I'm not understanding how these splits worked -
Title of the article says he won $525K - then it says-
Driving his friend Matt Dadas’ 1984 Ford Ranger, Gage collected a $300,000 purse, which he split $160,000/$140,000 with runner-up, Johnny Ezell.
I tried to post a link about the actual winner, but it didn't show up in my post .
its a bit confusing.
Track deducted taxes that turned the 525 into 300?
While were om the subject of big money races - https://dragillustrated.com/britt-cummings-dishes-on-great-american-guaranteed-million/
The track doesn't deduct taxes that's up to the winners at tax time after they get 1099'd. If you read the Coughlin article it says at a certain point they start to divide the money to give the guys who go out in the earlier rounds a little bigger piece of the pie since the purse is so top heavy. It's common at bracket races big and small. The reason it says he won 525k is because he was the winner of the race and the "big check", whatever the winners and late round finishers decide to do with the money is up to them.
10K at 15 cars
Here's a copy of the payout from the promoter and this is what I read was the actual split between the racers. You can see the big difference in money.
So the winner tells the track how to divide the money and they pay the racers directly or the winner splits it up and pays the other racers.
If they are issuing checks they would decide the split and the track would write the checks accordingly. If it was a cash payout then the racers would divide it. This just happened to a buddy of mine on a much smaller scale. The winner was getting 2k and runner up 600. They decided the split before the final and the track wrote the checks accordingly.
They still get a 1099 on case payouts? Would suck for the winner to get stuck with the tax bill on the full purse.
I don't know exactly how the 1099 works in that situation but I agree with your statement. I also doubt cash is handed out on large payouts
Yeah, I really doubt it's cash with the big payouts andas a winner I would definately tell the track how to write the checks.. Gage wouldn't have much left to himself ih had to pay the tax on the $525 if he only took $300!
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