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Gaming Guru
Can we split reportable slot machine winnings?6 August 2007
Dear Michael, The instructions for IRS form 5754, the form you fill out to tell the payer how the winnings will be split, refer to splitting a winning ticket. Yet the top of the form has a space in which to write the machine number. And Nelson Rose, in an article on this site on January 9, 2002, wrote, "Big winners are reported to the IRS on a special Form W-2G. If winnings are to be split, as with a lottery pool, winners are reported on a Form 5754." Rose uses splitting lottery winnings as an example, but doesn't say it's the only time Form 5754 applies, so I think you should be able to split slot machine winnings, though I don't know of anyone who's has done it. As for the W-2G, you would each get a W-2G for your share of the winnings. If the jackpot was $1,200 and for shared the jackpot evenly, for example, you would each get a W-2G for $600. And now for the obligatory disclaimer: I am not a tax accountant. You should consult a tax advisor, especially one familiar with gaming taxes, to be sure you can do what you want to do and to be sure you do it properly. Best of luck in and out of the casinos, Send your slot and video poker questions to John Robison, Slot Expert, at slotexpert@comcast.net. Because of the volume of mail I receive, I regret that I can't reply to every question. This article is provided by the Frank Scoblete Network. Melissa A. Kaplan is the network's managing editor. If you would like to use this article on your website, please contact Casino City Press, the exclusive web syndication outlet for the Frank Scoblete Network. To contact Frank, please e-mail him at fscobe@optonline.net. Recent Articles
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