TAXES:::: Something New

[Barry_Glazer]

11. Re: TAXES:::: Something New
Posted by: "steveinnv@webtv.net" steveinnv@webtv.net srnvp
Date: Fri Mar 2, 2007 8:31 pm ((PST))

I have used form 5754 several times in the past and have gotten the forms from
the local IRS office without going through the casinos. It is a private matter
between two people. So far there has never been a problem
Steveinnv

It is a private matter between two people, a casino, and a very large governmental agency

5754 facilitates the tax issues because each person gets a W2G for their portion of the winnings, and then processes it through their own tax maze as though the rest of the win never occurred (which it did not, for them).

If the casino refuses to accept the 5754 (and the form does NOT go to the IRS, it is presented to the casino), and refuses to issue separate W2Gs and separate payments, THEN it becomes a private matter between two people, and that's when Jean's suggestion of using a 1099 can work (I wasn't aware of that option, but it makes sense).

I would NEVER expect a casino to provide me with the form, since in my experience, many of them don't even understand what to do with it when it's given to them.

The form can be downloaded from the internet and printed if you for some reason don't like visiting the local IRS office

--BG

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[Peter]

But, let us assume that a casino does not accept a 5754 and therefore
does not issue separate W-2G's to all parties involved. Does not the
issuance of 1099's "muddy the waters" in that 1099's (usually) cannot
be offset by "losses" in the same way that W-2G's can be?

.....bl

If the casino refuses to accept the 5754 (and the form does NOT go

to the IRS, it is presented to the casino), and refuses to issue
separate W2Gs and separate payments, THEN it becomes a private matter
between two people, and that's when Jean's suggestion of using a 1099
can work (I wasn't aware of that option, but it makes sense).

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--- In vpFREE@yahoogroups.com, b.glazer@... wrote:

--BG

[Jean]

<< I have used form 5754 several times in the past and have gotten the forms from

the local IRS office without going through the casinos. It is a private matter
between two people. So far there has never been a problem>>

But did you give them to the casino which then issued you EACH a separate W2G??

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