusher 0 Posted July 31, 2006 Share Posted July 31, 2006 Or, just make sure your end of the chop includes the tax hit. Link to post Share on other sites
chrozzo 19 Posted July 31, 2006 Share Posted July 31, 2006 Really? A whole article about Men's health? that pic looks like hes really saying that...good job! (he looks young in that) Link to post Share on other sites
PotDragon 0 Posted July 31, 2006 Share Posted July 31, 2006 that pic looks like hes really saying that...good job! (he looks young in that)Could be saying,"This butt plug feels kinda good" though couldn't he ? Link to post Share on other sites
therrinn 0 Posted July 31, 2006 Share Posted July 31, 2006 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. Link to post Share on other sites
LAPoker 0 Posted July 31, 2006 Share Posted July 31, 2006 Couldn't you just claim the portion of the chop that you didn't get as "expenses"? Link to post Share on other sites
tentenoffsuit 0 Posted July 31, 2006 Share Posted July 31, 2006 Really? A whole article about Men's health? Dude... i thought the same thing. Not even joking.I really need to get out of the house... Link to post Share on other sites
Scott3705 0 Posted July 31, 2006 Author Share Posted July 31, 2006 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. Link to post Share on other sites
doudave 0 Posted July 31, 2006 Share Posted July 31, 2006 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. Link to post Share on other sites
kkcountry 0 Posted July 31, 2006 Share Posted July 31, 2006 well I'm glad I lost 50k at the crap table Vegas then I guess.nh Link to post Share on other sites
navybuttons 15 Posted July 31, 2006 Share Posted July 31, 2006 hmmm.... how would your W-2 not reflect the correct amount given to you? Link to post Share on other sites
grocery_mony 8 Posted August 1, 2006 Share Posted August 1, 2006 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 Link to post Share on other sites
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