vpFREE2 Forums

Partners in Gaming

#1

I need help from this group and maybe some of you that are
experienced can help.

I went into partners on several plays with someone. They lost on the
drop 6 out of 7 times costing me over $7,000 and then I hit a very
large royal which was split between the two of us (although I got 10%
off the top).

Bottom line is I have paid out over $18,000 to this person and they
do not want to be partners anymore. How do I handle the tax
situation?

I suggested using the form that assigns their portion of the win over
to them and they got insulted, told me I was new to this process and
that no one else would handle it this way.

I need advice. I'm not sure how this should be handled and would
like to hear some suggestions.

Thank you very much...

#2

I suggested using the form that assigns their portion of the win over
to them and they got insulted, told me I was new to this process and
that no one else would handle it this way.

I need advice. I'm not sure how this should be handled and would
like to hear some suggestions.

ยทยทยท

--- In vpFREE@yahoogroups.com, "chavezwc" <chavezwc@...> wrote:

With such a large taxable amount, I would just tell the guy you are
filing a Form 5754 and let the IRS worry about the rest. As long as
you have proof of payment to the other guy, then let it be his
problem. Also, file this away in your memory bank for future thoughts
of partnerships.