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Tax on wsop winnings

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  1. dmmikkel dmmikkel is offline

    Stavanger
    Norway

    Posts: 324
    Joined: Feb 06

    Jun 4th, 2007 (6/4/2007 2:17pm)

    I'm heading to Vegas soon to play some events and I'm wondering what I can do to avoid the 30% tax I hear they take off any winnings.

    Tyvm
     2
  2. grapsfan grapsfan is offline Head Curmudgeon

    Rosemount, MN
    United States

    Posts: 7,980
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    Jun 4th, 2007 (6/4/2007 2:25pm) in reply to dmmikkel

    Have fun in prison. Don't drop the soap.
     
  3. jtown1010 jtown1010 is offline

    United States

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    Jun 4th, 2007 (6/4/2007 2:26pm) in reply to grapsfan

    aren't you not from America?
  4. TheWacoKidd TheWacoKidd is offline haters gonna hate

    Posts: 37,478
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    Jun 4th, 2007 (6/4/2007 2:26pm) in reply to dmmikkel

    lol at this post... figured you were a smarter kid than this...
     1
  5. jtown1010 jtown1010 is offline

    United States

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    Jun 4th, 2007 (6/4/2007 2:27pm) in reply to TheWacoKidd

    wait do foreigners still pay or not? I read about Joe Hachem getting his shit tax free from Australia since they don't tax money that's won from a hobby.
  6. dippydough dippydough is offline

    Fitchburg, MA
    United States

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    Jun 4th, 2007 (6/4/2007 2:27pm) in reply to jtown1010

    do they take it off the top if u are not american? last year, they gave the full amount at least to americans, and it is up to the individual at tax time to report it.
     
  7. BrooDogg BrooDogg is offline

    Kitchener
    Canada

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    Jun 4th, 2007 (6/4/2007 2:30pm) in reply to jtown1010

    oui
     
  8. swtballa swtballa is offline

    San Marcos, TX
    United States

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    Jun 4th, 2007 (6/4/2007 2:34pm) in reply to dmmikkel

    If you would rather pay the taxes up front you are dumb. Why not save the money and invest it then pay the taxes next april?

    Good idea dmmikkle you should consult the RIO in advance to see how you go about doing this
  9. DoubleUp28 DoubleUp28 is offline

    Chicago, IL
    United States

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    Jun 4th, 2007 (6/4/2007 2:35pm) in reply to BrooDogg

    Just lose on purpose to avoid paying taxes.
  10. TheConArtist TheConArtist is offline

    Ireland

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    Jun 4th, 2007 (6/4/2007 2:35pm) in reply to swtballa

    Only Americans get taxed.
  11. (_8-(l) DOH! (_8-(l) DOH! is offline

    Pullman, WA
    United States

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    Jun 4th, 2007 (6/4/2007 2:37pm) in reply to jtown1010

                      
  12. (_8-(l) DOH! (_8-(l) DOH! is offline

    Pullman, WA
    United States

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    Jun 4th, 2007 (6/4/2007 2:44pm) in reply to TheConArtist

    I believe that in an interview I heard with Hachem he had to pay the 30% here but didnt have to play anything in australia, I believe this was on the circuit right before last years main event...
  13. Jos Jos is offline

    Smyrna, TN
    United States

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    Jun 4th, 2007 (6/4/2007 2:46pm) in reply to dmmikkel

    It's only if you win money; youre safe.

    JK :) GL
  14. feedmechipps feedmechipps is offline

    Greensboro, NC
    United States

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    Jun 4th, 2007 (6/4/2007 2:51pm) in reply to dmmikkel

    passport, proof of citizenship in another country outside us
  15. Krusty Krusty is offline

    Atlanta, GA
    United States

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    Jun 4th, 2007 (6/4/2007 2:58pm) in reply to dmmikkel

    I beleive there is ~30% tax taken off the top before payout to non US citizens.

    US Residents are required to file their taxes on their own but receive the full winnings.

