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wee tip,for anyone selling shares in Vegas this year

TheMadMonkTheMadMonk Member Posts: 294
in Poker Chat
If you don't have an ITIN number .
make sure you let investors know ,they will only get some of their returns paid when you get home,and will have to wait until you receive refund from IRS before they get the rest
Example = you sell 10% each to 5 investors in a tournie,you cash for $50k ,investors will be expecting $5k each back ,
The casino will take about $15k of the winnings for the tax man ,so investors would only get $3,500 on your return ,and the other $1,500 when you get a refund of the IRS ABOUT 9 months later.
If you selling a piece of yourself it's best to make this clear at the start,

Not long now,can't wait B)
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Comments

  • StayOrGoStayOrGo Member Posts: 12,187
    edited April 2018
    How does one go about getting an ITIN number beforehand?

    Is it a lengthy process?
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  • markycashmarkycash Member Posts: 2,837
    As far as I know some casinos/tournament organisers will help you get one there and then. Things may have changed though but that was my understanding.
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  • TheMadMonkTheMadMonk Member Posts: 294
    you can't get one before you go.
    Only casino who gives them out is the rio,if you cash for over $5k there ,they will issue you one
    A any other casino ,they take the tax and you have to go through process of claiming it back,which normally takes between 8 and 22 months for the check to reach you.
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  • TheMadMonkTheMadMonk Member Posts: 294
    12 months not 22
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  • AB0151AB0151 Member Posts: 275
    So if one only plays WSOP events then no issues ?
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  • LARSON7LARSON7 Member Posts: 4,495
    Apparently so, it's my understanding WSOP can issue ITN's but very unlikely any other casino will.

    But worthwhile double checking to be 100% sure.
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  • jwrightyjwrighty Member Posts: 144
    edited April 2018
    .
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  • AB0151AB0151 Member Posts: 275
    In a related question - can one wire USD to Rio in respect to play WSOP events? Rationale would FX rate optimisation. If so does anybody know by when one would need to do so (e.g. tournament date - xyz days)? Any other handy tips around this or related?
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  • JMcCririckJMcCririck Member Posts: 57
    AB0151 said:

    In a related question - can one wire USD to Rio in respect to play WSOP events? Rationale would FX rate optimisation. If so does anybody know by when one would need to do so (e.g. tournament date - xyz days)? Any other handy tips around this or related?


    I was just talking to the Rio cage today and they sent me this PDF in order to send them wire transfer.
    Also a friend referred me to this site to make the transfer which does save quite a bit of money.
    Here my link if you want to pass it on.
    https://transferwise.com/u/darrent89

    Hope this helps, gl



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  • AB0151AB0151 Member Posts: 275

    JMcCririck said:

    AB0151 said:

    In a related question - can one wire USD to Rio in respect to play WSOP events? Rationale would FX rate optimisation. If so does anybody know by when one would need to do so (e.g. tournament date - xyz days)? Any other handy tips around this or related?


    I was just talking to the Rio cage today and they sent me this PDF in order to send them wire transfer.
    Also a friend referred me to this site to make the transfer which does save quite a bit of money.
    Here my link if you want to pass it on.
    https://transferwise.com/u/darrent89

    Hope this helps, gl



    Perfect - thanks so much - yes every little helps! Cheers
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