W2-G for super satellites?

[jukebox99]

In November, i won a super satellite at the Sands Atlantic City, and a voucher for an entry into the $10200 main event, which i entered. I now have received a W2-G from the Sands showing gambling winnings of $10200. I thought that i should receive a W2-G only if i placed in the money in the main event. Does anyone know if this is how it is usually done? Do i need to claim winnings of 10,200 and offset that with an itemized deduction of 10,200 using the main event entry as my receipt? Any help is appreciated.

[SevenStuda]

You've gotta pay the cost to be the boss.

[jukebox99]

I don't mind paying the cost, but i didn't win anything, just and entry into the main event, but the W2-G says i won $10200, and the IRS wants their cut. If i don't itemize deductions on my return, i owe them tax on something i didn't win!

[Yeknom58]

If you didn't win a seat how much would you have to pay to play in that tournament.......10200. So I would say you won something with a value of 10200, therefore you have to pay the taxes. Seems reasonable to me.

[DarkKnight]

You won the value of the seat and owe taxes on that. You will need to itemize to writeoff the loss if you don't make a the money in the big one.

If you don't itemize you are SOL.

DK