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Author Topic: TDMMC Fantasy Football  (Read 15720 times)
StL FinFan
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Weaseldoc_13
« Reply #15 on: July 17, 2011, 07:22:14 pm »
I'm down with keeping it for bragging rights like always.  Even if I won, nobody around here would give a rat's ass about it.
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dolphins4life
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« Reply #16 on: July 17, 2011, 07:27:13 pm »
did you get my invite yet, STL?
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StL FinFan
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Weaseldoc_13
« Reply #17 on: July 17, 2011, 07:37:33 pm »
Yeah, thanks.
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Tenshot13
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« Reply #18 on: July 17, 2011, 08:46:12 pm »
Quote from: StL FinFan on July 17, 2011, 07:22:14 pm
I'm down with keeping it for bragging rights like always.  Even if I won, nobody around here would give a rat's ass about it.
Ya, like nobody around here cares that I won it last year.  Speaking of which, to all the competition:  I'm better than you.  Nana boo boo, stick your head in doo doo. Cheesy
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Tenshot13
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« Reply #19 on: July 17, 2011, 08:47:02 pm »
WHOSE GONNA AIM FOR MY CROWN!  CAN'T WAIT!
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StL FinFan
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Weaseldoc_13
« Reply #20 on: July 17, 2011, 09:20:46 pm »
By "around here" I meant where I live, but it applies to here on the board also.
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Any man can make mistakes, but only an idiot persists in his error.
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Tenshot13
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« Reply #21 on: July 17, 2011, 09:26:21 pm »
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Brian Fein
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WHAAAAA???

chunkyb
« Reply #22 on: July 18, 2011, 09:12:53 am »
Just to clarify - people play fantasy football across the country for thousands of dollars every year and no one goes to federal prison for it.

The difference between this and your chess tournament is that here, everyone would chip in $1 to buy a prize for the group, and the winner gets the prize. 

I'm pretty confident that you can't be put in federal prison for giving out a group-owned t-shirt as a prize at the end of a game.  But hey, I'm no expert...
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Sunstroke
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« Reply #23 on: July 18, 2011, 09:54:52 am »
Quote from: Brian Fein on July 18, 2011, 09:12:53 am
I'm pretty confident that you can't be put in federal prison for giving out a group-owned t-shirt as a prize at the end of a game.  But hey, I'm no expert...

I'm in multiple fantasy football/basketball/baseball leagues every season that either give out small prizes from a group pot, or cash that is collected from the league members. I've been doing those types of leagues for a verrrry long time. Nobody "ever" goes to prison/jail/the Gulag for awarding a prize in a fantasy football league.

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"There's no such thing as objectivity. We're all just interpreting signals from the universe and trying to make sense of them. Dim, shaky, weak, staticky little signals that only hint at the complexity of a universe that we cannot begin to comprehend."
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Brian Fein
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chunkyb
« Reply #24 on: July 18, 2011, 10:41:57 am »
My guess is that if the prize is substantial enough AND not partially funded by yourself, the IRS might wanna know about it.  So, having the winner fill out tax papers would be required.

However, I doubt the IRS cares about a t-shirt.

But, its your league, your world.
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Landshark
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« Reply #25 on: July 18, 2011, 11:55:02 am »
Quote from: dolphins4life on July 17, 2011, 05:15:55 pm
no, there are legal complications with that.

I remember I went to a chess tournament where they guy paid out the winner without him filling out anything and he said he could have gone to federal prison for that.

I'm not going to federal prison.

Sorry guys, it's just for pride this year.

There was nothing wrong with winning that money.  The problem is, he needs to report that money to the IRS.  Granted, he doesn't have to fill out anything at that moment, but he must report it by the end of the year.  Unless he won a huge amount, he probably won't go to jail.  However, he could be looking at a major fine, plus interest and penalties if he failed to report it.

Quote from: Brian Fein on July 18, 2011, 10:41:57 am
My guess is that if the prize is substantial enough AND not partially funded by yourself, the IRS might wanna know about it.  So, having the winner fill out tax papers would be required.

However, I doubt the IRS cares about a t-shirt.

But, its your league, your world.

You're right.  According to the IRS website, gambling winnings are fully taxable.   However,  I'm pretty sure the monetary value of a t-shirt is something the IRS won't pursue because it will cost them more to go through the legal process of recouping the interest and penalties from the value of the t-shirt than to just let it go.  They've got bigger fish to fry.
« Last Edit: July 18, 2011, 12:13:09 pm by Landshark » Logged
bsfins
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« Reply #26 on: July 18, 2011, 12:33:21 pm »
Quote from: StL FinFan on July 17, 2011, 07:22:14 pm
I'm down with keeping it for bragging rights like always.  Even if I won, nobody around here would give a rat's ass about it.

Sure we do,rat's ass ok,possum,raccoon,small dog...You're pushing your luck.... Cheesy Wink
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dolphins4life
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« Reply #27 on: July 18, 2011, 12:43:19 pm »
B, are you in?

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dolphins4life
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« Reply #28 on: July 18, 2011, 12:44:15 pm »
Anybody who is in, PM me your email address
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dolphins4life
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« Reply #29 on: July 18, 2011, 01:37:38 pm »
To clarify it was not the winner the TD (tournament director) said could go to federal prison.  It was the TD himself he was referring to.
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