Tournament taxes at Trump?

[RiveredAgain]

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]

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]

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]

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All the casinos are doing is reporting your win

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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]

[ 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.

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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]

[ 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