Class of 2020 C Eddie Lampkin (TX) TRANSFERRING TO SYRACUSE (4/2/24)

[PeteCalvin]

I was looking at it from the perspective of being an adult in the work force. You’re right about students. Not sure if earning big $$$ changed the view of the IRS.

I wouldn’t worry about the IRS. I’d worry about Governor Hochul. She’s gonna want Albany’s slice. Hope Kadary thought about that, being an NYC kid and going to the Johnnie’s.

 

[Day2]

Pretty much sums up every post these days. I miss the forum of about 6 years ago...

Co-sign.

 

[bnoro]

I wouldn’t worry about the IRS. I’d worry about Governor Hochul. She’s gonna want Albany’s slice. Hope Kadary thought about that, being an NYC kid and going to the Johnnie’s.

Oh brother lol

 

[SuFTW]

Students are different. It's why even though they spend more than 6 months living and going to school in a particular state they still have to pay out of state tuition unless they go to an in state school.

State tuition or not has no relation to this issue. If a student earns money in a state he is not a resident in they are liable for taxes in that state.

Your other argument about doing the NIL “work” in their home state is a possibility but I would think those opportunities would be negligible during the season.

 

[walsh2012]

i dont care about taxes

 

[Consigliere]

Not true. I live in NY part time I don't pay NY income taxes. Hes not a NY resident.

As I understand it, If all of your income is earned in work you do in other states and the income is claimed in this states and the tax rate in those states are equal or greater than your home state, you generally don’t have a tax liability in your home state. Depending on the terms of his NIL deal a player at a college in New York may or may not owe NY State income tax. It doesn’t matter where he plays his games since there is no pay for play.

 

[Consigliere]

Virtually all of our NIL advertising appears to be local. There’s also the fact he’s playing and practicing IN Syracuse. Maybe the tournament we go to in 25 will change this, but I don’t see how any accountant or lawyer can solve the fact he plays for Syracuse and is doing marketing activities for local Syracuse businesses. What car dealership wants to see his face in Texas if he plays here?

The car dealerships and visible NIL deals are relatively low dollar generally speaking. Bill Nye is not paying anyone $500k. I honestly don’t know what the quid pro quo services players are performing for donor groups or individuals who are really paying for play with some shadow responsibilities in the player contracts.

 

[Consigliere]

Paging a resident accountant…. Stat

I’m not an accountant but 99% sure you get taxed according to residency. It would be very difficult for any Cuse player to claim residency in a different state. Given you live on campus, attend school, etc. Also you have to spend more than half your time outside the state

Not entirely true. If I spent x number of days in another state I paid income tax in that state . I had to file seven separate state returns one year. It should all be detailed on your W2 or 1099 if the payer is documenting properly.

 

[Dcuse]

OMG,PLEASE STOP!

 

[dan7800]

Taxes are about as stupid as Georgetown. Let's talk about something else that is Lampkin related.

 

[grepal]

Not entirely true. If I spent x number of days in another state I paid income tax in that state . I had to file seven separate state returns one year. It should all be detailed on your W2 or 1099 if the payer is documenting properly.

Pro athletes must have a nightmare tax situation. They need an army of accountants. Ughh.

 

[OrangeXtreme]

Pro athletes must have a nightmare tax situation. They need an army of accountants. Ughh.

Imagine being a NY Yankee.

You live in Jersey. You earn half your paycheck in NY. The other half comes from all over the country and even Canada.

 

[cliftonparksufan]

Pro athletes must have a nightmare tax situation. They need an army of accountants. Ughh.

They have advisers for all of that. It's not like they download the H&R Block home version to do. The minor league player might suffer since they probably don't have all the resources to handle those things.

 

[cuseallday]

This is an excellent piece re: Eddie from Mike M. I'd carve out some time: Monday Musings: What to make of the Eddie Lampkin situation

 

[kcsu]

State tuition or not has no relation to this issue. If a student earns money in a state he is not a resident in they are liable for taxes in that state.

Your other argument about doing the NIL “work” in their home state is a possibility but I would think those opportunities would be negligible during the season.

agreed and this will be my last post on taxes the key is the individual doesn't have to earn anything in NYS if the contract for NIL services is structured properly.

 

[Capt. Tuttle]

Per Turbo Tax: The general rule is: your report all your income on your home state return, even the income earned out of state. You file a non-resident state return for the state you worked in and pay tax to that state.

college student

I am a college student from Kansas going to school in New York. I file taxes independent of my parents. I earned income in New York while attending school. Do I file state taxes in my home state or state where I earned income?

ttlc.intuit.com

 

[kcsu]

Per Turbo Tax: The general rule is: your report all your income on your home state return, even the income earned out of state. You file a non-resident state return for the state you worked in and pay tax to that state.

college student

I am a college student from Kansas going to school in New York. I file taxes independent of my parents. I earned income in New York while attending school. Do I file state taxes in my home state or state where I earned income?

ttlc.intuit.com

Ok promise last one. Correct. For the state you performed work in is the operative and key element of what im talking about. No player has to perform work in the state they go to school in order to receive an NIL deal. Many of the larger deals are actually national in scope. I realize that it is tricky but if well thought out a

 

[DPCuse]

Per Turbo Tax: The general rule is: your report all your income on your home state return, even the income earned out of state. You file a non-resident state return for the state you worked in and pay tax to that state.

college student

I am a college student from Kansas going to school in New York. I file taxes independent of my parents. I earned income in New York while attending school. Do I file state taxes in my home state or state where I earned income?

ttlc.intuit.com

And you take a credit in your home state for the taxes you paid to the nonresident state. That avoids double taxation. But let's get back to Lampkin please.

 

[kcsu]

an individual could be asked to pick a local enterprise or non-profit that they want to support, and the NIL could be structured around that vs something in NYS. Boys' and girls' clubs, Bethany house, American cancer, etc... There is a myriad of national opportunities to support that have local chapters in every state.

 

[orange79]

OK.

All the resident and wannabe CPA's have had their say. I'm locking this thread for a few minutes so everyone will have to read this post.

Take all the tax talk to the main board - start a thread about NIL and taxation if you feel the need.


Further taxation posts will be terminated with extreme prejudice.

 

[orange79]

OK - let's talk Eddie Lampkin!

 

[walsh2012]

OK - let's talk Eddie Lampkin!

Thank you based mod

 

[cali315phan]

Pretty much sums up every post these days. I miss the forum of about 6 years ago...

In defense of our degenerativity (I think I made that up) 6 years ago we didn't have the portal and the NIL roller coaster.

 

[MSOrange]

 

[bnoro]

This is an excellent piece re: Eddie from Mike M. I'd carve out some time: Monday Musings: What to make of the Eddie Lampkin situation

That's a lot of words to say nothing.

He could just say he doesn't have a source on the situation and that's okay. Of course Eddie wouldn't say anything publicly.