backers and taxes?
 

Say you win a 50k in a tourney and you had a backer, will the casino give you and your backer separate w2g tax slips or does it all go in your name.

Re: backers and taxes?
 

Some casinos will, most won't.

Re: backers and taxes?
 

Recently, the way I did it when I backed someone, was that we agreed that I'd get 30 percent BEFORE taxes, if he cashed. The player would then be responsible for paying the taxes. This way it works out somewhere close to a 50/50 split, and it's not my hastle in regards to taxes, it would of been his.

In the end, my player finished 6 places from the money, so we never got to test this, but IMO, this is a good plan.

Re: backers and taxes?
 

You would be committing tax fraud, ducy?

Not to mention that's a horrible deal. Please back me [img]/images/graemlins/smile.gif[/img]

Re: backers and taxes?
 

[ QUOTE ]
Some casinos will, most won't.

[/ QUOTE ]

Also, as long as you have deal in writing and/or there' a legit paper trail of you paying your backer his share, you don't have to really worry about anything just pay taxes on the money you earned.

Re: backers and taxes?
 

[ QUOTE ]
You would be committing tax fraud, ducy?

Not to mention that's a horrible deal. Please back me [img]/images/graemlins/smile.gif[/img]

[/ QUOTE ]

meh ... it was my first time doing this, as I won an extra seat for the HPT event here in Blackhawk, colorado, and thought it was a good idea to back this guy.

So, where did I go wrong then?

Re: backers and taxes?
 

Whoever gets the W2-G can issue a 1099 to the person they share the prize with.