Re: LOL Taxaments (This is terrible...)
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I have a question. If you win 1 million in a tourney, have 250k taken out, then go on to lose like 300 or 400k in tourney buyins the rest of the year, do you get refunded some of that money back?
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The way I understand this, casinos will report your winnings on a W2-G, like they always have; the difference is that they will be withholding 25% "up front" from your winnings. You are able to deduct gaming losses to the extent of your gaming wins so in your example above, you would get the entire $250K back.
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K thats what I figured, thanks.
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