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Hey guys,
Currently I'm thinking about taking a backing/stacking deal (55/45 split). I play mostly MTT from $3 – $55 and play about 3 nights a week. I hardly play turbo sngs, but sometimes some non-turbo 180s to cut down varience.
The reason is that I would be able to cash out my entire roll and live of it for the next few month during internship. If I don't do that, I would have to get a loan to cover my expences. An other reason fortaking on a backer is that it's more easy to move up in stakes when I make some profit.
A big disadvantage is offcourse that I dont have the flexibility and freedom I have at the moment. Another disadvantage is that I live in Holland where you have to pay taxes each month over your winnings, you can not compensate the winning months with losing months. I dont pay taxes atm, but I might have to in the future. I would have to pay 29% over my winning months..
Im hoping to get some solid advice from you guys. I know a lot of tourney regs are backed/staked so a lot of you know the pro's and con's of this kind of deal. Especially the taxes would be a problem if I get staked. The only way I would get in trouble with paying taxes is if I would ship a huge tourney and a lot of people can link my sn to my real name (both not likely).
Thanks in advance!
Thomas
PS. This is not a request to find a backer/staker, this is only to get some sound advice!
TPE Management
March 17, 2010
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Wouldn't you have to still pay the taxes if not backed? Or, is it just on withdrawals and if you were not backed you wouldn't withdraw?
RonFezBuddy said:
Wouldn't you have to still pay the taxes if not backed? Or, is it just on withdrawals and if you were not backed you wouldn't withdraw?
Being backed or not wouldn't change the situation regarding taxes. The thing is that the Dutch system for paying taxes in poker is awfull. You would have to pay per month and not per year. So when you win 10K in one month and lose it back in the next three months, you still have to pay 29% taxes over that 10K. Only a small percentage of the dutch poker players pay their taxes, and that's mostly becouse their well known in the community couse of some big scores and/or media attention. When you don't draw a lot of attention, the chances are small the government would know you play poker on the internet. So hopefully I won't get any trouble with taxes, but there is a chance, and therefore a disadvantage for being backed, becouse paying 29% taxes over 55% of my winnings would be a lot.
Not regarding the whole tax issue, could you guys give some advice about being backed?
if you can afford not to be backed then dont get backed….
you could sell off action instead, this is what i do as I had to cash out 2/3 of my roll. I basically sell about 60% of my action now which cuts down varicance and lets me still play mid (stakes)
TPE Pro
TPE Management
July 20, 2010
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move to Canada where the tax burden really doesnt exsist.
ttwist said:
move to Canada where the tax burden really doesnt exsist.
Well the Can. gov. makes up for the taxes on everything else you buy even though they don't take it from lottery/gaming wins.
buffyslayer1 said:
if you can afford not to be backed then dont get backed….
you could sell off action instead, this is what i do as I had to cash out 2/3 of my roll. I basically sell about 60% of my action now which cuts down varicance and lets me still play mid (stakes)
I think I heard a midstakes mtt player saying on the P5's podcast that he would recommend being backed playing midstakes mtt's. Offcourse it is a good idea to sell a lot of my action so that I can continue playing those stakes tourneys if I would decide to cash out. Thx for the advice!
Are there also people that are being backed/staked that can give their opinions?
Moving to Canada is not exactly the advice I was hoping to get. 😛 I live in Amsterdam, am at the final year of my studies and recently moved to live with my girlfriend.
TPE Management
March 17, 2010
Offline
If you can afford to play midstakes MTTs within normal bankroll parameters, I would recommend NOT being backed. Assuming you are +EV there is definitely money to be made and even though there is variance, it's not impossible to be profitable.
With HSMTTs the edges are much smaller between great players, so I would take a backing there over a midstakes for sure.
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