In a message dated 06/17/06 7:18:09 A.M. Pacific Standard Time,
"Curtis Rich" LGTVegas@gmail.com epcotcurtis
You said that there was only one check paid out. But, you
also indicated that you split the prize with the other couple
(by saying, "Neither couple wanted to carry around $250,000
in cash....").
I would like to know the tax ramifications of tournament winnings
being split between two people (or, in this case, two couples
Congratulations Jean and Brad.If two 1099's are not
given by a casino. You are receiving all the income and the
report it and subtract the other's half as nominee income
and you are responsible for 1099's them.Your preparer
would like to see all the things that show the gambling
was a joint venture.Jean has indicated earlier that she
files a Sub Chapter S for all her gambling/ writing
activity so for her showing full amount coming in
half going out may be slightly different.
Tax ramification?Do none of this and
your taxed on all the income and are considered to
have given the 250000 to your good friends as a gift.
I'm assuming they aren't that goood of friends.
lol:seriously after doing tax's for more than a quarter
of a century I have concrete evidence that which ever
spouse/or partner knows the tax's ,die first.
Now thanks to Jean's and Bob Dancer's shining example
I can say that whichever spouse Knows the least about
Video poker wins the most. I am well on my way to
convincing my wife that she needs to hurry up
and make trips with me to Vegas and hit the big one
before I drop dead .Thanks Group
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