taxed on cashes?

GrannyMae · #1 07-25-2006, 03:47 AM

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

tia

okayplayer · #2 07-25-2006, 06:02 AM

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.

Kevmath · #3 07-25-2006, 09:39 AM

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

bwana devil · #4 07-25-2006, 09:51 AM

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.

Kevmath · #5 07-25-2006, 09:57 AM

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.

AcesUp · #6 07-25-2006, 12:02 PM

[ 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

GrannyMae · #7 07-25-2006, 02:06 PM

[ 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.

theseus51 · #8 07-25-2006, 02:08 PM

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?

#9 07-25-2006, 02:19 PM

[ 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]

Praetor · #10 07-27-2006, 04:39 PM

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