WSOP Taxes

[ptartaglio]

How does the WSOP handle taxes on winnings? Or in general how are tournament winnings taxed and what are the loopholes to get around poker tournament taxes? I appreciate any help or if there is another page on this and someone could redirect me to I would appreciate it.

[ravenfan1733]

Harrah's refused to take taxes out of my winnings in the main event last year. They will issue you a W2-G. You can deduct your losses/buy-ins for the year against any winnings up to the full amount of the winnings. Keep your receipts for all your buy-ins as documentation.

The only loophole I know to get out of taxes is to never cash!

[ImGoodToGo]

Basically, the best thing to know is that you can deduct your gambling losses for the year from your win when you file... so, if you make a big cash, any events you play for the remainder of the calender year are on uncle sam!

[droopy0021]

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Or in general how are tournament winnings taxed and what are the loopholes to get around poker tournament taxes and commit tax fraud ? I appreciate any help or if there is another page on this and someone could redirect me to I would appreciate it.

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Here's a couple options that may help:

www.moneylaundering.com

Tax Scams Museums (including breaking news)

Best of luck.

[greg nice]

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Harrah's refused to take taxes out of my winnings in the main event last year.

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really? so they paid jamie gold the full $12 mil?

[ptartaglio]

Great, I just wanted to be sure that is how it worked. Thanks a ton everyone!

[lazer12]

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The only loophole I know to get out of taxes is to never cash!

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at least im getting something right.