WSOP Issues Warning About Tax Forms WSOP Issues Warning About Tax Forms
Key Takeaways
  • The 2015 World Series of Poker (WSOP) is only weeks away. In preparation, the WSOP has released a statement about how it will deal with the tax forms which are required to be completed for winnings above $5,000.
  • When a player collects his winnings from a WSOP tournament, the casino is required to fill out a tax form known as a W2-G which is used by the Internal Revenues Service (IRS).
  • When there is more than one winner of a gambling activity which has a single ticket, such as often happens with lottery tickets, the IRS provides form 5754.
  • The WSOP statement explains that it will not accept from 5754, and will only pay out poker tournament winnings to the winning player.

The 2015 World Series of Poker (WSOP) is only weeks away. In preparation, the WSOP has released a statement about how it will deal with the tax forms which are required to be completed for winnings above $5,000.