Which Vegas casinos distribute chips for tournament wins?

SenorBeef · #1 09-02-2006, 05:23 AM

I know at least one casino distributes tournament prize money as chips and not as a cash payout, eliminating the hassle of the tax forms. Does anyone know which casinos do this?

LasVegasMichael · #2 09-02-2006, 09:33 AM

Harrahs properties require tax forms (Caesars, Harrahs, Rio. etc).

Most others do not (Venetian, Wynn etc)

AtlBrvs4Life · #3 09-02-2006, 01:51 PM

Venetian and Bellagio did for me.

Photoc · #4 09-02-2006, 01:53 PM

Most cardrooms give chips. I know Harrahs properties, Coast casinos, and Sahara all give cash.

bav · #5 09-02-2006, 02:27 PM

How you are paid has no bearing whatsoever on whether you have to do the tax forms. Common mythconception. But yeah, all the Harrah's properties will W2G your >$599 wins. Far as I know, none of the non-Harrah's properties will (whether they pay in cash or chips).

SenorBeef · #6 09-02-2006, 03:24 PM

[ QUOTE ]
How you are paid has no bearing whatsoever on whether you have to do the tax forms. Common mythconception. But yeah, all the Harrah's properties will W2G your >$599 wins. Far as I know, none of the non-Harrah's properties will (whether they pay in cash or chips).

[/ QUOTE ]

Could you clarify? I know you have to pay taxes either way, but do you have to specifically fill a seperate tax form for any tourney win?

At the chip-distributing casinos, the difference is that they don't fill out the W2G at their end, right?

Masquerade · #7 09-02-2006, 03:36 PM

[ QUOTE ]
How you are paid has no bearing whatsoever on whether you have to do the tax forms. Common mythconception.

[/ QUOTE ]

Yes because everyone in the entire world is American.

stinkypete · #8 09-02-2006, 04:42 PM

[ QUOTE ]
[ QUOTE ]
How you are paid has no bearing whatsoever on whether you have to do the tax forms. Common mythconception.

[/ QUOTE ]

Yes because everyone in the entire world is American.

[/ QUOTE ]

so why does cash/chips matter for non-americans?

psandman · #9 09-02-2006, 05:22 PM

[ QUOTE ]
I know at least one casino distributes tournament prize money as chips and not as a cash payout, eliminating the hassle of the tax forms. Does anyone know which casinos do this?

[/ QUOTE ]

Whether a tax form is required is not depemdent on whether you are paid in cash or chips an wish i knew why people think this is the case.

SenorBeef · #10 09-02-2006, 06:16 PM

[ QUOTE ]

Whether a tax form is required is not depemdent on whether you are paid in cash or chips an wish i knew why people think this is the case.

[/ QUOTE ]

Well, the other night I asked a dealer "how much do you have to win in that tournament to need to fill out a tax form?" and he told me "we don't do the tax form thing, we pay out in chips"

Was he wrong? How does it work?