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#1
10-04-2007, 01:20 PM
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Re: Canada should host WSOP and more...eventually!
NO
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#3
10-04-2007, 03:11 AM
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Re: Canada should host WSOP and more...eventually!
The money is still taxable for US citizens even though the money is awarded in Canada.
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#4
10-04-2007, 05:10 AM
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Re: Canada should host WSOP and more...eventually!
[ QUOTE ]
Hey, I was thinking since the U.S. plans to increase tax on tournament wins and for the time being the future for poker in the U.S. looks pretty much dead. Why not try and host many poker tourneys as well as the WSOP. If the money is tax free then surely this has to be considered? Just an idea. First post but been reading the forums for quite a while. p.s. grammar/spelling probably way off as I had a few too many watching the leafs hockey game. Andy [/ QUOTE ] First of all the US is not increasing the taxes on poker winnings. The IRS under Code 3402(q) requires any winnings $5000 over the buy in fee for a poker tournament have a withholding of 25%. Poker winnings have always been taxable(any income is taxable). If you think you are going to win the main event and walk away with 7 million and not pay taxes..think again. It matters not where you win it either when it comes to taxes owed. Example you enter the main event and just make the money and say you win $12000, you wil have nothing withheld as it does not exceed your buy in fee by $5000 or more. $12000-$10000= $2000.
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#5
10-04-2007, 08:11 AM
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Re: Canada should host WSOP and more...eventually!
[ QUOTE ]
[ QUOTE ] Hey, I was thinking since the U.S. plans to increase tax on tournament wins and for the time being the future for poker in the U.S. looks pretty much dead. Why not try and host many poker tourneys as well as the WSOP. If the money is tax free then surely this has to be considered? Just an idea. First post but been reading the forums for quite a while. p.s. grammar/spelling probably way off as I had a few too many watching the leafs hockey game. Andy [/ QUOTE ] First of all the US is not increasing the taxes on poker winnings. The IRS under Code 3402(q) requires any winnings $5000 over the buy in fee for a poker tournament have a withholding of 25%. Poker winnings have always been taxable(any income is taxable). If you think you are going to win the main event and walk away with 7 million and not pay taxes..think again. It matters not where you win it either when it comes to taxes owed. Example you enter the main event and just make the money and say you win $12000, you wil have nothing withheld as it does not exceed your buy in fee by $5000 or more. $12000-$10000= $2000. [/ QUOTE ] If i win $7million at the wsop, and am from UK, do i take home all $7million?
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#6
10-04-2007, 08:38 AM
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Re: Canada should host WSOP and more...eventually!
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#7
10-04-2007, 10:32 AM
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Re: Canada should host WSOP and more...eventually!
[ QUOTE ]
[ QUOTE ] [ QUOTE ] Hey, I was thinking since the U.S. plans to increase tax on tournament wins and for the time being the future for poker in the U.S. looks pretty much dead. Why not try and host many poker tourneys as well as the WSOP. If the money is tax free then surely this has to be considered? Just an idea. First post but been reading the forums for quite a while. p.s. grammar/spelling probably way off as I had a few too many watching the leafs hockey game. Andy [/ QUOTE ] First of all the US is not increasing the taxes on poker winnings. The IRS under Code 3402(q) requires any winnings $5000 over the buy in fee for a poker tournament have a withholding of 25%. Poker winnings have always been taxable(any income is taxable). If you think you are going to win the main event and walk away with 7 million and not pay taxes..think again. It matters not where you win it either when it comes to taxes owed. Example you enter the main event and just make the money and say you win $12000, you wil have nothing withheld as it does not exceed your buy in fee by $5000 or more. $12000-$10000= $2000. [/ QUOTE ] If i win $7million at the wsop, and am from UK, do i take home all $7million? [/ QUOTE ] In the UK and Canada if you win any prize you pay no tax...in Canada we can file and get back approx. 50% of the tax we paid in Nevada. But as far as Canada hosting WSOP wouldn't be a bad idea and no one would be taxed until they returned back to USA or other taxing country.
