fyp

It's really unbelievable to me that you would come to a gambling forum to look for an opportunity to play in the world series, and get that opportunity, then make a good score for them, and then want to screw them over and not be associated with them at all.

And the way you are doing your taxes now is way more shady than doing it the correct way, which is what everyone is trying to tell you, and you won't listen for some reason.

What are you talking about, he is on no record doing anything with me, he has 86500 dollars more today then he did yesterday. With no record anywhere of winning it or having a horse. Stop trying to make me feel bad, with that BS, if this was this big a deal it should of been brought up beforehand. Or at least asked about. Ive never done this before. Thought everyone would be happy with a win, but whatever. If I was in the other spot, accepting the cash I would be extatic. Yes I probably am screwing mysef paying more in taxes, live and learn. Im not stealing anything fk off, im doing what i feel comfortable with. As I said I will ask around. Now please stop

nevermind, it was addressed

On PAPER, nothing to do with being associated with, personally. Nothing at all. I said I would ask around. Im not going to be pressured into something uncomfortable on here.

Seriously, I said this before, but I WANT to be on record, so I have a way of showing where the money came from. As for now I have no way of proving that the money was already taxed. How can you not see this?

I have a day job, I dont file anything to do with gambler. Signing off now. This should of all been discussed beforehand. Not everyone in the world taking a piece of someone reports the winnings, just like a cash game they take the cash and put it in there box in the gamblind world. Im not some terrible idiot so please stop making me out to be one. I made a wrong assumption, this was never stated or asked how this was worked beforehand. I offered to meet in the middle and refund half the cost of the investment to everyone (to cover what is essentially a mark up as george said now) that wasnt discussed before hand. To show my apology. Im just doing what im comfortable with for now. And will ask around

I mean the 3 threads already link you to gamblers, I don't see what the big deal is. As it is, my most likely solution right now for me when filing my taxes will be using these threads as proof when I report the money you gave me, so you will be linked anyway.

And I'm not meaning this as a threat, I just have no other way of showing where the money came from.

And I don't think you'll want the IRS reading this thread.

walkmyline - why do you keep using the word 'comfortable'. How about you do what's right instead of what's comfortable for you?

Instead of 'asking around' for advice or using your mom, how about you commit to using one of these two CPAs that were referred to you by your investors, and see what they have to say.

Just take up georges offer and hire a real tax cpa easy game

just attach a letter with your return that says mommy said it was ok not to report the 86k

"Purpose of form. You must complete Form 5754 if you
receive gambling winnings either for someone else or as
a member of a group of two or more people sharing the
winnings, such as by sharing the same winning ticket.
The information you provide on the form enables the
payer of the winnings to prepare Form W-2G, Certain
Gambling Winnings, for each winner to show the winnings
taxable to each."

sounds about right..this thread seems like a good way to burn bridges. Follow through is key to good business.

Man, you are unreal. Your incompetence will lose George money, point blank. It could end up costing George up to $25,085.00. Explain how/why you shouldn't feel bad about that?

i can't imagine why you wouldnt want to hire an experienced cpa. i am honestly shocked at how poorly op is handling this situation.

That does nothing for what im "comfortable with" i.e being form linked to gamblers etc. enough is enough, everyone wants what they are comfortable with, thats exactly what everyone is saying in here. Just on different ends

Poorly? I signed for 247000, paying my tax obligations on it, and have paid out everyone on after tax amount. Which I thought was how this worked. Enough is enough. AND STATED I WOULD ASK AROUND, and discuss with family

I would definitely use this thread when filing your taxes George. Show that he already paid the tax for you. IRS will be fun to deal with for OP

I think asking around is a great idea but why in the world do you keep mentioning family and your mom? You need to go to a CPA familiar with gambling tax law, your family's advice really is not relevant here as they are not familiar with poker-related accounting.

and these guys have! they no what is right!

+ referencing how much money he has won because of you is pointless, if you do it the right way, he'd have even more

Never said i dont feel bad jackass, Enough, trying to make me look bad. IVE NEVER DONE THIS BEFORE. Said what i need to say.

Actually, to be honest, I have once; an paid out in cash after tax and did not sign a form with piece taker. Nor have ever even heard of that, thus why I didnt think this was going to be anywhere near this issue now or even think about it

My familys advice is completley relevant, if my family thinks its in my best interest not to be form linked with gamblers (which I never thought about when "soliciting" this as you say) then thats my closest people in lifes opinion. I value family advice, is that wrong? But yes I will also ask around once im home and relaxed with proffesionals

But now that you've heard of the forms (which I linked to you on the IRS website) and know it's the legal/correct way to do these deals, you're refusing to do it because it makes you deal with gamblers (who coincidentally are trying to do everything above the table and legal)? Instead you'd rather file your taxes in an illegal manner? I just fail to follow your logic here.

No one is trying to make you look bad. We're trying to get you to do the LEGAL thing instead of the ILLEGAL thing that you're trying to do.

I dont know anything more then whats being said on an internet forum at the moment, and the correct forms still do nothing for keeping me from being form and social linked, with proffesional BIG TIME (money wise) gamblers, which I know you hate to hear, but get viewed alot differently by authorities down the road. which never crossed my mind when i wrote this up

anyway, leaving in a few, you know how I feel I will ask around thouroughly, we spoke face to face george, i hope you know im being sincere

I understand making mistakes. I've made plenty in my life, including some dealing with large amounts of money. The issue isn't the fact that you messed up. The issue is some of the smartest guys in the industry are telling you that you are wrong and ways to make right, yet you just don't listen. You then try to angle the situation to make you some sort of victim. The bottom line is your incompetence, naivety, stubbornness, whatever you want to call it is costing people a lot of real life money. Without these people you aren't even playing this tournament so I'd think you would do your absolute best to try and make things right.