Joined: Jun 20, 2012
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August 14th, 2012 at 8:37:14 AM permalink
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?
Joined: Mar 8, 2011
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August 14th, 2012 at 9:28:11 AM permalink
Have a lawyer standing by. File that form and expect an audit on everything in your tax life.
Joined: Oct 14, 2009
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August 14th, 2012 at 9:42:24 AM permalink
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.
It's not whether you win or lose; it's whether or not you had a good bet.

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