One step closer. . .

[SycoSteve]

Announcment regarding progress in FTP remissions. Getting closer faster now:

[NFI]

A pocket5s write up of the event DOJ Approves $82 Million in US Full Tilt Repayments

Any news on whether the funds will be taxed before being released?

[waterboy]

I was fortunate enough to have an undisputed claim. As soon as I hear anything from GCG, I'll let everyone know! As far as taxes go, It's my understanding that you may have to file taxes on your claim next year. Only time will tell.

[SycoSteve]

I was fortunate enough to have an undisputed claim. As soon as I hear anything from GCG, I'll let everyone know! As far as taxes go, It's my understanding that you may have to file taxes on your claim next year. Only time will tell.

I think I've heard elsewhere that you were actually supposed to declare winnings on your tax forms for the year they were won, not the year cashed out. Anyone concerned should consult a tax professional. . .

[waterboy]

I think I've heard elsewhere that you were actually supposed to declare winnings on your tax forms for the year they were won, not the year cashed out. Anyone concerned should consult a tax professional. . .

yes, typically that would be the case. But, since all the money was seized, how was a person supposed to file taxes on it?? I have read many articles on this subject, as well as the 2+2 threads. I am no lawyer, but I feel very confident I will have no issues.

[SycoSteve]

yes, typically that would be the case. But, since all the money was seized, how was a person supposed to file taxes on it?? I have read many articles on this subject, as well as the 2+2 threads. I am no lawyer, but I feel very confident I will have no issues.

TBH, I'll probably flip a coin as to whether to declare or not next year on the cash out.

Are you trying to say you don't know how much you won/lost in a given year? Doubt the IRS would consider that sufficient record keeping to back up your declaration whatever the year(s).

Whatever. The nightmare looks like it's reaching a conclusion. . .

[SycoSteve]

Updates today on the GCG FTP claims website: fulltiltpokerclaims/

[SycoSteve]

Starting to get nervous that remissions may actually take place for those who did not file a dispute.
One more step in the right direction is taken:

pokerfuse/news/law-and-regulation/gcg-test-ach-process-for-full-tilt-payments-13-02/

Here's the announcement from the Garden City Group FTP Remissions website:

[waterboy]

Saw this story in my facebook feed earlier today. I"m in a very small town with a small bank, I doubt my bank will be doing test payments. So I doubt I'll hear anything, but like you, I am very excited and nervous about getting my funds. I suspect those feeling will stay with me until the $ hits my account.

[eberetta1]

Thinking my claim will be paid by last day of Feb 2026. Imagine, almost 3 years...