13a. Re: 4a. Re: video poker teams
Date: Sat Apr 19, 2008 5:58 am ((PDT))> We carry a Form 5754 with us so the casino can issue us each our share of any
hand-pays.fwiw, the one time i've been backed off from a casino, it was after
requesting such a tax form split. the casino not only refused to do so
(claiming, probably falsely, that it was against nevada gaming
regulations), but also started watching us more closely, and
eventually decided we were some kind of professional video poker team
and they didn't want to keep giving us comps and promotions.since then i've tried to be a lot more subtle when trading action with
friends. no passing money around in the casino, at least not in public
view. no requesting 5754's.i mean, if it's a necessity given your tax situation, that's one
thing, but be aware that a) they won't always issue the 5754 if you
ask, and b) there's a cost to asking if you're playing something good
and don't want the attention.
Interesting experience, and if that's how it worked for you, do as you wish, of course - perhaps the taxes just work out for you anyway.
And of course, if there's no W2G involved, it is indeed very easy to to share wins and losses, since you each just enter your share of the win or loss into your gambling log/diary.
Perhaps it is how it is presented - we just explain that we put money in the kitty and share our winnings and losses, since we've been playing partners for decades at everything from the lottery (perhaps saying that word lets them relax - lol) up and down, except when we're betting football games against each other. I also explain that my friend is a tax accountant (almost true - he's a CPA and works for the IRS) and that's why we know the rules - that's a better reason than saying we read all kinds of stuff about taxes because we are professional gamblers (which we're not, but that would be the other extreme of "what not to say").
We're in different brackets, so making adjustments for taxes when one of us gives a win to the other is a little complicated, and ignoring taxes is not only difficult once a W2G is involved, it's illegal from the get-go, and for my friend the IRS employee, would be very unwise and a career-ending move!
Or just saying that "we always agree to split any jackpots, especially the big ones like Megabucks if we ever hit it" (another "green light" phrase).
And of course "every other casino splits our W2Gs when we hit, maybe we should play at those and not play here anymore" sometimes has some value - and "I can't believe you don't know about this - isn't this your business -- I KNOW people split jackpots all the time!!".
We do act like (and believe) that providing separate W2Gs is just a basic casino service that should be provided properly, like every other service they provide.
Whoever has their players card in the machine that hits is the one they want to write the W2G for, and that's frequently their "policy" - but you just need to explain that you don't want the W2G in the full amount for yourself when you're splitting the winnings with someone else, and that this is what the form is for. "Why should I have to pay all the taxes?" (actually, there are other ways around that, but the separate W2Gs is the easiest / cleanest way). Unless they've had the same request before, you're using dealing with the senior floor person, who has no idea what you're talking about - asking them to check with accounting during regular business hours will sometimes result in a "fix", and I've even had one person, who probably was someone we'd gone thru this with before, say "Yes, I remember we did that a few months ago" and just take care of it - once we'd "educated" them and they'd done it once.
The other redeeming factor is that the form has instructions on the back, so be sure to print out both sides - the instructions explain in pretty close to plain English what it's all about.
We often agree to split the winnings on drawings and other "pure luck" stuff where we've earned entries with our play - and although we haven't hit anything yet, I would expect that we'd have no problem getting the winnings shared via Form 5754 and separate W2Gs.
Anyway, for the other readers, just want to say that our own experience is quite different - and this has been the case at multiple casinos so far, both in Vegas, and in our respective home states of Indiana and Illinois. I'm sure there are lots and lots of people who make gambling trips together and who trust each other who share wins and losses some or all of the time, and I'm sure there are many others who don't, so I don't think that sharing a win should be that big a red light all on its own.
Some hassle about getting the separate W2Gs occasionally, but no hassle about continuing to play - yet.
--BG
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On Thu, Apr 17, 2008 at 9:07 AM, wrote:
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