lol. you're a gambler

I do know you're being sincere, I think that's the most frustrating part of this though. I know you want to do the right thing, and I don't say that lightly about people.

But like I said, whether you like it or not, you already will be linked to gamblers because I have to report where the money came from, and I will have to use your name. I'd rather just do it with the proper forms, but one way or another your name will end up linked to this. It will look a lot more shady for you if the proper forms are not used and I have to use this thread as my proof. And again I don't mean that as a threat, it's just that this thread is my only proof of where the $ came from.

I would like for you to at least talk to a CPA who deals with gamblers though, and go into it with an open mind. The IRS isn't on some witch hunt to find gamblers who are being honest with their taxes; there are plenty dishonest people for them to feast on already. I don't know of any poker players who have been audited who were honest with their taxes.

I have a full time job i do not file as a gambler

FWIW I spoke with some senior tax guys at my firm regarding this matter because I feel this issue is quite intriguing and can help set precedents for future dealings in the forums.

Ideally, the form should be used and for you to not use it is actually not following the correct method of reporting the appropriate winnings. By you choosing to take on the FULL tax liability makes you in essence look like the "big-time" gambler since you are claiming the FULL $247,xxx tax liability. You've chosen to put yourself in a whole new tax bracket that you should not be put in in the first place if you had appropriately allocated the amounts to the respective investors. Instead of putting yourself in your day-time job tax bracket and your cut of the ACTUAL winnings, you've put yourself potentially in the realm of the "big-time" gamblers.

So, ironically, you sir are put in that bracket as well.

yes this is what i've been trying to tell him, he's doing it the illegal way as it is and is way more likely to be audited because of it.

walkmyline -

first congrats on the big score.

if you cashed for say 300k and sold off 50% of your action, your income is 150k, not 300k. you do not pay taxes on the 300k; 150k of that is not your income. you pay taxes on your 150k, get the other 150k to your investers and they deal with their own income taxes.

take George up on his offer with a CPA that specializes in gambling. he is being very generous. A CPA can get you the necessary paperwork and it will be very easy and painless. it will save you and all your investers a lot of money (and is the right way to handle the tax situation - which should make you feel comfortable).

Played with Phil Ivey, Played with a sick sick sick field of players, was 4 away from a bracelet, made some money for people, had a little score for myself, made a wsop final table. Yet somehow feel like an idiot for doing what makes me feel comfortable,something that was never discussed. Heading to flight

how about you do what feels legal instead of what feels comfortable?

lol get over yourself. Congrats on your score. The fact that you will not talk to someone like Russ Fox (that GLIII offered to pay for) likely means that you are trying to hide something. Maybe some online/live winnings that there is no proof of??

What you are doing is stealing. As George said, everyone who bought pieces has your real name and will use this thread as proof for the money so you will definitely be linked to these shady gamblers.

GL with everything.

How does it feel to play smart and have an enjoyable time with Ivey and a sick field and because you are acting like an idiot it is ruining the moment. Everyone on here was rooting for you and then they try to guide you in the right legal way(maybe not comfortable to you), but the legal way and know it is ruining your experience.

Seems pretty simple take George (prob has most shares out for WSOP) advice and let him pay for your CPA advice. If you think it is uncomfortable now just wait till everyone on here links you to big time gambling and the IRS hounds you for years to come cause you filed illegal winnings which are backed up with a paper trail a mile long (this forum, xfer history, and now investors including this forum on their taxes). Hope your comfortable with the IRS cause they will know and link to gambling from now on!

