Stake Question
 

I am being staked in the 2007 WSOP ME. If I were to win lets say like a million dollars how would it work out with differentiating between the money I made and the portion my stakers made. There has to be a easy way to do this as I am aware of tons of ppl that have cashed while being staked. It wouldn't make sense for me to pay tax on the whole sum and then to pay tax on their income too. Any help appreciated.

Re: Stake Question
 

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I am being staked in the 2007 WSOP ME. If I were to win lets say like a million dollars how would it work out with differentiating between the money I made and the portion my stakers made. There has to be a easy way to do this as I am aware of tons of ppl that have cashed while being staked. It wouldn't make sense for me to pay tax on the whole sum and then to pay tax on their income too. Any help appreciated.

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You should be coming up with a staking arrangement with your staker before playing, because there is no one answer to what the deal is with YOUR staker.

Re: Stake Question
 

I am saying as far as the IRS goes. Obviously the form they give me would say I won a million but I didn't really win a million as half of it goes to my staker. Do you see what I am saying?

Re: Stake Question
 

This is like when I was in my 20's writing screenplays worrying about what I was gonna say at the Oscars.

Re: Stake Question
 

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I am saying as far as the IRS goes. Obviously the form they give me would say I won a million but I didn't really win a million as half of it goes to my staker. Do you see what I am saying?

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There's a form.

Re: Stake Question
 

This should be your biggest problem, just enjoy.

Re: Stake Question
 

Thayer tells me I'm wrong and there is no form this year. You'll have to issue your backers W2's yourself, etc.

Re: Stake Question