Don't know details but Jim Williams that signed for first got $140,000. I don't know if he had the others fill out an irs form 5754 or not.

Exactly, we're not talking about the 10k WSOP main event or a 25k WPT Championship, we're talking 125.00 or 350.00 buy ins!

if I recall in the past, Vouchers were paid out only in the final 2-3 tables. With $100 vouchers, Jimmy should do the final 3-4 tables for the big guarantee tourneys and only the final table get vouchers for the smaller tourneys.

With $50 vouchers, it can be extended an extra table for payouts.

Okay was thinking there was no way they did an even chop so this makes a little more sense.

Really wish Choctaw would facilitate chops. Never understood why Casinos don't do this. I know its more work but form what I heard its the gaming commission and not really the Casino itself that won't allow them.

Chop value was between 61k and 140k.
Tax liability and chip stack was taken into consideration. Even chop at that time was around 88k.

Sent from my SM-G925P using Tapatalk

My bad was not thinking of it in terms of low buy in live events. Was just reading it on the fly and seemed weird to read how good structures are when they are worse than a turbo mega stack on ACR

doubtful

I got fourth in the 1k PLO last tournament series, and as soon as I busted the three remaining did an even amount chop for around 25k. They decided to high card for tax responsibility. Not as big of a difference as the 1m gtd, but was still high carding for around 13 or 14k of tax responsibility.

Just because the casino issues you a w2-g for a higher amount than you actually got in a deal doesn't mean you have to pay taxes on the higher amount. You might have some extra work when doing your tax forms later, but you can show the amount you really won, and only owe taxes on that. Consult with Russ Fox or another accountant or tax attorney with experience in this area, and they can tell you what to do.

Later, Greg Raymer (FossilMan)

This +100. Greg always dropping some logic in these threads.

I carry IRS form 5754 and have other players fill it out and that solves the tax problem

That is a great looking form.

Appreciate your insight on this matter but I do not see how or why the players would try to get out of their tax obligations in this matter. They all knowingly signed the W-2G for the payout listed. The players that signed for the higher amount have been compensated well to take the tax liability. If they try to avoid the tax liability and tell IRS that they gave some of that money to other players... Then IRS will go after the other players; Which would be a pretty low thing to do.

At the end of the day, uncle SAM just wants his cut.

No one is trying to get out of tax obligations. But if I get paid $75,000, that's what is going on my 1040, and that's what I'm paying taxes on.

People in these threads always show a lack of knowledge about taxes and a willingness to cheat on their taxes. Can't count how many times people posted wanting to avoid a W2-G so their score isn't 'taxable.' Yeah, not so much.

The casino paid out the exact amount as listed on prize pool. What the players did with their $ afterward is their biz.

If you got paid 75k but then decided to give up 10k to someone else... Are you going to tell IRS you only got 65k? Or are you going to put 75k on your 1040?

Sent from my SM-G925P using Tapatalk

The person who signed for a higher w-2g and gave cash to someone else isn't avoiding their tax liability/obligation. They're accurately reporting the amount they received.

The IRS is only going after the other players who received additional cash if they under report their income. Make sense?

How many are the $125 satty's drawing?

Anyone have any details about the Tournament of Champions at 4pm tomorrow? I saw it starts w $5k chips and 20 min levels.

A friend told me that it was a freeroll to a ME seat for people who won one of their side events, however, I didn't see any details on their website.

Does anyone know if they will let you late reg the main without being blinded out if you win a must play seat in a mega?

when you want your seat did they give you your seat assignment? If you don't have a seat assignemt then you should get a ful stack as a late reg.

I don't make a deal to sign for higher amount, and thereby get paid more in the deal. I tell them I will only report what I actually got in the deal, and that they should not do otherwise on their taxes. If it's a bigger number, I will also require the others in the deal to sign a document acknowledging what I paid to them, to protect myself from the IRS. And this would serve as evidence against them if they under-report on their return.

Of course you are correct if I say one thing in the deal and do another thing later. Personally, I wouldn't do that. And I also wouldn't give somebody a better deal because they state they will take the tax hit. It doesn't work that way, and if we get caught doing it that way, we could both face some serious consequences from the IRS.

Later, Greg Raymer (FossilMan)

Great advise as always from Greg. Wish all casinos would facilitate chops to make it easier on the players.

Sent from my SM-G925P using Tapatalk

Haven't won a seat, but was considering the satellite tomorrow if this was the case. However, I did win one last year and somewhat remember not getting a seat assignment right away.

you will get a ticket saying you won a seat then you can register with it whenever you like (late reg) and you will get full stack.

Flying in tomorrow, does anyone know of the best way to get to Choctaw from Love Field airport? Or is renting a car the only realistic option?