NY vs Chicago Grudge Match Update
NY vs Chicago Grudge Match Update
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?
Glenn?
*Ranked #1 Average Fantasy Football Player in the Nation 2004-2013
"Fantasy sports are all about LUCK. Except when I win."
"Fantasy sports are all about LUCK. Except when I win."
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NY vs Chicago Grudge Match Update
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.
2005 NY/CHI League Champ
2006 CHI#2 3rd Place
2006 Auction Reg Season Champ
2007 TAM#2 2nd Place
2007 Auction Reg Season Champ
2009 LV#5 League Champ
2010 Auction Reg Season Champ
2011 LV#3 2nd Place
2012 LV Classic League Champ
2006 CHI#2 3rd Place
2006 Auction Reg Season Champ
2007 TAM#2 2nd Place
2007 Auction Reg Season Champ
2009 LV#5 League Champ
2010 Auction Reg Season Champ
2011 LV#3 2nd Place
2012 LV Classic League Champ
NY vs Chicago Grudge Match Update
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.
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.
*Ranked #1 Average Fantasy Football Player in the Nation 2004-2013
"Fantasy sports are all about LUCK. Except when I win."
"Fantasy sports are all about LUCK. Except when I win."
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NY vs Chicago Grudge Match Update
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.
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.
NY vs Chicago Grudge Match Update
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 ]
[/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 ]
*Ranked #1 Average Fantasy Football Player in the Nation 2004-2013
"Fantasy sports are all about LUCK. Except when I win."
"Fantasy sports are all about LUCK. Except when I win."
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NY vs Chicago Grudge Match Update
Winnings - Entry Fees = $0 in taxable winnings.
2005 NY/CHI League Champ
2006 CHI#2 3rd Place
2006 Auction Reg Season Champ
2007 TAM#2 2nd Place
2007 Auction Reg Season Champ
2009 LV#5 League Champ
2010 Auction Reg Season Champ
2011 LV#3 2nd Place
2012 LV Classic League Champ
2006 CHI#2 3rd Place
2006 Auction Reg Season Champ
2007 TAM#2 2nd Place
2007 Auction Reg Season Champ
2009 LV#5 League Champ
2010 Auction Reg Season Champ
2011 LV#3 2nd Place
2012 LV Classic League Champ
NY vs Chicago Grudge Match Update
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.
Next year, the winnings should be divided equally amongst the entire team.
*Ranked #1 Average Fantasy Football Player in the Nation 2004-2013
"Fantasy sports are all about LUCK. Except when I win."
"Fantasy sports are all about LUCK. Except when I win."
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NY vs Chicago Grudge Match Update
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.
2005 NY/CHI League Champ
2006 CHI#2 3rd Place
2006 Auction Reg Season Champ
2007 TAM#2 2nd Place
2007 Auction Reg Season Champ
2009 LV#5 League Champ
2010 Auction Reg Season Champ
2011 LV#3 2nd Place
2012 LV Classic League Champ
2006 CHI#2 3rd Place
2006 Auction Reg Season Champ
2007 TAM#2 2nd Place
2007 Auction Reg Season Champ
2009 LV#5 League Champ
2010 Auction Reg Season Champ
2011 LV#3 2nd Place
2012 LV Classic League Champ
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NY vs Chicago Grudge Match Update
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.
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.