Party $million guaranteed deal dilemma - need suggestions

[John K]

My wife (w/ some of my assistance) had just won the $million guaranteed on
Party the other day and pocketed $250k. When we were heads up, we tried
to make a deal w/ other player and agreed that 1st place would give 2nd
place $20k. I know PP discourages dealmaking so we had to figure out our
own way of doing this. Anyway my wife had most of the $ wired to her bank
acct, save $20k for the other guy. This is where it gets sticky. Any $
wired to her bank acct, she's accountable for the taxes, and we happen to
be in a high tax bracket so I didnt have the 20k wired because I didnt
want to pay $7k in taxes for the 20k when it's not even our income (we are
professional poker players). I talked to PP via phone and emails and
explained our situation and they said they couldnt allow us to transfer
the $20k to him because intratransfers are to help friends only. I talked
to my tax accountant and he explained to me that if that 20k is wired to
our US bank accts, we are liable for the taxes on it. He explained to me
that I needed to get the other guy's personal info, inc copy of his
license and ss# card to fill out a form 1099 so he would be responsible
for the 20k (I was planning on sending him a cashiers check). I don't
think he will go for this, and my wife can only transfer $3k/ week so it
will take 7 weeks to transfer all the $ to him (if PP even allows that).
Mind you, we had verbally agreed to this deal, so I am not the type to
renege on any deal, and would like any suggestions anyone has of
transferring 20k w/o any tax implications (as the $ is overseas now and
the taxes will be taken care of later).

John

[profitman]

Pay your freakn taxes! or move to a different country.

[Emperor]

Have the guy give you a receipt for the $20K for services rendered... Write it off as an expense...

Its then a wash..
If your tax atty isn't good enough to argue this in an audt, then find a new one.

[Prime Time]

I agree.
It's no different, than when you sell apiece of your self in a B/M Tourny.

[vicpanic]

Ask the other player if he has money on another site, both of you buy into a heads up table with 20k, and "winner takes all" if you know what i mean.

[Blackjack]

You lucky bastard... That's not a [censored] dillema! It's a gift from god... 250k..

[Emperor]

oh and...

Can you stake me? [img]/images/graemlins/wink.gif[/img]

[adanthar]

Get the money out to Firepay/Neteller, then go through escrow.com, egold, or some other trustworthy overseas e-banking site for the rest.

[david050173]

Anyone like the fact that the winner is admitting to what would be cheating (the game not the IRS) in a B&M? Have no idea what the party terms of agreement say about multiple players per hand.

[adanthar]

It's the Internet. I consider myself lucky if no one at the table is AIM'ing each other.

As far as I'm concerned I couldn't care less.