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Title: Staking USA/Canada guys in WSOP tax issues Post by: Ragz on June 02, 2013, 10:00:28 AM Can someone tell me how the whole tax thing works for us in the UK regarding having pieces of WSOP packages from US/Canadian residents? Most packages simply say "I'm holding back 30% until 1099 form is received", but what exactly does that mean??? Do we physically have to mail forms? Can we just send it online? OR does the stakee simply fill the form for you with your name and address? I mean the latter would make the most sense since it's HIS side of things the tax is about, not our's. And I mean, what possible other information can be applicable on those forms for tax free countries??? The rest would surely be left blank? Thanks for any help.
Title: Re: Staking USA/Canada guys in WSOP tax issues Post by: Simon Galloway on June 02, 2013, 10:06:31 AM This will help...
Clicky (http://www.taxabletalk.com/2011/05/26/staking-and-the-wsop-2011-update/) Title: Re: Staking USA/Canada guys in WSOP tax issues Post by: Ragz on June 02, 2013, 10:33:19 AM Thanks.
"You would complete Form 1042-S with his information and note that $1,500 of his $5,000 of income has been withheld. " Looks like it's stakees responsibility then. Title: Re: Staking USA/Canada guys in WSOP tax issues Post by: Simon Galloway on June 02, 2013, 10:37:39 AM I'd clear up with them if they are happy to do that in advance of staking them. If you don't like the answer, factor the 28% (or 30% or whatever it is) into the decision of backing them or not.
Title: Re: Staking USA/Canada guys in WSOP tax issues Post by: Ragz on June 02, 2013, 11:05:44 AM Yh wouldn't even stake Ivey if losing 30% on winnings. Heard O'Dwyer is marking up at like 2.2:1 LOOOOOOOLLLLLLL
Title: Re: Staking USA/Canada guys in WSOP tax issues Post by: kp24 on June 02, 2013, 08:36:16 PM Yh wouldn't even stake Ivey if losing 30% on winnings. Heard O'Dwyer is marking up at like 2.2:1 LOOOOOOOLLLLLLL |