Originally Posted by
vegas1369
At the risk of jinxing myself and friends I need a question answered. Here's the scenario...
So this Italian guy I work with asked me and 6 other friends to put in $10 a piece on an 8 team parlay on Italian Series soccer games. Regardless of how ridiculously hard it is to hit an 8 teamer we all got in on it. Well, today we went 7/7 and the last game is played tomorrow at 11:45am PST. Inter vs Fiorentina, we have the favorite Inter. The ticket is for $80 to win $32,227. Being in a good spot here with the favorite I went and made a small hedge for me and the Italian for $200 at +290 for Fiorentina to win, and $200 at +245 for a draw. While I was at the book I asked the guy how it would work if we won the parlay as far as taxes are concerned. He couldn't tell me anything other than to look on the net. So here I am looking on the net.
Question is, if we actually do win this, how do we split the share of the taxes? Whoever picks up the money will have to fill out a W-2 for the entire amount, so the tax burden is on that one person, not all 8 of us. What is the best way to handle this? Have you ever heard of the casino taking the taxes out on the spot?
BTW, the way games 5 and 6 played out were ridiculous. Both came down to the final minute of the game and we were losing both, one by two goals and we needed a draw. They ended up tying with seconds left, game 6 ended on a penalty kick with no time left for the win. Been a fun ride so far. Go Inter!
You can ask the casino, but I doubt they want to be involved. The casino may have a policy, but it might also be up to the Sports Book Manager to decide. I searched for "W2G splitting prize", and found this reference-
"If the person receiving the winnings is not the actual winner, or is a member of a group of winners, see Specific Instructions for Form 5754"
Gambling losses can be written off against gambling winning (but not regular income). It is a known thing for people to collect losing sports betting slips off the floor to claim as losses. I'm not advising that you do that, but it is a fairly common thing.