    At least this is how Bellagio pays out...
  16. George2Loose George2Loose is offline

    Wigston
    United Kingdom

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    Jun 4th, 2007 (6/4/2007 3:00pm) in reply to Krusty

    Not sure about other Non US but I know Brits are totally exempt from taxes.

    Another example of US poker players getting the raw end of the deal
    288 
  17. aj_law aj_law is offline

    Sandy Hook, CT
    United States

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    Jun 4th, 2007 (6/4/2007 3:05pm) in reply to Krusty

    US Residents are required to file their taxes on their own but receive the full winnings.

    I'd be pretty surprised if that's true. As I understood it for casino payouts, if winnings exceed a certain amount (10K, I believe), you were required to fill out the requisite tax forms on the spot and the house lopped the applicable tax amount from your winnings.

    Wouldn't surprise me if I'm wrong though. Been awhile since I won anything at a B&M worth mentioning (or reporting for that matter).

    :(
  18. TheWacoKidd TheWacoKidd is offline haters gonna hate

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    Jun 4th, 2007 (6/4/2007 3:09pm) in reply to aj_law

    you get all the money and it is up to you to pay your taxes on it... trust me
     1
  19. PimpJzH PimpJzH is offline

    Las Vegas, NV
    United States

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    Jun 4th, 2007 (6/4/2007 3:09pm) in reply to aj_law

    Yea you're wrong they pay you, the payout that you finished and it's up to you to pay the taxes at Tax time, gives you a good 10 months to find stuff to write off to make up for it though.
  20. macleod51 macleod51 is offline

    Las Vegas, NV
    United States

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    Jun 4th, 2007 (6/4/2007 3:16pm) in reply to TheWacoKidd

    <TABLE cellSpacing=0 cellPadding=4 width="100%" bgColor=#ffffff border=0><TBODY><TR bgColor=#eeeedd><TD bgColor=#ffffff></TD><TD><TABLE cellSpacing=0 cellPadding=2 border=0><TBODY><TR><TD vAlign=top> </TD><TD>Re(3): Tax on wsop winnings
    by TheWacoKidd on 6/4/2007 14:09 </TD><TD><TABLE cellSpacing=0 cellPadding=0 border=0><TBODY><TR><TD><NOBR> </NOBR></TD><TD><TABLE cellSpacing=0 cellPadding=0 border=0><TBODY><TR><TD></TD><TD></TD></TR><TR><TD></TD><TD> </TD></TR></TBODY></TABLE></TD></TR></TBODY></TABLE></TD></TR></TBODY></TABLE></TD></TR><TR bgColor=#ffffff><TD bgColor=#ffffff></TD><TD colSpan=2><TABLE cellPadding=2 border=0 celspacing="0"><TBODY><TR><TD>you get all the money and it is up to you to pay your taxes on it... trust me </TD></TR></TBODY></TABLE></TD></TR></TBODY></TABLE>
    DING
  21. TMoney120 TMoney120 is offline

    Mechanicsville, VA
    United States

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    Jun 4th, 2007 (6/4/2007 3:19pm) in reply to macleod51

    how would he know
  22. Crazy Cypriot Crazy Cypriot is offline

    Lefkosia
    Cyprus

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    Jun 4th, 2007 (6/4/2007 3:28pm) in reply to PimpJzH

    Ummm. i dont understand all the negativity in this post.

    Waco, u have it wrong - this is not the case for international.

    dmmikel . if u win any amount of money and u have a foreign passport <span>and there is an agreement between your country and the US on the issue of tax </span>you do not have to pay US taxes.

    Otherwise, they take 30% before they give you the money.

    Last year, when i won money at the wsop they told me u have to pay taxes , and i tell them hhhaa i `m european . Then they gave me a list of the countries they had an agreement with and cyprus was not on it. As i result, i was forced to pay taxes.

    I would really advice you to look deepr into it as we are talking about serious money.

