Hi Jean.
This is certainly the most exciting news I have read on this
Group! Congratulations!
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).
If the tournament entry was in Brad's name and only one check
issued for the prize, I would assume that the casino will issue
only one 1099 (to brad) for the $500,000 (plus any other
tournament winnings he may have during 2006 at Caesars
Palace). Or, were you able to convince Caesars to issue
two 1099's (one to Brad and one to your friend)?
It seems to me that you will have an additional $250,000 of
1099 income in 2006 if Brad gets a 1099 for $500,000
when you only kept half of it.
I'm not trying to pry into your personal lives. I am just curious
how these kinds of things are handled.
Curtis
···
On 6/15/06, vpFae6128305 <vpfae6128305@cox.net> wrote:
Jackpot!
http://tinyurl.com/gmuxt
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