Tournament Poker Edge | Learn Poker Strategy | Tournament Poker Training from the Pros - Topic: I have an ? idea https://www.tournamentpokeredge.com/forum/staking/i-have-an-%f0%9f%92%a1-idea/ Simple:Press Version 5.7.5.3 The Riceman on I have an ? idea https://www.tournamentpokeredge.com/forum/staking/i-have-an-%f0%9f%92%a1-idea/#p70560 Staking https://www.tournamentpokeredge.com/forum/staking/i-have-an-%f0%9f%92%a1-idea/#p70560 Ah well, never mind! One day...one of my business ideas will just fall into place I am sure.

Call me Del Boy!

(Ahhh only British members will know about Del Boy and Rodney from Only Fools And Horses... Or perhaps in the US you get to watch it? It is classic...best of British comedy! If you have a moment Youtube "Del Boy falling through bar" and watch the clip...its hilarious!).

Anyway to illuminate those with neither the time nor inclination to find out about Del Boy, he is a classic wheeler-dealer wide boy always coming up with hair-brained get-rich-quick schemes.

]]> Sun, 02 Oct 2016 18:38:54 -0400 joelshitshow on I have an ? idea https://www.tournamentpokeredge.com/forum/staking/i-have-an-%f0%9f%92%a1-idea/#p69365 Staking https://www.tournamentpokeredge.com/forum/staking/i-have-an-%f0%9f%92%a1-idea/#p69365 Andrew is correct. There are surely many who would consider the 90% as a gift rather than their share. The problem is anyone who plays at a level where they could benefit from such an arrangement is likely to also have creative tax returns already.

The best option is to find things to write off the income. It can mean high-buy-in tournaments. It can mean lots of donations to nonprofits. As long as you're itemizing deductions, there are ways.

]]> Sat, 04 Jun 2016 23:43:40 -0400 Killingbird on I have an ? idea https://www.tournamentpokeredge.com/forum/staking/i-have-an-%f0%9f%92%a1-idea/#p69255 Staking https://www.tournamentpokeredge.com/forum/staking/i-have-an-%f0%9f%92%a1-idea/#p69255 Think Andrew is correct here, although I am FAR from a tax expert.  Maybe I'll try and get our friend Russ Fox to come in and comment as he can give a proper answer I'm sure!

]]> Mon, 30 May 2016 15:21:13 -0400 Foucault on I have an ? idea https://www.tournamentpokeredge.com/forum/staking/i-have-an-%f0%9f%92%a1-idea/#p69234 Staking https://www.tournamentpokeredge.com/forum/staking/i-have-an-%f0%9f%92%a1-idea/#p69234 Yeah I'm pretty sure your assumptions are just off here. The backer owes taxes for his portion of the winnings, and the horse for his. You can't claim my winnings as your own to avoid taxes and then send me the money tax-free.

]]> Sun, 29 May 2016 13:02:54 -0400 The Riceman on I have an ? idea https://www.tournamentpokeredge.com/forum/staking/i-have-an-%f0%9f%92%a1-idea/#p69227 Staking https://www.tournamentpokeredge.com/forum/staking/i-have-an-%f0%9f%92%a1-idea/#p69227 As I understand the situation it is the responsibility of the staker to pay the taxes. The tax would be "paid" in the UK at 0%. Obviously if you then need to pay tax again in USA this wouldn't be a fantastic deal for you lol.

I wouldn't be claiming your winnings as my own, I would merely be acting as processor, a backer in name only.

The idea for this came from a...I forget the site but it was a reputable big-name site, and the author explicitly stated that a USA player can circumvent the US tax laws if his backer is British. 

Although Andrew I am new to MTTs and certainly have no experience in staking, and although I have known some backers I have had no business relationship with them.

I wish I could direct you to the site...I'll take a look!

]]> Sun, 29 May 2016 11:35:10 -0400 Foucault on I have an ? idea https://www.tournamentpokeredge.com/forum/staking/i-have-an-%f0%9f%92%a1-idea/#p69225 Staking https://www.tournamentpokeredge.com/forum/staking/i-have-an-%f0%9f%92%a1-idea/#p69225 If I understand you correctly, I don't think this accomplishes anything. Sounds like you're saying that if I win 100K and would have to pay 35K in taxes on it, you could instead claim the 100K as your own winnings, keep 10K, and then give me 90K. However, that 90K you give me would still be income for me, and I would still have to pay taxes on it.

]]> Sun, 29 May 2016 11:04:43 -0400 The Riceman on I have an ? idea https://www.tournamentpokeredge.com/forum/staking/i-have-an-%f0%9f%92%a1-idea/#p69224 Staking https://www.tournamentpokeredge.com/forum/staking/i-have-an-%f0%9f%92%a1-idea/#p69224 Hey TPE'ers,

So I have an idea. Please understand this idea is:

A) Purely hypothetical at this stage. I have studied the legality, it seems to be good, although technically it may be a loophole.

B) Possibly something everybody already knows about and already does, in which case disregard.

C) Possibly something nobody will be interested in, although you can't argue with the maths.

D) Possibly redundant from the get-go because you all have other methods of reducing your tax bills.

Understanding the above, I gather US players have to pay 25 or 30% taxes on their yearly profits. (Some places say 25 others 30).

In the UK we pay 0% on gambling winnings, unless we derive the majority of our income from gambling, ie we are professional gamblers.

I understand if US players are staked the responsibility of tax payment defers to the staker.

Hypothetically, I would act as your staker; the arrangement would consist of my processing your gross winnings through our tax free system for a processing fee of way less than 30%. I'm thinking along the lines of between 5 and 10% TBD.

It's just an idea, maybe as I said you all have much better arrangements and this is of less than zero interest (in which case sorry for wasting your time).

There may also be a huge legal flaw which I am unaware of.

But just maybe, it could be a winner! As they say...you've got to be in it to win it!

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