IPT payout

cueandcushion

cueandcushion

Cue & Cushion_STL_MO
Silver Member
Just wondering...

If the IPT never pays out the money owed to players, then isn't the totals announced in tournament winnings a bit skewed? In order to be accurate shouldnt they post the amount of money they ACTUALLY COLLECTED? If indeed the players have been scammed, their totals listed should be adjusted I think. Just my opinion. What do you guys think?

Just looks weird having everyones income quadruple for one year...then fade back to normal. :(
 
cueandcushion said:
Just wondering...

If the IPT never pays out the money owed to players, then isn't the totals announced in tournament winnings a bit skewed? In order to be accurate shouldnt they post the amount of money they ACTUALLY COLLECTED? If indeed the players have been scammed, their totals listed should be adjusted I think. Just my opinion. What do you guys think?

Just looks weird having everyones income quadruple for one year...then fade back to normal. :(
Click to expand...

I suspect that you are on to something. I also doubt that they will change it. This way KT, has dollar amounts for his tax right off / loss, from the IPT fiasco. Now I do not know for certain but I would suspect that these earnings were also reported to the IRS, and I wonder how this will effect the tax returns of the players involved.

Have a good one.
 
Come on guys

manwon said:
I suspect that you are on to something. I also doubt that they will change it. This way KT, has dollar amounts for his tax right off / loss, from the IPT fiasco. Now I do not know for certain but I would suspect that these earnings were also reported to the IRS, and I wonder how this will effect the tax returns of the players involved.

Have a good one.
Click to expand...

You only have to file earnings on money you received, not money owed. You are only allowed to write off money you paid out. What is listed on a web site means nothing either way. The players report their own earnings which does not include money owed.
 
The way I see it, they won the money. It should be reflected as that. Just because they were *&(*ed over by a deadbeat con artist doesn't mean they didn't win the money.

When they were playing, they had the pressure that that amount of money would generate.

I say leave the winnings as is.
 
Not all con artists are deadbeats. The ipt scammer is an early retirement artist.

Some con artists actually do something like make people confident through the clothes they wear, others do it through drinks, and some through tasks.

Your stereotyping of con artists is highly discriminatory.

Its like singling out a criminal figure from a particular group.
 
rackmsuckr said:
The 1099's we received reported the correct amounts paid out to us.
Click to expand...

Thanks for clearing that up Linda, I was kinda being sarcastic but it is good to know that the players were not screwed that way also.

Have a very nice day!!!!!!
 
You must log in or register to reply here.
Back
Top