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 occur the IRS could ask Harrah's for these winner's records especially when one uses many sat receipts as loses. Obviously the problem then occurs proving how much tax liability an individual actually acquires 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 if you keep proper records? Should you avoid signing for the win when your liability is not that much?

[joesxm2]

I would be reluctant to sign for that.

I do not remember the details, but there is an IRS Form that you need to fill out when you split your winnings with someone else. This is usually filled out by players that have a backer and split the winnings with the backer, but I assume the same thing would apply here.

If you are the player who gets stuck signing and the amount is large, I would imagine that the IRS will eventually get wind of it and it will be difficult to prove that you did not get all the money.

[MicroBob]

when i signed for them i'm pretty sure it was so sloppy they would never be able to read the writing.

My completely uneducated hunch is that nothing happens with these forms.

[groo]

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when i signed for them i'm pretty sure it was so sloppy they would never be able to read the writing.

[/ QUOTE ]

When I signed for them the signature was not only illegible, but I didn't sign my name. Also, the way players club cards where being taken by the Rio and never returned, during the first few days that the sattelites where running, there is no telling who actually handed them my card and signed for the winnings.

I'm not too concerned.

[yahboohoo]

You can only get taxed for money you actually make, not the amounts someone claims you made. Should an audit result from some discrepancy due to Rio's reports to the IRS, it would be fairly easy to prove what you actually took home.

[MicroBob]

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When I signed for them the signature was not only illegible, but I didn't sign my name.

[/ QUOTE ]


I'm not sure, but I think I might have just signed an X once or twice.
And I think they just left the paper there in front of me and didn't even care if I signed it another time.

My memory is shaky though and some of it is a combination of WSOP-sats at the Rio as well as WSOP-circuit sats at the Grand in Tunica which are run exactly the same as far as I could tell...as well as WPT sats at Tunica-Gold Strike which didn't have a form at all I think.