Quote:
Originally Posted by Lottery Larry
Wait, does the house create the tax documents to match the prize structure, or the deal structure? That's an important difference.
Sorry, Larry... my post could have been clearer.
Harrahs will issue tax documents to match the official prize structure, not the deal structure. Harrahs won't get involved in the private deal. They just want to be told who finished first, second, etc. They'll issue first place prize money and the equivalent tax documents to whomever they'll told is supposed to get it. If that player then gives away some of his prize in a chop according to the private deal structure, then the player could have a tax issue.
There are other threads in the B&M forum regarding what players can do to protect themselves against a tax liability for a prize that they did not completely receive.