So I have a couple backers for an upcoming tournament. I have never done this.
With a cash of over 5k taxes need to be paid. How do I pay out the backer? Do I have the casino take the taxes off the top? Or do I get some sort of form in which taxes are taken out at tax season? Pretty clueless about it all. Thanks in advance for the advice.
first find out if the tournament lets you each get a tax form. if not you use a 5754 form for the split and each gets their agreed upon share of the cash.
