Re: FPP porsche- taxable?
 

[ QUOTE ]


I think the question is not fees associated with the car itself but the 80k or so paid for the car as taxable income.

[/ QUOTE ]

Sales Tax, license and registration on an $80,000 Porsche are not minimal expenses either. In California, these fees could approach close to $10,000.

Re: FPP porsche- taxable?
 

[ QUOTE ]
I don't know the answer. I just wish PokerStars would clarify it for us.

[/ QUOTE ]

And how would they do this? Read the minds of IRS employees?

Re: FPP porsche- taxable?
 

[ QUOTE ]
[ QUOTE ]


I think the question is not fees associated with the car itself but the 80k or so paid for the car as taxable income.

[/ QUOTE ]

Sales Tax, license and registration on an $80,000 Porsche are not minimal expenses either. In California, these fees could approach close to $10,000.

[/ QUOTE ]

i remember reading a story that some financial company paid for all the taxes and stuff in the oprah case. realized now i quoted teh wrote post, but what the hell.

Re: FPP porsche- taxable?
 

[ QUOTE ]
i remember reading a story that some financial company paid for all the taxes and stuff in the oprah case. realized now i quoted teh wrote post, but what the hell.


[/ QUOTE ]

No reason to doubt this happened but keep in mind if they did only this then you would still owe tax on the amount they paid, then if they paid this amount you would owe tax on the new payment they made on your behalf. This continues until the amount is down to mere pennies or else whoever this company is stops paying the never ending tax accumulation.


IE: You win $1000,000, the same company pays the $40,000 tax bill you owe on the $100K win, now you owe taxes on the $40K they paid and so on and so forth.

Jimbo