Confirming I'm 'NF' and was too lazy to post in thread

I guess I was unfamiliar with how taxes work for Americans buying pieces of Canadians- it seems that they'll be double taxed? I was implying that any withholding that is taken will come out of my pocket. So if I cash for 100k(90k profit), and they withhold 27k so the cash is for 73k, I would pay out 1k/1% not $730/1%

That is true of course. I didn't mean to imply it was unique to this auction.

This also seems logical to me. Just putting it out there.

And, of course, I was NOT accusing you of having 0 morals and acting only out of self interest. I think it was clear that I was not saying that and I don't think you took it that way.

Yes. But phony higher bids could result in other people making even higher real bids before the cutoff. I suppose there isn't much you could do about this though. Just another things that can happen in most auctions.


I think this is good.




Good luck to you and everyone who ends up winning a piece of this.

Well, how it really should work I think is that the casino should take Form 5754 showing everyone's shares and I'm guessing should only withhold on your share. Whether that is how it should work or not is irrelevant since the casinos refuse to follow the law and accept the Form 5754.

Therefore, how it is usually done assuming all U.S. citizens is the winner will accept the W-2G from the casino for all the winnings and will accept all of the money. Now the taxes for all the winnings are allocated to the player. The player then sends 1099-MISC's to the backers (and the IRS) for their shares to allocate taxes for the share of each backer to such backer. The player also sends the money each backer is due to the backer.

The withholding on a Canadian makes it more complicated since the casino will just withhold on everything regardless of what is the Canadian player's money and what is the American backers' money.

Canadians can recover some or all withholding if they have offsetting gambling losses and file a U.S. non-resident tax return at the end of the year. I wonder if you could recover the withheld amounts that are actually allocable to a backer. Perhaps you send everyone their full share and send them 1099-MISC's to allocate the tax burden to them on their own share and then recover from the IRS the withholding on the backers' shares, perhaps by treating the backers' shares as gambling losses. But I think you have to substantiate gambling losses. I really don't know if this would work. The recovery of the withholding on the backers' shares seems to be the issue. I don't know if it can be done or how to go about it.

And I really don't know what any sort of proper way to do this would be. If there is actually a proper way, I'm guessing it has something to do with that Form 5754 which, for reasons already mentioned, can't be done. Even for all U.S. citizens, the 1099-MISC solution around the casino's refusal to accept Form 5754 is just something someone made up and so far the IRS has accepted it.


So, anyway, however you decide to work it out .... good luck to you, and everyone with a piece, in the tourney.


I intend to be exiting the thread now.



DISCLAIMER: THE ABOVE IS NOT AND IS NOT INTENDED TO BE LEGAL ADVICE AND SHOULD NOT BE CONSTRUED AS SUCH.

IRS Circular 230 Disclosure: Unless expressly stated otherwise, any U.S. tax advice contained in this communication (including any attachments) was not written and is not intended to be used, and cannot be used, for the purpose of (i) avoiding penalties imposed by the Internal Revenue Code or (ii) promoting, marketing, or recommending any transaction or matter addressed herein.

Well, I'll throw in $1,601 for 10% in the event some other people back out.

700 for 2.5%

540 for 2 %

Mike ill get The remaining 3% for 720-750 , im currently stayin at RIO ...

9% for 2205

2.5% slyaer 700
1% Carl_lafong 275
1% Blopp 270
2% Caterpillard 540
2% kcbj6 500
1.5% seaking 367.5

I'm all for a more open marketplace as I'd short a lot more packages than I buy but unfortunately 2+2 doesn't allow posts like that one stevster.

2% $560 please cash in vegas

10% $3,000

Wow...this is epic



Mike I'll give u $100 CIV for .002%

2% for 600$

If 2 people have equivalent bids, the first person to make that bid gets priority (also to prevent numbers getting ridiculous I'll say that all bids must be multiples of $5 and of 0.5%)

1% $305

Can you accept Chase QP or Wells Sure Pay?

Not set up for either but I can likely get a friend to accept on my behalf if nothing else works.

Going to close this off at noon EST on Tuesday(so 48hrs from now)

Sounds good and I'll see what it takes to open a paypal account if that is an easier option for you. I'm in US so no Stars or FT account to use for transfer.

BTW, Monday noon is only 24 hours away

Oops my bad- I meant Tuesday July 1st

If I'm successful in the bidding, I'm set up with PayPal now if that works for you.

I think you just broke the marketplace so many shares actually selling at 1.5 to 2.0 by random midtier pros holding auctions and people bidding absurd amounts. I mean if this trend holds my next package has to be an auction or im leaving money on the table.

I get that timex is amazing at poker but when this hits 4.5 mu or whatever it makes me feel pike timex would bank of timex his own action... I understand the gamble on a name player for fun appeal here but with all the copycat threads from midtier pros it concerns me a bit to see people paying so much more for shares than theyre worth (but hey if people want to pay 1.8 for me to play live 10ks i guess im playing a lot live this year)

I guess it just bothers me that i feel like i have to make my next package an auction because of this threads successful copycat theads from players worse than me selling out at markup i wouldnt feel comfortable charging. For example facestealer sold at 1.3 and thats great value but there are auction threads live now from players who wouldnt be +ev at 1.3 and theyre attracting higher bids. I think thats bad for the long term health of the mp although i guess the free market will correct itself eventually

Apologies for semi off topic derail etc carry on

Kinda stupid to do an auction because you have no idea if he bids are legit or.not.

Does it matter if half the bids get cancelled if the final price is 4.0 or higher?(which is looking likely) the final avg share price will still be 3.0 or higher as there are reputable people bidding the lot at that price

Yeah but if there we're fake bidders it could cause the real bidders to bid higher when in reality they never had to.

This calls for a Vickrey Clarke Groves auction