Tournament taxes at Trump?

RiveredAgain · #1 02-01-2007, 09:52 PM

I was thinking about playing some tournaments in AC this weekend. From searching I learned all the Harrah's casinos are crappy with making you pay taxes on winnings. What about Taj? Anyone information would be appreciated. Thanks.

pgrady · #2 02-01-2007, 09:55 PM

All tournament winnings are reported as taxable income in AC iirc. When I used to play tournaments there I would get a W-2 from the Taj instead of paying right taxes right away.

bav · #3 02-01-2007, 09:58 PM

The casinos do not make you pay taxes. The federal government makes you pay taxes. All the casinos are doing is reporting your win, which simply forces you to do the legal thing. If you are not a tax cheat, it makes no difference whatsoever whether the casino issues W2G's.

Bremen · #4 02-01-2007, 10:50 PM

[ QUOTE ]
All the casinos are doing is reporting your win

[/ QUOTE ]
Which can be a problem if you do a deal. I've heard that casino control won't let the casino's change the payout of tournaments. IE Someone has to win 1st place/2nd etc even if the final table agrees to a deal. This means someone has to sign for first place even though they didn't get the first place payout.

RR · #5 02-01-2007, 11:27 PM

[ QUOTE ]
[ QUOTE ]
All the casinos are doing is reporting your win

[/ QUOTE ]
Which can be a problem if you do a deal. I've heard that casino control won't let the casino's change the payout of tournaments. IE Someone has to win 1st place/2nd etc even if the final table agrees to a deal. This means someone has to sign for first place even though they didn't get the first place payout.

[/ QUOTE ]

There are some casinos that do not recognize deals. If the casino recognizes the deal they cannot give you a tax form with an amount on it that is differnt than the amount they hand you.

atomicsoda · #6 02-01-2007, 11:43 PM

[ QUOTE ]
[ QUOTE ]
[ QUOTE ]
All the casinos are doing is reporting your win

[/ QUOTE ]
Which can be a problem if you do a deal. I've heard that casino control won't let the casino's change the payout of tournaments. IE Someone has to win 1st place/2nd etc even if the final table agrees to a deal. This means someone has to sign for first place even though they didn't get the first place payout.

[/ QUOTE ]

There are some casinos that do not recognize deals. If the casino recognizes the deal they cannot give you a tax form with an amount on it that is differnt than the amount they hand you.

[/ QUOTE ]

In AC the casinos will allow the players to make a deal and stop playing the tournament, but they make each player claim a place and sign for that cash at the cage. The casino does not record the deal payments only the "official" results that the players signed for. The players then gather at the table where they hand the money over to someone who takes the lead and distrubutes the cash. The casino does not supervise this or enforce the deal

RR · #7 02-02-2007, 01:59 AM

[ QUOTE ]
[ QUOTE ]
[ QUOTE ]
[ QUOTE ]
All the casinos are doing is reporting your win

[/ QUOTE ]
Which can be a problem if you do a deal. I've heard that casino control won't let the casino's change the payout of tournaments. IE Someone has to win 1st place/2nd etc even if the final table agrees to a deal. This means someone has to sign for first place even though they didn't get the first place payout.

[/ QUOTE ]

There are some casinos that do not recognize deals. If the casino recognizes the deal they cannot give you a tax form with an amount on it that is differnt than the amount they hand you.

[/ QUOTE ]

In AC the casinos will allow the players to make a deal and stop playing the tournament, but they make each player claim a place and sign for that cash at the cage. The casino does not record the deal payments only the "official" results that the players signed for. The players then gather at the table where they hand the money over to someone who takes the lead and distrubutes the cash. The casino does not supervise this or enforce the deal

[/ QUOTE ]

This certainly sounds like the casino does not recognize the deal. I am guessing if the person who signed for 1st place decided he wanted to walk out with the first place money the casino would agree that he did in fact win first place.

bav · #8 02-02-2007, 03:05 AM

We kinda had this discussion in a very recent thread. Someone said he had to sign for tourney money he never got in AC. But it didn't sound like it was a W2G. It appeared it was just an internal casino form probably used by auditors. If they're doing a W2G, they should fill out the official W2G form, you will sign it, they'll keep a copy and give you a couple copies.

Ask 'em.

Temp Hutter · #9 02-02-2007, 10:24 AM

[ QUOTE ]
[ QUOTE ]
[ QUOTE ]
[ QUOTE ]
All the casinos are doing is reporting your win

[/ QUOTE ]
Which can be a problem if you do a deal. I've heard that casino control won't let the casino's change the payout of tournaments. IE Someone has to win 1st place/2nd etc even if the final table agrees to a deal. This means someone has to sign for first place even though they didn't get the first place payout.

[/ QUOTE ]

There are some casinos that do not recognize deals. If the casino recognizes the deal they cannot give you a tax form with an amount on it that is differnt than the amount they hand you.

[/ QUOTE ]

In AC the casinos will allow the players to make a deal and stop playing the tournament, but they make each player claim a place and sign for that cash at the cage. The casino does not record the deal payments only the "official" results that the players signed for. The players then gather at the table where they hand the money over to someone who takes the lead and distrubutes the cash. The casino does not supervise this or enforce the deal

[/ QUOTE ]

This was my experience at the TAJ except we split up the money in the casino credit office right beside the main cage. We all received 1099's according to the tournament payout sheet even though that is not how it went down.

NickMPK · #10 02-02-2007, 11:24 AM

[ QUOTE ]

This certainly sounds like the casino does not recognize the deal. I am guessing if the person who signed for 1st place decided he wanted to walk out with the first place money the casino would agree that he did in fact win first place.

[/ QUOTE ]

He could do this and the casino wouldn't stop him. But he would still be breaking a contract with the other players, and could be sued to pay what he owes according to the deal.