Questions??? Regarding taxes of backing???
 

I was backed for the Main event and a few small ones and i cashed in 2 of them. I got the W-2G form or whichever form they give you from the Rio. So i take the form to an accountant and he says he has never had anythign like this before and does not know what to do (in regard to the whole backing issue. Is there anyone out there that knows what form i need to file this is or any information/advice on this issue... thanks for any help

Re: Questions??? Regarding taxes of backing???
 

Read the sticky please. At the bottom is a link to several helpful taxes threads.

Re: Questions??? Regarding taxes of backing???
 

I have and i have also tried using the search engince and can't find anythign through that or google regarding taxes on backing. The sticky thread was mostly about filing as a pro and a hobby and other regards i couldn't find anything regarding Staking in there????

Re: Questions??? Regarding taxes of backing???
 

Did you and the person who staked you draw up a contract?

Re: Questions??? Regarding taxes of backing???
 

No, but i can do that or get him to sign anything i need. I am mainly looking for the number of the tax form i need to fill out. that says i gave him money.

Re: Questions??? Regarding taxes of backing???
 

[ QUOTE ]
No, but i can do that or get him to sign anything i need. I am mainly looking for the number of the tax form i need to fill out. that says i gave him money.

[/ QUOTE ]

I'm not a tax professional, but I can tell you one thing about dealing with the IRS, the more paper documentation you have the better off you are going to be.

D$D

Re: Questions??? Regarding taxes of backing???
 

This link should help.

http://www.taxabletalk.com/posts/1179425074.shtml