Signing for Satellite Wins at WSOP

[BartHanson]

Anybody that has been playing the one table sats at the RIO knows that most of the time the singles end in some sort of chop. When they make the payout one person must sign their name on what looks like a make shift winners form. This is definitely not a W2G and they don't ask for your SSN. However if you've cashed at an event they have your SSN. In fact, I think that you are supposed to give them your SSN when you sign up for a players card. I am concerned that if an audit were to happen the IRS could ask Harrah's for some of these winner's records especially when you are using many sat receipts as loses. Obviously the problem then occurs proving how much tax liability an individual actually has for one of these sats. I saw I guy sign for one today that paid $5130 when his share was only $1000. Can anybody shed light on this issue? Are these records not computerized? Is there anything to worry about here if you keep proper records? Should you avoid signing for the win when your liability is not that much?

[David LoPan]

you should xpost this in legislation

[Temp Hutter]

[ QUOTE ]
Anybody that has been playing the one table sats at the RIO knows that most of the time the singles end in some sort of chop. When they make the payout one person must sign their name on what looks like a make shift winners form. This is definitely not a W2G and they don't ask for your SSN. However if you've cashed at an event they have your SSN. In fact, I think that you are supposed to give them your SSN when you sign up for a players card. I am concerned that if an audit were to happen the IRS could ask Harrah's for some of these winner's records especially when you are using many sat receipts as loses. Obviously the problem then occurs proving how much tax liability an individual actually has for one of these sats. I saw I guy sign for one today that paid $5130 when his share was only $1000. Can anybody shed light on this issue? Are these records not computerized? Is there anything to worry about here if you keep proper records? Should you avoid signing for the win when your liability is not that much?

[/ QUOTE ]
I do not recall signing anything when I won a $525 satellite. They asked for my players card and ID so I suppose they can figure out my SSN and send me a 1099. Most places view satellites differently since they pay in tournament chips and not cash. It is assumed that the tournament chips will get used to buy into an event and therefore do not need to be reported as a win. I will be surprised to see a 1099 or W-2G in the mail.