| Many times you will hear of people who have sold or | | | | the instance where the player has sold part of his |
| exchanged a portion of their tournament action to help | | | | action, that player can provide the casino with Form |
| cover the costs of playing in tournaments. In other | | | | 5754. The casino is then required to issue a W-2G to |
| words, this player has agreed in advance to split his | | | | each person listed on the form. |
| winnings with another person or a group of people. | | | | If you plan to sell a portion of your action to another |
| Depending on the size of the tournament, this has the | | | | person or group of people, it's important to let |
| potential to get the players and those people who | | | | everybody know ahead of time that they will be |
| have purchased a share in the players action in to a | | | | responsible for their share of the taxes. Friendships |
| potentially difficult tax situation. | | | | and relationships can be damaged when large sums of |
| It is the casino's responsibility to report the winning | | | | money are at stake. Diffuse the situation before it |
| player's monetary win to the IRS. The casino would | | | | happens by being prepared. |
| normally issue each winning player a W-2G form for | | | | This information is not to be used as tax advise. For all |
| the full amount of their win. The winning player would | | | | tax related questions, please seek the assistance of a |
| then add this to their tax return the following April. In | | | | trained tax professional. |