I realize this is probably the wrong subforum...but I do not have priveleges to start a new thread in the staking forum.

I sold a WSOP package (not on 2+2) and have the happy task of paying my investors for a healthy score.

I gave each the option of withholding 30% taxes or issuing 1099s.

several have opted for 1099s and I have a few questions:

#1- is this the 1099 misc form? or another more specific form?

#2- where do I find this form? duh I know it seems obvious but on IRS website I can only find the instructions for the 2018 form and the 2017 form but not the actual 2018 1099 form itself.

#3 I have an australian investor that wants me to 1099 him. Is that even possible? I feel like I have to withhold in this instance.

#4 on the form, should I record the total amount paid, or just the profit?

1099-MISC

Do a google search for "IRS Form 1099".

Yes, it's possible. It will be up to him to file a US tax return to report his US income.

Record the amount of net winnings of each individual on each 1099-MISC, just as your W-2G from the casino reports the net tournament winnings to you (the payout less your tournament buy-in).

Don't forget to file the IRS copy of the 1099s you issue, along with a Form 1096, with the IRS.

More info:
http://www.taxabletalk.com/2007/05/1...ore-the-rules/

With respect to getting the form, see : https://www.irs.gov/pub/irs-pdf/f1099msc.pdf

The above link has a printable version of the copy of the form to be provided to the backer. With respect to the copy of the form to be filed with the IRS, you will either have to file online or order a paper copy from the IRS. More information is at the above link.

I'm way late on this but the answer on the foreign investor is incorrect. You are required to withhold 30 percent of his winnings and to report it on form 1042-S. Australia does not have a tax treaty with the US to cover gambling wins.

I don't think this is right. The OP is paying out the money and reporting it on 1099s as Schedule C business transactions. This is different than reporting payments of gambling winnings. But if the Australian investor can't provide a U.S. Taxpayer Identification Number to put on the 1099-MISC, then the OP does have to withhold taxes from the payment.

On the other hand, I might be wrong.