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#8
10-04-2007, 12:26 PM
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Re: Canada should host WSOP and more...eventually!
[ QUOTE ]
[ QUOTE ] [ QUOTE ] [ QUOTE ] Hey, I was thinking since the U.S. plans to increase tax on tournament wins and for the time being the future for poker in the U.S. looks pretty much dead. Why not try and host many poker tourneys as well as the WSOP. If the money is tax free then surely this has to be considered? Just an idea. First post but been reading the forums for quite a while. p.s. grammar/spelling probably way off as I had a few too many watching the leafs hockey game. Andy [/ QUOTE ] First of all the US is not increasing the taxes on poker winnings. The IRS under Code 3402(q) requires any winnings $5000 over the buy in fee for a poker tournament have a withholding of 25%. Poker winnings have always been taxable(any income is taxable). If you think you are going to win the main event and walk away with 7 million and not pay taxes..think again. It matters not where you win it either when it comes to taxes owed. Example you enter the main event and just make the money and say you win $12000, you wil have nothing withheld as it does not exceed your buy in fee by $5000 or more. $12000-$10000= $2000. [/ QUOTE ] If i win $7million at the wsop, and am from UK, do i take home all $7million? [/ QUOTE ] In the UK and Canada if you win any prize you pay no tax...in Canada we can file and get back approx. 50% of the tax we paid in Nevada. But as far as Canada hosting WSOP wouldn't be a bad idea and no one would be taxed until they returned back to USA or other taxing country. [/ QUOTE ] So your suggesting we move the wsop to Canada so the winner can defer his taxes for a few months. LOL
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#9
10-04-2007, 03:36 PM
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Re: Canada should host WSOP and more...eventually!
[ QUOTE ]
[ QUOTE ] [ QUOTE ] Hey, I was thinking since the U.S. plans to increase tax on tournament wins and for the time being the future for poker in the U.S. looks pretty much dead. Why not try and host many poker tourneys as well as the WSOP. If the money is tax free then surely this has to be considered? Just an idea. First post but been reading the forums for quite a while. p.s. grammar/spelling probably way off as I had a few too many watching the leafs hockey game. Andy [/ QUOTE ] First of all the US is not increasing the taxes on poker winnings. The IRS under Code 3402(q) requires any winnings $5000 over the buy in fee for a poker tournament have a withholding of 25%. Poker winnings have always been taxable(any income is taxable). If you think you are going to win the main event and walk away with 7 million and not pay taxes..think again. It matters not where you win it either when it comes to taxes owed. Example you enter the main event and just make the money and say you win $12000, you wil have nothing withheld as it does not exceed your buy in fee by $5000 or more. $12000-$10000= $2000. [/ QUOTE ] If i win $7million at the wsop, and am from UK, do i take home all $7million? [/ QUOTE ] No, you will have 25% taxed right off the top like the rest of us. You will have to work with your accountant to get the rest of it.
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#10
10-04-2007, 08:31 PM
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Re: Canada should host WSOP and more...eventually!
[ QUOTE ]
Hey, I was thinking since the U.S. plans to increase tax on tournament wins and for the time being the future for poker in the U.S. looks pretty much dead. Why not try and host many poker tourneys as well as the WSOP. If the money is tax free then surely this has to be considered? Just an idea. First post but been reading the forums for quite a while. p.s. grammar/spelling probably way off as I had a few too many watching the leafs hockey game. Andy [/ QUOTE ] Welcome and thanks for the post. Most of the tax issues have been covered. Moving the WSOP does nothing to change the tax obligations. You may want to focus on the other benefits of having the WSOP in Canada. For example, where can 6000+ poker players stay and play while in Canada? Is there a gambling mecca for Canada that can deal with all the action. Remember, in addition to the WSOP this past summer, we had three other series of poker tournaments running in Vegas at the same time. Can Canada accomodate that kind of action?
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