i dont know, there are definately some bad players, and definately alot of great ones. I think my original estimate of 10-30% is probably correct. I think if I really worked on my Stud Hi game then it could go up some, because I am really lacking in that game. I think the best way will be to transfer everyone back there original backing money online and then write them checks for the profit.
or just write checks for the whole thing unless someone has objections, i dont think i can transfer the profit online because I'd be stuck for all of the taxes.

Thoughts?

Sit down at a 25/50 table and transfer it?

Now that sounds like a dumb idea.

FYP

Forgot to ask how much did they take away for taxes?

Ummm...OK. Maybe I'm missing something, but it sounds like a good way to end up with locked accounts.

hey joe, good job again.

For private reasons, I cant really accept checks. Do you think you could give a trustworthy friend who has $ online the check for my profit and he would send it on stars?

hi joe, congrats again.
10-30% roi impessive. i can well see that tho.

also didnt know that bueno is that bad.

my problem is that im from europe and do not have a bank account in dollars. i would hate to pay conversion fees or whatever.
im thinking about getting a dollar account at my local bank though since online sites and neteller and all is in dollar as well.

i have no idea how your taxes in the us work. but i believe that you have good reason not to ship us the money online then. some brief clarification would be apreciated.

if there is no way for you to get more money online or using existing online moneys for the transfer then let us know. will get in contact by email with you then.

Joe and all,

Just curious, as i rarely buy pieces and hardly ever stake people/get staked . But as far as the IRS knows, Joseph Michael won ~142000k(or roughly 90k profit). How do you show them that a nice % of this money goes to other people? i.e. how do you prove your tax burden isn't as lofty as the 142k or 90k(not sure which number is used to calculate gambling winnings, i have somebody do my poker taxes,and am overall a tax n00b). I'm just assuming when you went to the cage they gave you the ~142k, and you signed some sort of tax form?!? does vegas do this?

AS far as transferring back the original investment, and sending a check for profit that works for my 1%.

Joe,

I think you can just write me a check or whatever when we hang out next Monday.

The taxable amount is just the profit, so like 92k or whatever. I do have to have something to show the IRS what happened to the money if I claim that in fact I did not win it (that backers won some), so I need some type of paper proof, like a check or something.

A postal service money order would be a simple solution for those in the US who can't take checks. That way joe can keep the receipt part of it for his records, and pretty sure you can just get cash by showing your driver's license to prove you are who it's written out to.

Check is fine for me.

Can everyone send me their addresses or bank wire information so I can ship you your profit.
Thanks

Joe,

You should be able to have things written up to say they received payments from you for backing you, which would show the whole profit wasn't yours. Five minutes on the phone with a good accountant will likely save having to figure out writing checks and all that. My CPA works with multiple poker players so if you need a decent contact lemme know.

Just wanted to bump this.

I'm selling pieces again this year for the 50k HORSE. I need your support so I can play!!!! I'd like to sell %s at 1.1-1, please message me if you're interested.

UH OHHHHHHHHHHHHHHH HERE WE GO AGAIN

joe, might be best to start a new thread and put a link to this thread in it with cliff notes. just to make things clearer etc gl gl anyway.

so how did the payouts end up last year? did you end up sending everyone checks? or by stars/ftp

I sent everyone their original investment back on stars/ftp and then sent the profit to them by check or wire transfer

hey joe, so if i would want a piece of your action i would have to pay like 1100$ to get a piece of 1000$ minus the WSOP rake ?
i dont know the wsop rake exactly but your ROI has to be above 10% for me to get atleast break even?
Oh i forget to mention the tax, what about the tax, how much tax will be taken from the price money?

Im interested in buying a piece of your action but i guess 1.1 to 1 is no good deal for me, please proof me wrong!

haha, well the tax I will leave up to you, I don't believe they take out the tax from the prize pool. At least when I cashed last year they didn't. I don't think the rake is that much, a few hundred dollars. So you would have to believe my roi is above 10% in order for it to be a good investment, that is if you don't count the enjoyment you get out of sweating and the good karma you get from helping me out

yeah what about your karma ;D

i think it is truly an honor to play the HORSE Event and you should give 1 -1.
Ever thought about the publicity you get? This is even worth more than this lousy 10% you earn on the buyin. Not mentioning you winning or final tabling this event and having a contract with ftp or stars.

but nevermind i will simply wait, lets see if you get your pieces sold at 1.1 to 1, if so good luck, if not ill buy some 1 to 1.

You have a point RiverMe, I just think that I am about +25% roi in the event, and remember I have to be out there for 4 days before you even cash. I don't know I thought 1.1-1 was reasonable since I cashed in it last year and also cashed in the 10k WCOOP HORSE event

bigj0e has a new thread in Staking for this year, and has requested I move this one to BBV for him. He tells me he has approval of one of the mods there, so I'm moving it for him subject to change if it creates any problems.

Durrrr has bought a big piece, come on guys help a brotha' out