And you would be right.............. .
Tax law is very confusing. However, when it involves someones own money you would be suprised how fast "they" understand. The poker players who fall prey to these ridiculous arguements about NOT issuing a W2-G for a payout of $600.00 under the Binion's closing agreement are only hurting themselves.
They don't see it NOW but they will see it later. The government IS going to raise this issue again. In my opinion, it will destroy poker tournaments as we know them today.
Casinos do not seem to care. Instead of trying to do everything to save poker tournaments they take the easy way out. Such and such is not issuing W2-Gs why should we? On and on it goes. One day the merry-go-round will stop and the tournament players will ask - What happened? Guess what? - It will be too late.
Best, Mr."P"
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