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#11
07-16-2005, 10:19 AM
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Re: WSOP & the IRS.
The IRS is always the big winner at gambling events. A bunch of people put in their after-tax money for buy-ins, and the winners get to pay a huge chunk to the IRS. Of the $52 million money pool, I guess the IRS will get about $20 million.
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#12
07-16-2005, 10:26 AM
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Re: WSOP & the IRS.
[ QUOTE ]
note this would seem to make entry in same -ve EXP for any overseas players [/ QUOTE ] How wrong you are, but I can only admire a government that has so brainwashed people that they think it's normal to tax gambling winnings. Brits don't have to pay tax on gambling winnings so if I win $7.5m in Vegas I keep every cent.
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#13
07-16-2005, 10:26 AM
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Re: WSOP & the IRS.
From cardplayer.com:
"All of the money finishers will head over to the payout table located near the cashier. There they will meet Dixie Callasen, who has been paying out players throughout the entire World Series of Poker. At Dixie's table, they will have to show a proper photo ID and fill out some forms before they receive a receipt in the amount of their winnings, minus taxes . They then take that receipt to the cashier to receive their money."
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#14
07-16-2005, 10:36 AM
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Re: WSOP & the IRS.
[ QUOTE ]
[ QUOTE ] note this would seem to make entry in same -ve EXP for any overseas players [/ QUOTE ] How wrong you are, but I can only admire a government that has so brainwashed people that they think it's normal to tax gambling winnings. Brits don't have to pay tax on gambling winnings so if I win $7.5m in Vegas I keep every cent. [/ QUOTE ] Yeah thats the same thing here in Canada. If I was to win 10 Mill on the loto, I win 10 Mil. I think its so worng to take taxes away from the winniers, What happen last year when people won just over 10K, did they actully win less money then their buy in (after taxes).
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#15
07-16-2005, 10:44 AM
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Re: WSOP & the IRS.
Yes but it's not as simple as that. Don't Canadians still get screwed in Vegas. I don't know the details but Britain has some tax treaty with the US which means they don't tax British citizens who win in Vegas.
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#16
07-16-2005, 10:51 AM
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Re: WSOP & the IRS.
[ QUOTE ]
From cardplayer.com: "All of the money finishers will head over to the payout table located near the cashier. There they will meet Dixie Callasen, who has been paying out players throughout the entire World Series of Poker. At Dixie's table, they will have to show a proper photo ID and fill out some forms before they receive a receipt in the amount of their winnings, minus taxes . They then take that receipt to the cashier to receive their money." [/ QUOTE ] Hmmm. I'm far from an expert, but that just doesn't sound right. I can see that being true for foriegn players, but not for US players. I would expect US players to collect the full amount and pay their own taxes. If filing as a pro gambler, they would be able to deduct expenses and pay less tax than whatever the WSOP is calculating without knowing their expenses. I guess it would depened on whether or not winnings are classified as income, or something similar to the lottery.
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#17
07-16-2005, 10:51 AM
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Re: WSOP & the IRS.
[ QUOTE ]
Yeah thats the same thing here in Canada. If I was to win 10 Mill on the loto, I win 10 Mil. I think its so worng to take taxes away from the winniers, What happen last year when people won just over 10K, did they actully win less money then their buy in (after taxes). [/ QUOTE ] Not true. There is no tax payable on Canadian ** Government ** lotteries. Since the payout is a ridiculous 40%... You are being taxed 60% up front when you buy the ticket. That's why only a "moran" would buy a lottery ticket. All other gambling income is taxed as ordinary income... So keep good records and hire a good accountant... If you want to keep your money. rm+ [img]/images/graemlins/cool.gif[/img] [img]/images/graemlins/cool.gif[/img] [img]/images/graemlins/cool.gif[/img]
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#18
07-16-2005, 10:55 AM
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Re: WSOP & the IRS.
[ QUOTE ]
Don't Canadians still get screwed in Vegas. [/ QUOTE ] most likely we get screwed by your gov with everthing elsa. This is why I stay in the great white North. Dont get me wrong, I got nothing agaisnt the US people, but got issues with the the US gov.
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#19
07-16-2005, 11:10 AM
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Paying Your Taxes
It all depends on the tax treaty your country has with US.
Canadians would be subject to ZERO to 30%... Depending on type of income. Poker winnings would likely be around 30%. But this does not affect your EV at the table. Just later at the end of the fiscal year... You pay taxes on your NET income (less expenses). A poker pro whould be able to write off travel, hotels, rental cars, etc. Does an free rental car raise your EV? Does a free meal at the casino buffet raise your EV? rm+ [img]/images/graemlins/cool.gif[/img] [img]/images/graemlins/cool.gif[/img] [img]/images/graemlins/cool.gif[/img]
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#20
07-16-2005, 11:10 AM
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Re: WSOP & the IRS.
Last year at the Orleans Open I cashed $18k and just over $2k in 2 separate tournaments and received the full amount after filling out the forms and showing my DL. I did make a quarterly payment in September to cover the taxes, but they did not withhold anything aat payout. I have never had taxes held out as a matter of fact, as long as I showed my DL and signed the tax forms.
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