WSOP & the IRS.

[entropy]

i tried a quick search for this but failed si figured quicker to just ask the question.

i assume all the "winners" don't get a cheque for the full amount but rather something less after the IRS has ripped out their rake. if yes how much ???

note this would seem to make entry in same -ve EXP for any overseas players ( or even any americans who do not have gambling income they can deduct their entry fee from ?? ).

[closer]

Im pretty sure they get the full amount and have to declare it as income on their tax return, and pay what they owe on it.

[entropy]

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Im pretty sure they get the full amount and have to declare it as income on their tax return, and pay what they owe on it.

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i would be v v surprised if same was true and anyway it does not cover overseas players ( who could ensure they never returned to the US ).

[Dynasty]

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Im pretty sure they get the full amount and have to declare it as income on their tax return, and pay what they owe on it.

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That's not the way the IRS works.

[klepto]

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Im pretty sure they get the full amount and have to declare it as income on their tax return, and pay what they owe on it.

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That's not the way the IRS works.

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what is the way?

[ohkanada]

Thats the way it was done last year. Greg got the full amount.

Ken

[Howard Treesong]

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That's not the way the IRS works.

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I was paid my entire win after I showed my drivers' license and filled out an IRS form. I don't recall whether it was a 1099, a W-2G, or whatnot, but that's exactly the way it worked.

[Trainwreck]

I watched a jackpot hand winner from out of the country, get the taxes taken out right then and there at the Excalibur, stingy nit didn't tip the dealer a penny.

On the other hand, I didn't get a penny taken out when I had a slot machine over the threshold 4 years ago, just the IRS form, and have heard from lower entry tournament cashers that got IRS forms for amounts over $600, but kept the whole amount.

I think it's all depends on the buy-in vs. prize, some tourneys apparently don't do any forms, YMMV!

Someone else probably has a clearer idea on this, be glad to hear it.

>TW<

[jcx]

Non-US Citizens and those that can't provide sufficient ID will have taxes witheld. Foreigners have taxes witheld because they obviously wouldn't pay the taxes once they left the country.

[arcticfox]

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Non-US Citizens and those that can't provide sufficient ID will have taxes witheld. Foreigners have taxes witheld because they obviously wouldn't pay the taxes once they left the country.

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Unless they come from a country with a double taxation treaty with the US. If a UK player won the WSOP they would receive all their winnings tax free as there are no taxes on poker winnings in the UK and UK residents don't have to pay tax in the US due to the treaty. I wonder if Australia has the same deal as the UK!