I was unaware of form 5754 when I posted Tax consequences
of getting gambling winnings in your name(social) which need to
be split out to other you partnered up with. Thanks,learn a lot new
things on this group.5754 statement of persons receiving gambling
winnings does provide a way to list other people who received part
of the winnings to assist the preparer of the w-2 G (casino).
Note :Form is not in prior archives of IRS site.(years
before 2005).It is not mailed to I.R.S. given to casino.
Read the instruction for those filing out the W2-G
and taking the 5754.
New form,depending entirely on casino ,instructions are
not geared for casino's who can and do issue a W2-G
on the spot .Could be a useful form ,Would be more
useful if you have it filed out already to beat the casino's
processing ,have a notary republic at your elbow
for large wins and only partner up with Tax Attorney's
who can force the casino to take the form on the spot.
If I am totally wrong and the casino's are
taking these no questions asked (the drug
money rule and all other regulations be
damned) please let me know because
this year I have plenty of gambling losses
I be willing to sell to rich relatives if
they hit anything big.
Thanks Dave
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