Honestly even if he thought it was correct with all the regs telling him it is in both parties best interest, why would he not listen? I understand Mom knows best but in this case I have to disagree. Hope you and mom have a lot of comfortable time to fight audits!

pete-

great playing w/ u yesterday & grats on the score. as far as taxes are concerned, i think having a CPA who specializes in gambling explain all this to you would be of benefit. the woman i use is out in las vegas right now (she was actually at the FT) & im sure would love to show u the best way of handling all of this. if something like that interests you, u can PM me & ill give u her contact info.

again, grats on the score & ul w/ the AK

jeff

thanks jeff. ya im going to figure it all out with my uncles firm outside boston, they specialize in big business's, but also have large clients of all sorts (im sure they and family will steer me right) Im sure this will work out, as all im trying to do is feel comfortable. George just sent me all forms and links. I will discuss and figure it all out after the series. And go from there, maybe meet up sign some checks and forms and send them in together or something. I dont know, I will figure it out though

People have steered you towards several gambling specialist accountants that can help you out in a matter of hours yet you still refuse to get advice from anyone but family...

hey dude, glad you've gone from trolling me on 2p2 to trying to scam some of the biggest names in poker

Reconnect with your family man. Of course im going to speak with accountants in my family. why would i not, i will also speak with others, i have contacts from several people

Did you miss read this thread or something? How in the world are you getting scam out of this? Did you miss the part where everyone was paid within 5 hours of cashing, and now just trying to figure out how taxes work?

LOL at this fiasco of a thread. Even bigger LOL at you telling Cole to reconnect with his family. In all seriousness OP, doing what "makes you comfortable" is not a justification to put the people that backed you for these events (doing you a service) in a situation where they are forced to break the law. It's even more ridiculous to encourage them to evade the IRS on a public internet forum.

Pete, Did you ever read that thread about George and CashManBrian..... a good read and should make you feel comfortable that filling your taxes in a legal way is the right thing to do. You want to play the babe in the woods routine yet you had no problems taking money from these people in the first place. CTS and George among others have vast experience in this area, and George is going out of his way to 1) save you money 2) look not suspicious to the IRS, take their advice.

Peter,

This thread is getting out of hand. Make sure everyone knows very clearly that your decision is not final and you are going to take a serious look into the issue. Please confer with your family. Please also have your uncle or mom speak with Russ Fox. We are talking about a large sum of money here...this needs to be handled with care.

I also have to say that I understand where you're coming from on the "comfort" issue. However, rarely are things black and white. I am a student in Jerusalem who does this to earn a living - not a high flying gambler. My mother is a Law Professor at George Washington University - she has offered to speak with your mother to ease her qualms about being associated with me. I assume all the other backers have mothers too - and could do the same.

If this seems silly, well maybe that's cause it is. But I'm willing to do what it takes to make sure we reach the proper resolution.

Ciao,
Ezra

Peter PM'd me a few minutes ago, hope it's ok that I quote him here:

Good news if he follows through with it, which I do think he will.

walkmyline i have action in your other threads and would like my money refunded. this whole tax fiasco is just absurd and tbh your responses are just so naive it's sickening. You don't ask "big time gamblers" to give you money to play and then refuse to pay them their full share because you don't want to be associated with them.. the thought process of some people just blows my mind. Please send all funds back to bustable on ftp or jkidd1084 on ps or meet me in vegas and give me cash. Thanks

this. would like money back too. have around $4k. PM'd you.

For the record, I just had a phone conversation with my uncle, missed my flight in the meantime cause this was getting to me. He said the forms are the correct way to go about this. I pmd george a while ago and texted him and klink as well to meet me in my room with the forms, and all there info. You guys gotta remember not everyone does this everyday, and likes to figure things out first. Its a whopping 10 hours since I got paid. People were paid initial within first 5 hours or so. Was just looking out to make sure All this was correct way to go about it. Not everyone does this all the time

I was asked to post in this thread regarding the procedure when you cash at the WSOP with backers. I wrote about this some time ago here and nothing significant has changed.

The US Tax Code does follow (in one respect) common sense: You are only responsible for tax on your income, not other people's income. That's why you issue 1099s to backers, so that John Doe is taxed on his income (and you are not).

The only withholding by a backer is when an individual notifies you on his or her W-9 that he's subject to backup withholding and/or your backer is from certain foreign countries (e.g. Canada). In these cases, you would be responsible for depositing the withheld funds with the IRS.

Hope this helps,

Russ Fox

George and klink are meeting me now to fill out papers. Ive been told that both forms omit me from the tax liability even if they do not pay. Which was one of my concerns. Anyone else wants there full share now, please meet up and filll out forms.