Buy some WSOP action!

hey Art, I'd be keen on getting in on some of this, but won't be able to get you cash until about July 3rd/4th, as that's when I arrive in Vegas this year. Would this be a big problem?

no stars transfers, aye?

gl either way!

On May 03 2012 16:31 eso wrote: no stars transfers, aye? gl either way!

lol i think this counts as a needle

osheet, never know with all the people relocating :<

would you consider doing something like player999 is doing? Adding up your entire NLHE schedule and selling % of your entire schedule

On May 03 2012 16:49 gawdawaful wrote: would you consider doing something like player999 is doing? Adding up your entire NLHE schedule and selling % of your entire schedule

nothing to stop u manually doing that urself lol??

edit: oh u mean including events that he otherwise wasn't planning to sell for?

On May 03 2012 16:19 Ket wrote: hey Art, I'd be keen on getting in on some of this, but won't be able to get you cash until about July 3rd/4th, as that's when I arrive in Vegas this year. Would this be a big problem?

Your credit's good

As far as Stars Xfers, I obv can't do them myself, but if someone I trust who wants to buy some anyways wants to work with me on collecting funds from people who wanna buy a piece and give them to me along with their money I can do that too I suppose, but middle men often result in confusion.

On May 03 2012 16:59 Ket wrote: Show nested quote + On May 03 2012 16:49 gawdawaful wrote: would you consider doing something like player999 is doing? Adding up your entire NLHE schedule and selling % of your entire schedule nothing to stop u manually doing that urself lol?? edit: oh u mean including events that he otherwise wasn't planning to sell for?

lol I suppose I could. I'm just lazy and slow for the most part

On May 03 2012 15:54 thewh00sel wrote: pps: could someone knowledgeable inform me on one-time deals, if you do an 80/20 deal on a 1k tournament and the person cashes for 2k do you... A- Give 1k back to the backer and chop the 1k profit 800/200? B- Chop the whole cash 80/20, backer gets 1600, player gets 400?

A. is standard for almost every staking deal
B. only applies when you sell/buy shares

obviously nothing is set in stones. you can always negotiate different terms for staking

what % of taxes do you pay when you win?

actually yeah that's a good point I forgot about. Can you tell us more about this W-2 and withholding 30% business? Is it possible to arrange it so that people who have pieces from outside USA don't get their share of any cashes withheld? If so what sort of paperwork would be involved and would I have to be physically present? I have an ITIN number so that no taxes are withheld from my own wsop cashes, I guess you might need that?

im asking because taxes +20% markup seems -ev even if phil ivey

On May 03 2012 18:00 Target-x17 wrote: what % of taxes do you pay when you win?

On May 03 2012 19:25 Ket wrote: actually yeah that's a good point I forgot about. Can you tell us more about this W-2 and withholding 30% business? Is it possible to arrange it so that people who have pieces from outside USA don't get their share of any cashes withheld? If so what sort of paperwork would be involved and would I have to be physically present? I have an ITIN number so that no taxes are withheld from my own wsop cashes, I guess you might need that?

The tax withholding is just to protect myself so that before I give you the full amount, you sign something saying "I had X% of this win, worth $Y, this is my name address/contact info and social security number or passport number or something" When I have that, then you get the full share. If you don't want to do that, then I have to withhold the amount that I will have to pay, ~30% of the full cash when I claim that I won the full amount on my taxes next year.

So for people who live where you don't pay taxes on stuff like this you don't have to worry about it you just sign it so I have proof on my end. And if you plan on not paying taxes on your share if you DO owe on it, then it's full disclosure that I'll be submitting something with my return saying I paid that amount out to a backer out of that tournament score, and if I ever got audited I would have the document with your name on it. Just record-keeping stuff, I guess the 30% thing sounds kind of scary reading it back, but not to worry, you will get your full share I just have to make sure I don't get raked for more than I actually win, make sense?

Example A (don't sign anything): I win 100k, take 30k off the top, give backer 56k (.8*70k) and just say yeah I cashed the whole amount and I pay all the taxes on it (~30k)

Example B (sign paper): I win 100k, give backer 80k (.8*100k) and have backer's signature saying he is responsible for taxes on 80k of the 100k. I pay taxes on 20% of the total win which would be around 6k.

Example C backer doesn't sign anything, I give 80k to them, win 20k for myself and on paper I owe 30k in taxes and come out a 10k loser on the whole deal.

Difference: Depending on your tax bracket and filing status in the US, ~30k is going to come out of that win if you're from the US, whether you pay it or I pay it is the only difference. Also, if you have big scores and big writeoffs like being backed for the tournament, you are at a higher risk of being audited as well. If you're from a foreign country don't they usually withhold on your cashes anyways and then you have to file with your own government to get it back? It's kind of the same thing I guess.

Cliffs: In most cases I won't be holding any extra money, just need a simple Word Doc signed by you win I ship the cheese.

taxes are stupid not sure how the wsop is alive