WSOP policy of 1099/W2G splitting for staked players - WSOP and Tournament Circut

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WSOP policy of 1099/W2G splitting for staked players

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06-30-2018 , 12:40 AM

HundredsOfStuff

veteran

Join Date: Jan 2009 Posts: 2,193

Sorry if this is not the right place to ask. I vaguely remember hearing something about the rules changing for this recently but couldn't find anything.

Anyone know if the Rio will allow you to have tournament cashes split among your backers and generate the requisite tax forms for each party?

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06-30-2018 , 07:17 AM

BillyBizzle

Carpal \'Tunnel

Join Date: Jul 2006 Posts: 7,711

No.

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06-30-2018 , 05:25 PM

RedOak

FUD

Join Date: Sep 2005 Posts: 721

Quote:

Originally Posted by HundredsOfStuff

I have heard the answer is no. However, it might not hurt to try anyway. The form to use is 5754. If they refuse, then just issue 1099s to your backers instead. https://www.irs.gov/pub/irs-pdf/f5754.pdf

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07-06-2018 , 07:51 AM

RealMcCoy

grinder

Join Date: Feb 2003 Posts: 665

Quote:

Originally Posted by HundredsOfStuff

The answer is NO. The RIO does NOT accept form 5754 as being valid for tournaments. It is published on the WSOP website (you have to hunt) and if you send them an inquiry they confirm their position.

1099's is the proper method to reallocate the gaming revenue to your sponsors/backers

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