Tournament winnings in cash or check

[riverdance]

i got paid 20k in chips in a circuit event and was issued a w2-g. not sure why harrah's would do it one way and mgm/bellagio another.

[TEKEE]

lets say out of 20K in winnings how much is the IRS's share?

[THAY3R]

It depends, do you see why?

[mbishop]

[ QUOTE ]
i got paid 20k in chips in a circuit event and was issued a w2-g. not sure why harrah's would do it one way and mgm/bellagio another.

[/ QUOTE ]
Harrah's follows the "Binion's Closing Agreement", a deal worked out between the IRS and the Horseshoe back in the 90s.

[Assani Fisher]

[ QUOTE ]
Devo you crack me up

I can just picture you winning WSOP ME and getting a truck to carry your cash out of the RIO

I do like MGM not doing the W2G though

[/ QUOTE ]

When Farha got 2nd in the ME he just took his cash and left the casino with it on him.

[daryn]

i cashed for 115k once and got it in cash. no WG-2 form was involved.

[SinK]

What about foreign nationals,one assumes you have to pay income tax on any winnings in their own country of residence but does the IRS get a share too? In England bookies and the like deduct the tax and pay it for you before they give you the payout..

[A_Junglen]

Wire Transfer for anything big

[betgo]

[ QUOTE ]
What about foreign nationals,one assumes you have to pay income tax on any winnings in their own country of residence but does the IRS get a share too? In England bookies and the like deduct the tax and pay it for you before they give you the payout..

[/ QUOTE ]
In most countries, winnings from poker are not taxed. It is either considered double taxation to tax winnings or winnings from a game of chance are not taxed. For example, Hachem payed no taxes on his win.