Quote:
Originally Posted by greghole
Could be related to a rumor I heard. Supposedly the casino gave each winner a 1099 tax form for the $10K they won, then another 1099 tax form for the total amount cashed out at the televised cash game (including their buy-in which was already on a 1099). I am not a tax attorney but sounds like double taxing.
I was also at a table where a guy said he had been allowed to "opt out" of playing the televised cash game because he told them he was just gonna fold every hand to keep as much of the $10K as possible. He got to keep the $10K and not play.
Highly doubt that to be the case. I am not sure because I am a TD not a live supervisor. But I would believe that the Winning of the $10,000 is definitely a 1099. However once the money is given to the player it is their money. When the player puts the money on the table they are like any other player and any and all winnings etc is subject to any and all tax regulations. Which means that when they cash in their chips it becomes a cash transaction per IRS regulations (Title 31)which means a ctr, mtl etc needs to be filled out for any amount over 3000. Then if the cashout is 10,000 or more it is recorded. This does NOT mean you are being taxed! It means that the IRS will be sent a statement saying that the cashout was over the 10k payout. All you would have to do if audited is show that you bought in for 10k that was winnings. Its to flag any money laundering etc . It is not for taxing. These are IRS regulations not Choctaw. Any player playing a poker game, Blackjack , etc that goes to cashier with 3k-10k will be recorded. Any cashout over 10k you must give your id. Not so that it is taxed. Just like if you go to bank and deposit over 10k you will go throughthe same procedure. Hope this helps clear up what I think might have happened. Once again this is just my take on this. My personal opinion and NOT as a representative of Choctaw because once again, I am the TD and have nothing to do with the Live side or promotion. If I find out anything else , I will post. Thanks to all for a great tnmt and look forward to seeing you for the WPT.