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#1
10-21-2004, 07:50 AM
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Q about tournament pay when you have backers
If people have pieces of you and you win a big tourney, how do you work the tax situation? Do you give the casino your backer's info so that he assumes his share of the tax liability?
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#2
10-21-2004, 11:58 AM
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Re: Q about tournament pay when you have backers
You should take the approximate tax out of the winnings, then give the backer his share of the remainder. If your backer had 10% of you winnings. And you had a $5000 profit on a given tournament. Say 40% goes to taxes, leaving you with a $3000 profit. Your backer should receive $300.
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#3
10-21-2004, 05:33 PM
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Re: Q about tournament pay when you have backers
[ QUOTE ]
You should take the approximate tax out of the winnings, then give the backer his share of the remainder. If your backer had 10% of you winnings. And you had a $5000 profit on a given tournament. Say 40% goes to taxes, leaving you with a $3000 profit. Your backer should receive $300. [/ QUOTE ] I don't think this is right at all. Under this scheme, the backer has to pay taxes twice ( the cut off the inital win and then he will pay taxes on the his share of what is left). I am pretty sure that this is similiar to lottery winnings that are split among multiple people where you fill out a form and each party member is responsible for thier own share of the taxes. If you are in this situation, you really need to talk to a tax lawyer to make sure you do everything by the book.
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