- Jul 7, 2015
- Reaction score
- Salina, KS
This is extremely important to have a plan in advance if anyone wines over $5,000. We had this happen about 10 years ago in our WSOP league. The player that cashed got bad advice from his tax person and wound up eating some extra taxes. I strongly suggest you have a plan in place to cover this issue if it comes up. I am sure there must be a CPA on the forum to give good advice. My understanding is the winning player may be able send each member of the group a W-2G in order to transfer those tax liabilities to each group member. An itemized 1040 may be required to claim the deductions which could also be a problem for some members of the group. Just work this all out in advance. Money changes people.In the event of a big win, all league participants will be responsible for their fair share of taxes.
Good luck! I would be in in a heartbeat if I was local.