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#11
02-04-2006, 07:03 AM
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Re: Question about backing tournament players
[ QUOTE ]
[ QUOTE ] The casinos do not take anything out for taxes. They give you the check for the amount you won, take your SSN, and leave it to you to worry about the taxes. OP - I recently did a backing deal with a friend of mine. We took his total money earned, subtracted estimated taxes, hotel stay, and tip, and then took the percentage off of the new number. Whatever you do my advice to you is to put it in writing, you never know what people are going to do if you make a big score. Durs [/ QUOTE ] Not always true. But then again, most of the stuff posted in this thread is crap anyway. [/ QUOTE ] In my experience I haven't seen the casino take out taxes for the winner. 
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#13
02-10-2006, 05:41 AM
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Re: Question about backing tournament players
[ QUOTE ]
[ QUOTE ] [ QUOTE ] The casinos do not take anything out for taxes. They give you the check for the amount you won, take your SSN, and leave it to you to worry about the taxes. OP - I recently did a backing deal with a friend of mine. We took his total money earned, subtracted estimated taxes, hotel stay, and tip, and then took the percentage off of the new number. Whatever you do my advice to you is to put it in writing, you never know what people are going to do if you make a big score. Durs [/ QUOTE ] Not always true. But then again, most of the stuff posted in this thread is crap anyway. [/ QUOTE ] In my experience I haven't seen the casino take out taxes for the winner. [/ QUOTE ] They dont take any taxes out...just give you a fat check/chips and send the info to the IRS w/ a w2-g in the mail. Just made sure you dont get taxes on the backers part.
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#14
02-10-2006, 08:03 AM
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Re: Question about backing tournament players
When I stake people I ask for at least 70% of the action.
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#15
02-10-2006, 12:25 PM
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Re: Question about backing tournament players
I have the same question. I just won a cabin for the PPM V cruise (no entry). I'm trying to get backers but don't know what is fair. One friend has offered to pay $2K (20%) and wants 20% of my winnings. By that standard, if he were to pay $10K (100%) he would get all of my winnings. This doesn't sound fair...since I won the cabin, will pay for airfare and other expenses, and will be making the effort.
What do you think is fair? I want to make an offer to others. My skill level for limit poker is high (two years full time, about a million hands, studied game, have a winning record...etc.). How does this sound: I subtract my expenses from winnings. Then....I take 25% off the top. Then...we split the remainder according to % backed?
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#16
02-10-2006, 12:34 PM
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Re: Question about backing tournament players
Is this the place to ask whether having players back other players in a tournament is right. A backer who is not playing in the tournament is not a problem. But I think the pros backing other players in the same tournament is horrendous.
Not for one minute do I believe that it doesn't effect your play knowing that you are invested in someone's performance who is sitting across the table. The effect on your play might be definate collusion or it might effect the play unconsciously, but it does effect play. I do not believe, like some pros have said, that simply informing everyone at the table of the arrangement mitigates the issue. Players playing in the same tournament should not back each other. it's a simple sports/competition element no matter how you look at it. franco
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#17
02-15-2006, 04:09 PM
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Re: Question about backing tournament players
[ QUOTE ]
I have the same question. I just won a cabin for the PPM V cruise (no entry). I'm trying to get backers but don't know what is fair. One friend has offered to pay $2K (20%) and wants 20% of my winnings. By that standard, if he were to pay $10K (100%) he would get all of my winnings. This doesn't sound fair...since I won the cabin, will pay for airfare and other expenses, and will be making the effort. What do you think is fair? I want to make an offer to others. My skill level for limit poker is high (two years full time, about a million hands, studied game, have a winning record...etc.). How does this sound: I subtract my expenses from winnings. Then....I take 25% off the top. Then...we split the remainder according to % backed? [/ QUOTE ] I may be splitting hairs, but I think there is a difference between "backers" and "selling of a piece". A backer is someone who puts up money that maybe you don't have, taking say 100% of any loss but only 50% of any winnings. Selling of a piece of your action should be a straight-up proposition. You win a $10,000 seat, and rather than possibly coming away with nothing, you sell off 10% to a buddy. He pays you $1,000. If you finish out of the money, hey, at least you have some cash for the effort. If you finish in the money, you give him 10% of it. Of course you and your buddy believe you are better than average--that's why he wants a piece. Your benefit is decreasing your variance.
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#19
02-15-2006, 07:41 PM
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Re: Taxes
On the tax issue, obviously the winning player is the one that will have the tax burden. But anyone getting a share of the winnings should be responsible for paying their part. Since everyone is taxed according to their own situation and income, working out a tax deal in advance would be difficult to accomplish fairly. I suppose you could get close, but I don't see the need for the trouble. Instead, the winning player simply fills out a 1099 form for the amount paid to others that are due a share. The winning player then gets to deduct any payments made out on his return, and the others that are sharing in the winnings are responsible for paying their own taxes as stated on the 1099 form. Consulting your own CPA is the best advice, but I believe this would be the easiest and best plan for dealing with the tax issue.
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