IRS Form 5754 in Video Poker
August 14th, 2012 at 8:37:14 AM
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On gambling with an edge on August 9th there was a brief discussion about using Form 5754 which is used to divide the W-2G between multiple winners. Has anyone used this form? Do casinos assist in its preparation? Could it be used in video poker?
August 14th, 2012 at 9:28:11 AM
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Have a lawyer standing by. File that form and expect an audit on everything in your tax life.
August 14th, 2012 at 9:42:24 AM
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This show was the first I ever heard of that form. She showed me a copy of it. I think the situation where one would use it is to request that the casino send a W2G form to other people sharing in a jackpot. She was vague regarding if the casino would honor the request. The way it is usually done is the actual winner will send a 1099-MISC form the person he shared the winnings with. I've given and received lots of them for this reason.
Personally, I would not think to fuss with this form unless it was for a really big jackpot, like $100,000 or more.
Personally, I would not think to fuss with this form unless it was for a really big jackpot, like $100,000 or more.
"For with much wisdom comes much sorrow." -- Ecclesiastes 1:18 (NIV)
