Staking - Beginning Poker Questions

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10-28-2019 , 08:39 AM

Lux Lovi

stranger

Join Date: Jan 2019 Posts: 10

Hi Guys,
The WSOPE is running in Rozvadov and i wanna participate. My friend wants to stake me but we both dont know how to transfer the money if i win big. I.e. i win 200k and have to pay him 100k. I live in Germany and we have to pay taxes for moneygifts. I cant pay him as a ''gift''. How you guys handle a situation like that? Can i transfer 100k from Kings Casino to my friends account and the other half to mine?

Thx in advance.

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10-28-2019 , 08:49 AM

7onriver

banned

Join Date: Sep 2019 Posts: 152

I'm not a lawyer but maybe getting something in writing explaining that it isn't a gift if you bink. alternatively just bink and worry about it then.

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10-28-2019 , 09:36 AM

Tutejszy

veteran

Join Date: Feb 2010 Posts: 2,663

if Germany and Czech Republic have a no double-taxation agreement (and I assume they do, most countries in EU have it with each other) then you only need to pay the taxes in Czech. Czech have very friendly taxes on poker, and I imagine that they could pay out both of you if said you have an agreement and then you could both pay (Czech) tax. I'd clear that with the casino beforehand, though.

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10-28-2019 , 09:44 AM

rickroll

Questionable Taste

Join Date: Aug 2011 Posts: 32,228

gl OP and OP's benefactor

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10-28-2019 , 02:18 PM

Kelvis

banned

Join Date: Dec 2013 Posts: 8,737

Pay out his money in cash, let him deposit via the casino, bank or whatever he prefers and let him pay his own taxes.

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10-29-2019 , 06:31 PM

browni3141

Pooh-Bah

Join Date: Aug 2015 Posts: 5,669

If you cash for a significant amount you should each consult a tax professional.

I imagine regular income taxes would apply if Germany/Czech treat gambling winnings as income, and there are some nuances when money is earned in a different country.

It would be a good idea to document your agreement.

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