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.

[cadillac1234]

I had a couple of $1,7000+ cash-ins at the race track in the 80's. Our friends at the IRS took 20% from the top each time.

I also had a $1500+ BBJP that required a 10-99G filled out but they didn't withold anything.

Any Non-US citizen will have the taxes withheld. The IRS is a little smarter than that [img]/images/graemlins/wink.gif[/img]