NY vs Chicago Grudge Match Update

Diesel · Post by **Diesel** » Tue Jan 02, 2007 9:21 am

I told Tom that I will accept the money from Team NY, so everyone can get their checks and be done with it. I know King of Queens is a bit of a Math guru. Maybe he can think of a way to settle things if I pay all taxes on this money.

Glenn?

TamuScarecrow · Post by **TamuScarecrow** » Tue Jan 02, 2007 11:18 am

Since you lost in the Main you should have enough "FF money losses" to offset this. Add up your checks and your expenditures to play and see what you get.

Diesel · Post by **Diesel** » Tue Jan 02, 2007 12:21 pm

Thanks for reminding me that I lost in the main event. I'm going to hit the bottle now.

Quahogs made a very good suggestion. I'll take the taxes out of the collective money. Whatever percentage people feel is honest. King of Queens deals with financial matters, so I'll wait for his input on this too. We'll still have PLENTY of money to have a feast.

Next year, I suggest we come up with an entry fee that will include all. The winning city's players can decide for themselves how they celebrate with their winnings. All winnings will be distributed equally among the winning team. Then it's up to you to ante up for the GrudgeMatch III celebration.

King of Queens · Post by **King of Queens** » Tue Jan 02, 2007 12:35 pm

Originally posted by Diesel-MoJo Rising:
I told Tom that I will accept the money from Team NY, so everyone can get their checks and be done with it. I know King of Queens is a bit of a Math guru. Maybe he can think of a way to settle things if I pay all taxes on this money.

Glenn? Marc, I would go ahead and take about 30% out of the money to cover your taxes, and we'll use the rest for food. That still leaves about $175, and I'm sure the gang can supplement that total if need be.

As far as the actual taxes you pay, since the money hasn't been mailed yet, it will go on a 2007 1099-M. This means that you won't have to pay taxes until April 15, 2008.

Diesel · Post by **Diesel** » Thu Jan 04, 2007 10:41 am

Originally posted by King of Queens:
[/qb]Marc, I would go ahead and take about 30% out of the money to cover your taxes, and we'll use the rest for food. That still leaves about $175, and I'm sure the gang can supplement that total if need be.

Sorry for the delayed response. That sounds fair to me.

Keep in touch through the off-season.

Guys, anyone from NY that has any thoughts about how to spend the winnings next year, post some ideas, or send me a PM. I'm sure you've read that Glenn and I have some hometown opinions.

Pizza? Or Pizza AND Carnegie Deli corned beef sandwiches? You can't eat both. You'll be stuffed for a week.

But we can have both there if enough people want to have a selection of NY's best, rather than just one or the other.

Marc

[ January 04, 2007, 04:42 PM: Message edited by: Diesel-MoJo Rising ]

TamuScarecrow · Post by **TamuScarecrow** » Thu Jan 04, 2007 11:25 am

Winnings - Entry Fees = $0 in taxable winnings.

Diesel · Post by **Diesel** » Thu Jan 04, 2007 12:53 pm

Tamu, how do you know that for sure? I was sure I read a post where King Of Queens said that it's not as simple as winnings-entry fees = $0...I don't want to profit in anyway from being the proprietor of Team NY, but I also don't want to be short-changed by being solely taxed on collective money.

Next year, the winnings should be divided equally amongst the entire team.

TamuScarecrow · Post by **TamuScarecrow** » Fri Jan 05, 2007 1:40 am

I've known this for several years as my dad told me to always save my losing horse race tickets in case I hit a big one. You should be able to offset winnings with losses or with the investment you put into that endeavor, in this case, entry fees. If I put up $1300 to play and only win $500, I can't claim the losses but I can offset the winnings. Check with Darryl and Big Mike as being semi-big gamblers, they should be able to help you with this as well.

Route Collectors · Post by **Route Collectors** » Fri Jan 05, 2007 1:44 am

Originally posted by Tamuscarecrow:
Winnings - Entry Fees = $0 in taxable winnings. Marc.........what Rick is saying is true. You keep a record of paying out the $$$$ to all other 6 team members which you write off. Since this equals the same amount they each paid to join the league it is a wash. The only thing you need to keep tax $$$ back for is the pizza funds.