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Chopping a WSOP event

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Posted by posted in High Stakes

Chopping a WSOP event

As far as I know the WSOP doesn't sanction chops, so everything must be done under the table. I was in an interesting spot yesterday, heads up for a WSOPc main event against an amateur I tried to negotiate a chop.

ICM numbers had payouts at:
Me: 172k
Him: 232k

We had all but agreed on:
Me: 190k
Him: 212k

However, in the heat of the moment, I couldn't figure out how to deal with the taxes and this was the only sticking point. Since WSOP doesn't sanction chops, someone must sign for the $250k 1st and someone for the $155k 2nd. Being a professional, it's easy for me to change the numbers in my own records to reflect the chop, but my opponent was an amateur and would not be filing as a pro poker player.

Anyone been in this situation before, or know what the best way of dealing with it is? I know very little about tax law, especially from the amateur side, but hoping someone could chime in with the best solution for the next time this happens.

Thanks,
- Daniel

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