Chopping -- Just Curious
 

I'm just curious as to what happens here.

Let's say I'm at the final table of a MTT with a significant prize, and one of he other players offers to chop, and I'm willing to accept.

Now if the Casino will recognize and facilitate the chop, no problem. If they won't, then we have to play it out and square up separately.

In the second case, what do we do about taxes? The 'winner' will have received tax forms from the Casino showing the whole prize, though s/he'll have given some of it back to the other players, there's still the paperwork with our dear friends the IRS.

So, what's done here?

Re: Chopping -- Just Curious
 

I think the W-2G form has a space where you can list any third parties who will be receiving a portion of your prize.

Re: Chopping -- Just Curious
 

One reason I like Foxwoods. The weekly tournies are small, and in the big events, they add money to the pool. Thus they never issue W2Gs.