Official Michael wsop stake thread

[handicapme]

What's the update here?

Have you decided on an event?

Have you booked your travel??

Why has there been no update on this?

[michael]

What's the update here?

Have you decided on an event?

Have you booked your travel??

Why has there been no update on this?

Received an email from C$ saying Brandon had a contract and cash waiting, just need to figure out which event.

Just started a new job, can get off to play the last 1500 nl event, but just trying to figure out the funds for travel. Will keep you updated

[michael]

Ok, update, think we're in.

Brandon's gonna front me a flight, I will pay him back a minimum of $100 every paycheck until we are square. Brandon is the best and we go way back, good looking out.

So it looks like I'll come out 21-26, play a mtt to practice, get acclimated, plo8 event on the 23rd.

Just have to clear it with the boss today, then book a flight.

This is gonna rule

[Sheesfaced]

Whats with old posters coming back with terrible gimmicks?

This. I thought he was taking his stake seriously. Rather than reading some poker books he is goofing around.

Oh the irony.

[OSA]

Ok, update, think we're in.

Brandon's gonna front me a flight, I will pay him back a minimum of $100 every paycheck until we are square. Brandon is the best and we go way back, good looking out.

So it looks like I'll come out 21-26, play a mtt to practice, get acclimated, plo8 event on the 23rd.

Just have to clear it with the boss today, then book a flight.

This is gonna rule

Fuck yes. First lap dance at Sapphires on me.

[michael]

Ok, update, think we're in.

Brandon's gonna front me a flight, I will pay him back a minimum of $100 every paycheck until we are square. Brandon is the best and we go way back, good looking out.

So it looks like I'll come out 21-26, play a mtt to practice, get acclimated, plo8 event on the 23rd.

Just have to clear it with the boss today, then book a flight.

This is gonna rule

Fuck yes. First lap dance at Sapphires on me.

Thanks! What dates will you be there?

Also, do you know how taxes work on this stake?

For example, say i bink 11,500. 1,500 goes back to the stakers, then we divide up 10k 70/30. Does that mean they pay taxes on their 70% and i pay taxes on my 30%?

[sonatine]

Fuck yes. First lap dance at Sapphires on me.

Thanks! What dates will you be there?

Also, do you know how taxes work on this stake?

For example, say i bink 11,500. 1,500 goes back to the stakers, then we divide up 10k 70/30. Does that mean they pay taxes on their 70% and i pay taxes on my 30%?

good q... i seem to recall jamie gold catching all sorts of hell for saying he needed to pay the taxes on the whole nut and chop up the remainder per arrangement, which seemed outrageously straight forward to me, but really who knows how this works these days.

[michael]

Thanks! What dates will you be there?

Also, do you know how taxes work on this stake?

For example, say i bink 11,500. 1,500 goes back to the stakers, then we divide up 10k 70/30. Does that mean they pay taxes on their 70% and i pay taxes on my 30%?

good q... i seem to recall jamie gold catching all sorts of hell for saying he needed to pay the taxes on the whole nut and chop up the remainder per arrangement, which seemed outrageously straight forward to me, but really who knows how this works these days.

That would work too. It's just I only have 30% of myself, and I imagine taxes are like 30% on the whole thing, so I imagine it's either divied up after i pay taxes, or divied up pretax and then we all pay our own share?

[michael]

Also, no joke, and I'm never this confidant usually, but I don't see any reason I couldn't final table this plo8 event

[hutmaster]

good q... i seem to recall jamie gold catching all sorts of hell for saying he needed to pay the taxes on the whole nut and chop up the remainder per arrangement, which seemed outrageously straight forward to me, but really who knows how this works these days.

That would work too. It's just I only have 30% of myself, and I imagine taxes are like 30% on the whole thing, so I imagine it's either divied up after i pay taxes, or divied up pretax and then we all pay our own share?

I think you can get separate tax forms for each of your backers and you. Someone like C-money who gambles in large sums may not want any taxes taken out as he probably has enough in losing to deduct against winnings. If you don't have gambling losses to deduct against winnings you may want your share of taxes taken out immediate

[Dan Druff]

That would work too. It's just I only have 30% of myself, and I imagine taxes are like 30% on the whole thing, so I imagine it's either divied up after i pay taxes, or divied up pretax and then we all pay our own share?

I think you can get separate tax forms for each of your backers and you. Someone like C-money who gambles in large sums may not want any taxes taken out as he probably has enough in losing to deduct against winnings. If you don't have gambling losses to deduct against winnings you may want your share of taxes taken out immediate

It's not just that you "can" get separate tax forms. You have to. It's the law.

