Staking USA/Canada guys in WSOP tax issues

[Ragz]

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.

[Simon Galloway]

This will help...

Clicky

[Ragz]

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.

[Simon Galloway]

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.

[Ragz]

Yh wouldn't even stake Ivey if losing 30% on winnings. Heard O'Dwyer is marking up at like 2.2:1 LOOOOOOOLLLLLLL

[kp24]

Yh wouldn't even stake Ivey if losing 30% on winnings. Heard O'Dwyer is marking up at like 2.2:1 LOOOOOOOLLLLLLL