I sent 2 messages, the first of which was rejected with a mail delivery failure e-mail. So my response may have seemed incomplete.
IMO, Form 5754 exist to solve the problem of having multiple W2G forms for the same jackpot, and this can be done without the casino being involved.
I last used form 5754 in 2003 and there has been no negative followup.
steveinnv
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Some more information about the 5754 "Statement by persons receiving gambling Winnings" after I checked with Marissa.
1. 5754 is for the payee to fill out to give to the payor (casino). The casino is required to honor it and issue the proper number of W2G's. However, in practice, most players don't want to make waves at a casino, especially if they are advantage or "team" players. Remember, a casino can 86 you and not give you the reason. (You could accuse them of discrimination but that is hard to prove in courts!)
2. And if you send the 5754 to the IRS, they would just ignore it. It probably wouldn't do any harm, but it doesn't do any good. And it won't help you in an audit. So that is a waste of time.
3. If the casino won't honor a 5754 - and you don't want to make waves, then the 1099 is the way to go. There is always the possibility that the IRS will question any gambler about anything, but most gamblers WILL be able to have their 1099 winnings (tournaments and drawings usually) offset by GAMBLING losses (not non-gambling losses) if they itemize.
2)
they'd ignore it and it wouldn't help in an audit.
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