Survivor pool worth close to 1mil

[tonyandpals]

Cross posted from Fiskful of Dollars to get more views:
http://sonsofsamhorn.net/index.php?threads/2016-survivor-pool.15170/#post-1864567

DISCLAIMER - THIS IS NOT MY POOL. JUST ONE I HAVE BEEN IN FOR MANY YEARS

We're back...

There is already a thread for strategy. This thread is if you want in.

I expect the pool will hit 10k entries this year, putting the payout at 1mil

Once again, I will gladly manage the SoSH entries. Entries in the pool are $100 each, but we've been doing our shares at $25. So if we get 40 shares at @ $25 we'll have 10 picks in the pool. Looks like we had 20+ picks last year.

Simple math example of the payout, if there are 10 total shares, and you bought 4 of them, you'd get 40% of the payout.

Use this thread to let me know how many shares you're interested in. I can take PayPal (friends and family, waives the fee) and venmo for payments. DO NOT MENTION A FOOTBALL POOL in the notes. Just put your sosh handle.

Visit the Fiskful of Dollars thread for more info.

 

[Time to Mo Vaughn]

Can someone explain the cash out options on a $1M survivor pool winning?

 

[Stitch01]

Id assume the guy just wires you the money

Yes you will have to pay taxes.

 

[Time to Mo Vaughn]

Which 1099 do I fill out for illicit gambling?

 

[edmunddantes]

The IRS doesn't care where it comes from so long as you pay the appropriate taxes, but since you asked...

You must report all gambling winnings on your Form 1040 (PDF) as "Other Income" (line 21), including winnings that are not subject to withholding.

 

[Stitch01]

Yeah, i mean, Ive filed tax returns declaring winnings from offshore books for years and filed the FBAR to declare the offshore books as foreign accounts. Im not particularly worried about it, but obviously if it doesnt fit your risk profile dont play.

The IRS asked me about it once and tried to disallow my offsetting losses. I sent a letter explaining where the income was from and that I had records of my wins and losses, case was closed.

 

[tonyandpals]

Lets hope we have an issue w/ the finance piece around winning this year.

 

[tmracht]

I'd like to enter but it says I don't have access to those threads

 

[tonyandpals]

Last call. Get over to fiskful and put up your $25 for a share of what could be close to 1mil (500k right now)

 

[Papelbon's Poutine]

I'd like in for my own entry. Pm or email for details?

 

[Stitch01]

I also want to follow up on how to make my picks for my own entry that I bought. Let me know the best way to do so. Thanks!

 

[koufax32]

So week 1...SEA or bust?