It is the obor 138 responsibility to report the winning player’s monetary win to the IRS. The casino would normally issue each winning player a W-2G form for the full amount of their win. The winning player would then add this to their tax return the following April. In the instance where the player has sold part of his action, that player can provide the casino with Form 5754. The casino is then required to issue a W-2G to each person listed on the form.
If you plan to sell a portion of your action to another person or group of people, it’s important to let everybody know ahead of time that they will be responsible for their share of the taxes. Friendships and relationships can be damaged when large sums of money are at stake. Diffuse the situation before it happens by being prepared.
This information is not to be used as tax advise. For all tax related questions, please seek the assistance of a trained tax professional. It is the casino’s responsibility to report the winning player’s monetary win to the IRS. The casino would normally issue each winning player a W-2G form for the full amount of their win. The winning player would then add this to their tax return the following April. In the instance where the player has sold part of his action, that player can provide the casino with Form 5754. The casino is then required to issue a W-2G to each person listed on the form.
If you plan to sell a portion of your action to another person or group of people, it’s important to let everybody know ahead of time that they will be responsible for their share of the taxes. Friendships and relationships can be damaged when large sums of money are at stake. Diffuse the situation before it happens by being prepared. This information is not to be used as tax advise. For all tax related questions, please seek the assistance of a trained tax professional.