You are required to give tax forms for any WINNINGS distributed to backers, over $600.

You are allowed to subtract the buyin from the winnings when calculating the actual WIN.

For example, let's say someone owned 10% of OSA and paid $150 for it.

Then let's say OSA cashed $7000.

10% of $7000 is $700. However, subtract the $150 paid for the buyin, and the actual winnings are $550. So no tax form is required.

However, if OSA cashed $8000, then the tax form WOULD be required, as the actual winnings would be $650 ($800-$150).

Once you issue these tax forms, you can subtract that amount from your own tax liability on that win.

And what if you win, but your backers all have actual winnings of less than $600? You don't have to issue them any tax forms, AND you can subtract that amount from your tax liability.

However, you need to be prepared to show some kind of evidence of these backers existing if you get audited. It is not required to name them on your tax return in this case, though.

[michael]

Awesome, thanks Druff

[Dan Druff]

Furthermore, it is illegal to just pay the taxes yourself, and just deduct the tax amount from the distributed winnings.

This is because each person has a different tax rate, and this method could be used to dodge taxes.

For example, say Ken Scalir, who barely makes any money, played the WSOP, and won $10,000. Let's say I backed him, in exchange for half of his winnings.

It would be much cheaper for him to pay taxes on my $5000 than for me to pay taxes on that same $5000. So the IRS would not be satisfied with that. Basically, the requirement is for anyone who gets income from a poker tournament to declare it as their own income.

[Dan Druff]

It should also be noted that you CAN subtract gambling losses from gambling wins (in the same calendar year), when it comes to tax liability.

So let's say in February you were in Vegas and shot off $20,000. Aside from that, you didn't gamble at all in 2017.

Then you buy 10% of OSA, and by some miracle he wins $150,000.

He distributes $15,000 to you, and sends you a tax form for $14,850 ($15k minus the $150 buyin).

Are you responsible for taxes on that $14,850?

No! Because you were down $20,000 gambling, you can subtract the $14,850 from it, and your net gambling income is 0.

However, you will need to file the proper forms indicating this, and it's possible the IRS will get bitchy about it, claiming that your win through OSA was an "investment" and not "gambling" (since you didn't gamble yourself). But I think it could still be successfully argued to be a gambling win, given that you were giving someone money to gamble for you.

[michael]

And flight is booked! Should be hitting Vegas around 11pm wednesday night. This is gonna fucking rule

[handicapme]

And flight is booked! Should be hitting Vegas around 11pm wednesday night. This is gonna fucking rule

What event are you playing again? Shipping Drex the money to his wells account later today.

BTW I will gladly let you "pay" my taxes by taking 30% of my winnings if you cash for a meaningful amount (50k+), you'll prob make out on that deal anyways.... so would I lol.

[michael]

And flight is booked! Should be hitting Vegas around 11pm wednesday night. This is gonna fucking rule

What event are you playing again? Shipping Drex the money to his wells account later today.

BTW I will gladly let you "pay" my taxes by taking 30% of my winnings if you cash for a meaningful amount (50k+), you'll prob make out on that deal anyways.... so would I lol.

That friday's 1500 plo8 event. I have a winning record in that game online and live, and would play anyone in the world at that game.

Might look to make a stake thread for a smaller live non wsop tourney for that thursday just to get some practice in too.

Thanks again!

[GambleBotsChafedPenis]

What event are you playing again? Shipping Drex the money to his wells account later today.

BTW I will gladly let you "pay" my taxes by taking 30% of my winnings if you cash for a meaningful amount (50k+), you'll prob make out on that deal anyways.... so would I lol.

That friday's 1500 plo8 event. I have a winning record in that game online and live, and would play anyone in the world at that game.

Might look to make a stake thread for a smaller live non wsop tourney for that thursday just to get some practice in too.

Thanks again!

if you want me to post any tourney strat let me know...PLO8 tourney game is a bit rusty, but against the fucktards you're gonna be playing against it cant be all that bad...

[cmoney]

What event are you playing again? Shipping Drex the money to his wells account later today.

BTW I will gladly let you "pay" my taxes by taking 30% of my winnings if you cash for a meaningful amount (50k+), you'll prob make out on that deal anyways.... so would I lol.

That friday's 1500 plo8 event. I have a winning record in that game online and live, and would play anyone in the world at that game.

Might look to make a stake thread for a smaller live non wsop tourney for that thursday just to get some practice in too.

Thanks again!

pls pm me your email

[handicapme]

Cash sent to Drex. Goodluck.