taxed on cashes?
 

i have not gotten paid yet for my round one win. do they take taxes out from 7,100?


tia

Re: taxed on cashes?
 

I don't think they take taxes out ever - if you cash over 10k, they give you a form to fill out for taxes I am pretty sure, but I haven't heard of them taking taxes out for you.

Re: taxed on cashes?
 

Won't you get paid when you actually get eliminated?

Re: taxed on cashes?
 

richard hatch found out the hard way that the answer is "no" for him. he was sentenced to 51 months yesterday.

edit: kev, youre right.

Re: taxed on cashes?
 

I thought he started his jail term yesterday.

Back to the topic, I'm assuming you'll be getting some sort of form from Harrah's when you get your money.

Edit: He actually got moved to a federal prison out in Oklahoma recently.

Re: taxed on cashes?
 

[ QUOTE ]
I don't think they take taxes out ever - if you cash over 10k, they give you a form to fill out for taxes I am pretty sure, but I haven't heard of them taking taxes out for you.

[/ QUOTE ]

They don't take any taxes out (assuming you are a US Citizen), but you will have to fill out a form (W2-G) for *any* win in a WSOP event (other than satellite). It gets reported to the IRS, and you are expected to pay appropriate taxes.


-Aces

Re: taxed on cashes?
 

[ QUOTE ]
[ QUOTE ]
I don't think they take taxes out ever - if you cash over 10k, they give you a form to fill out for taxes I am pretty sure, but I haven't heard of them taking taxes out for you.

[/ QUOTE ]

They don't take any taxes out (assuming you are a US Citizen), but you will have to fill out a form (W2-G) for *any* win in a WSOP event (other than satellite). It gets reported to the IRS, and you are expected to pay appropriate taxes.


-Aces

[/ QUOTE ]


i actually wanted them to do the witholding. makes it easier.

Re: taxed on cashes?
 

So if the event is $1000 buy-in, and you cash for $3000, do you pay taxes on the $3000 or just on the $2000 profit?

Re: taxed on cashes?
 

[ QUOTE ]
So if the event is $1000 buy-in, and you cash for $3000, do you pay taxes on the $3000 or just on the $2000 profit?

[/ QUOTE ]

3K gets reported as AGI, and then you write the 1K buy-in off.

Don't forget to report the 1K if you qualified though! [img]/images/graemlins/grin.gif[/img]

Re: taxed on cashes?
 

Do non-US citizens have to pay taxes on WSOP cashes?