Assumptions about a well known poker pro.

[JimmytheGeek]

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Who gives a [censored] tho? Since when is frauding the IRS a bad thing?

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Since everyone who cheats on their taxes makes MY tax bill higher!

[TomCollins]

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Who gives a [censored] tho? Since when is frauding the IRS a bad thing?

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Since everyone who cheats on their taxes makes MY tax bill higher!

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No, not really.

[cbloom]

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Since everyone who cheats on their taxes makes MY tax bill higher!

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No, not really.

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Umm, YA RLY.

[iAmAddicted]

thank god for canada and it's taxless gambling...you americans lose a lot to taxes eh...sucks.

[yellowsub]

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This is very very tl;dr

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[ShakeZula06]

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Since everyone who cheats on their taxes makes MY tax bill higher!

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No, not really.

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Umm, YA RLY.

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NO WAI!

lol, seriously though, as far as I've known this isn't the case. Can you link me to something that proves me wrong?

[APXG]

Get a little more creative than doing the same thing over and over.

[Oski]

The player is the one who needs to worry, not the backer.

If the backer claims he owns (for example) 50% of the win, he is responsible to his tax jurisdiction for taxes on that amount. If he happens to live in a tax haven, which does not collect on gambling winnings, etc., he has fulfilled his duties.

The envelope returned to the player is a "gift." It is up to the player to report that additional income.

I am not a tax attorney, or an accountant, so I may be way off base. There may be a potential conspiracy to evade taxes, etc. that I am not aware of. However, this seems akin to offshore, tax-free (or reduced tax) shelters.

Also, I am of the understanding that "post-win" divisions of prize pools is common for tax reasons. For example, a lottery winner who wishes to make many gifts out of the prize pool will report those beneficiaries as x% owners of the ticket. This avoids double taxing on the win and then the gift. Under that scenario, the beneficiary is responsible for his portion of the prize pool.

[niss]

Please follow these three handy steps:

1. Scroll down side bar.
2. Find "Politics".
3. Make your stupid posts there.

[Aceshigh7]

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thank god for canada and it's taxless gambling...you americans lose a lot to taxes eh...sucks.

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Yea, but the trade off in return for taxless gambling is the fact that you're forced to live in Canada. meh.