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Old 06-30-2018, 12:40 AM   #1
HundredsOfStuff
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WSOP policy of 1099/W2G splitting for staked players

Sorry if this is not the right place to ask. I vaguely remember hearing something about the rules changing for this recently but couldn't find anything.

Anyone know if the Rio will allow you to have tournament cashes split among your backers and generate the requisite tax forms for each party?
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Old 06-30-2018, 07:17 AM   #2
BillyBizzle
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Re: WSOP policy of 1099/W2G splitting for staked players

No.
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Old 06-30-2018, 05:25 PM   #3
RedOak
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Re: WSOP policy of 1099/W2G splitting for staked players

Quote:
Originally Posted by HundredsOfStuff View Post
Sorry if this is not the right place to ask. I vaguely remember hearing something about the rules changing for this recently but couldn't find anything.

Anyone know if the Rio will allow you to have tournament cashes split among your backers and generate the requisite tax forms for each party?
I have heard the answer is no. However, it might not hurt to try anyway. The form to use is 5754. If they refuse, then just issue 1099s to your backers instead. https://www.irs.gov/pub/irs-pdf/f5754.pdf
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Old 07-06-2018, 07:51 AM   #4
RealMcCoy
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Re: WSOP policy of 1099/W2G splitting for staked players

Quote:
Originally Posted by HundredsOfStuff View Post
Sorry if this is not the right place to ask. I vaguely remember hearing something about the rules changing for this recently but couldn't find anything.

Anyone know if the Rio will allow you to have tournament cashes split among your backers and generate the requisite tax forms for each party?
The answer is NO. The RIO does NOT accept form 5754 as being valid for tournaments. It is published on the WSOP website (you have to hunt) and if you send them an inquiry they confirm their position.

1099's is the proper method to reallocate the gaming revenue to your sponsors/backers
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