You are currently browsing the TDA Blog weblog archives for the day February 6, 2008.
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Archive for February 6, 2008
Tournament winnings and Taxes
February 6, 2008 by Jodly.
I have raised money from 11 backers to play in a series of tournaments in Vegas. I will divide a percentage of any money won between the backers. Obviously I need to account for taxes. I thought the way to do this was to file out a form 5754 from the IRS that is used to create multiple W-2G’s for each winner in a gambling activity (apparently used in Lotteries alot). The IRS even uses a Poker tournament in their example on their website. Trying to be thorough, I contacted Caesars poker room to find out exactly how they handle form 5754 and they told me they don’t recognise form 5754! I will just get a w-2G for the whole payout and it’s up to me to deal with the backers however i want. How is this situation usually handled? Should i hold out a percentage for taxes? Can I force Caesars to take a form 5754?
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