Taxman,
Hypothetically, if your BW Hilton Team had won some $, how do you handle taxes?
1. Would you pay all the taxes and have them compensate you?
2. Could all players could just declare their share of the winnings?
3. Would taxes be due for 2012, or if you don't receive your winnings until 2013, would they be due for 2013?
4. If the season had ended after January 1, would it then be on the 2013 tax return?
4. I assume you can deduct the entry fee?
Thanks!
Hypothetically, if your BW Hilton Team had won some $, how do you handle taxes?
1. Would you pay all the taxes and have them compensate you?
2. Could all players could just declare their share of the winnings?
3. Would taxes be due for 2012, or if you don't receive your winnings until 2013, would they be due for 2013?
4. If the season had ended after January 1, would it then be on the 2013 tax return?
4. I assume you can deduct the entry fee?
Thanks!
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