I have a couple backers for the upcoming tournament. What forms do I need to for taxes to complete this if I cash for over 5k? Or can I just have the casino take the taxes out and split it up and be done with it? If anyone can give me a little assistance with the staking process, that'd be wonderful. Thanks fellas.

Casinos don't want to get in the middle of your staking situation. I doubt they would 'work up' 2 or 3 sets of paperwork should you hit something signifiicant.

If you are just a 'person' then you will have a pretty difficult time deducting any amounts you dole out to your backers. You will need to work out the tax effects as part of your deal before you pay them off. You could try to write them off as 'gambling losses' but they really aren't losses, they are expenses. Also remember that any time you give someone over $10K (might be slightly higher now) in the good 'ole USA it is supposed to be documented somehow.

If you are a 'pro' then all your 'expenses' are deductible before you get taxed on your tax return. Simple record keeping can help you 'recover' any tax taken by the casino that is now 'over-paid' and will be returned to you in your refund (if you have one).

Technically if you are 'pro' and transfer cash to another person you are supposed to 1099-misc them. This essentially forces them to claim the income themselves, but it allow you to 'better' deduct the expense on your return.

There is good and bad to both sides here ...

As a person you may have a lower 'total' tax rate and it's much easier when it comes to your tax return to claim winnings and losses.

As a 'pro' you may end up with a higher tax rate (which may now include 12% Social Security taxes) but you will be able to deduct all your expenses related to poker including food, travel and hotel costs.

In either case, slips from tournament you bust can be used to reduce your tax burden.

Obviously its best to avoid check writing (and wire transfers), so if you can get your winnings in cash or chips then you can do what ever you want with your story. Of course it's best that everyone involved just be happy that you hit a major score and follow the letter of the tax law with whatever burdens may now be put on any of the parties.

I know a young poker pro that has a very tidy contract he has all his backers sign. It's best to make sure you discuss (cover) things before you have the cash. You are already smart enough to know that a 50% stake may not mean 50% of the prize money being handed over. GL

Thanks answer man!

The correct answer is you'll need to present the casino with IRS form 5754. You'll need the full names, addresses, and SSN's of your backers. The casino will then issue a W2-G for each entity listed on 5754.

Busted 60/96 of the $250 qualifier in one of the sickest hands of my life. We see the flop 3 handed. It comes A 5 6. All three of us get the money in. I have 66. The other two? 55 and AA.

No main event for me.

That stinks. I played qualifier last 2 times and didn't cash. I said screw it. Getting 20% from my buds and direct buying.

Good luck man!

i saw a hand play out this way in an HPT main event.

the turn was a 5 and the river was a 6. (different cards obv, but you get the idea.

Very good information to have .. not what one casino told me, but if you can find one to cooperate then that would be assume. GL

Thanks. If anyone wants to share updates for day 1a, don't be shy.

Final table set. One shocks me. Any reg may or may not agree.

Large Father?

Haha. :thumbup:

Not me. Big Daddy is bad but he runs insanely good, and in a tourny you run good enough playing super aggro you can build a stack to go deep. The guy that won shocks me. Typical reg fish that complains all the time about how unlucky he is.

Fair enough, and true, the aggro style busts you or will carry you throughout.

The winner was dropping f-bombs on the live stream about his bad luck and the casino when they were five-handed and he had over $25K locked up.

He's final tabled both MSPT's held at Poto this year. Probably will still complain that he runs bad. Make sure to get the money in the poker room before the local bookies do.

Whoa, the bumhunter made the final table.

Was there Wednesday and bad beat was up to 122k. Updates would be awesome.

Haven't been in weeks actually. Hopefully soon though.

The bad best was at 131k last night

High hand promo is back starting Monday: http://www.paysbig.com/promotions/hi...-oct-nov-2015/

I'll be surprised if Friday nights don't get 17+ tables going. Cool weather, high bad beat, $200 hand promo....

It was crazy last Friday w/o the promo going.

Anyone know how many runners the weekday tourneys have been getting?

Or the entrants for the knockout tournament so far? Only 12 place itm? What if there are 200 entrants?

They haven't ran on Thursday yet. They ran Tuesday and Wednesday this week. I think there was about 30 each day but I didn't really look.

did plo not even get off the ground on saturday?