    I will also offer some of my limited and <span>not to be trusted</span> tax knowledge i have collected in the last few years. Use it as a start point but <span>DONT RELY ON IT.
    <span><span>
    - </span></span></span>Gambling earnings are tax free in the UK. (99% Sure)
    - Gambling earnings are tax free in most European - non scandinavian countries (again almost certain).
    - For Scandinavian countries, or maybe Sweden in Particular i am not sure the legislation is weird. The following information was given to me by scandinavian players in WPT Paris and EPT Baden.

    Scandi's (or Swedes only) do not pay taxes on gambling winnings that occured online or in Europe. However, if they win money outside Europe (namely in America) they have to pay at a special tax rate.

    - In portugal i was told that gambling earnings probably fall into a special category of earnings that gets taxed at 20%.
    - In countries like Cyprus, Greece, and probably Italy, no specific legislation is in place. Legislators might go for tax free, or might go for the capital gains tax rate of 20% (similar to portugal) but at the momment its quite uncertain. In my judgement it is unlikely that the new legislation will be in effect from past years (i dont know the english word for it)

    - In Eastern Europe countries, u can probably bribe someone ang dont pay taxes:-)
     
  23. aj_law aj_law is offline

    Sandy Hook, CT
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    Jun 4th, 2007 (6/4/2007 3:31pm) in reply to TheWacoKidd

    Really? Interesting. Good to know. It's a problem I'd like to have to deal with.

    It must be different for each casino game (i.e. cashing out casino chips/coins/receipts vs. a cash payout for a poker tourney) because I know someone that won several thousand on slots in AC and they were required to fill out a W2 when they claimed their prize.

    After speaking to them again, they were told they had to do that for any prize over $1,200, not 10K. Don't know where I got that number from.
  24. jeppg1111 jeppg1111 is offline Disabled account

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    Jun 4th, 2007 (6/4/2007 3:33pm) in reply to Crazy Cypriot

    Trust waco? What would he know about it?
     
  25. mbardsen mbardsen is offline

    Holmenkollen
    Norway

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    Jun 4th, 2007 (6/4/2007 3:40pm) in reply to Crazy Cypriot

    As far as I know, in Norway you have to pay taxes on any win above 10,000NOK (~$1600), online or live.

    It's your responsibility to have the books organised tho, and if you suddenly have $100k+ in your bank account they will ask you to provide them with the details of how you got it etc...

    I read in an interview with Johnny Lodden that he had to pay a lot of taxes months after he had won the money since he it took them time to find out.

    The rules are different in every country, so Dag Martin I recommend you go to one of the Norwegian forums and ask there. Maybe speak to some of the high-profile Norwegian pros...

    /Magnus
  26. TheWacoKidd TheWacoKidd is offline haters gonna hate

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    Jun 4th, 2007 (6/4/2007 4:02pm) in reply to Crazy Cypriot

    umm CC I obv was not talking about international... I was responding to aj law who is from CT... why would I comment on something I don't even know about lol

    yes you fill out a W-2, but they don't take the money from you then... just did it the other night... Bellagio doesn't even make you fill out a W-2
     1
  27. MaitreD MaitreD is offline

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    Jun 4th, 2007 (6/4/2007 4:14pm) in reply to TheWacoKidd

    Can we get an opinion from someone who has actually CASHED in one of these things? Jesus. All these damn newbies and not one knowledgeable source . . .

    Waco pwns.
  28. lucky seven lucky seven is offline

    Escazú
    Costa Rica

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    Jun 4th, 2007 (6/4/2007 4:24pm) in reply to dmmikkel

    You have to pay 30 percent of everything even what you buy in for. Its not possible for us norwegians to get it back. But its all good cuz you know bush will spend the money wisely.
  29. tekiller tekiller is offline

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    Jun 4th, 2007 (6/4/2007 4:33pm) in reply to TheWacoKidd

    wacos half right its up to u to pay but if u wait til tax time u have to pay a penalty for not filing at the time but its not that big a deal like 200 buck fee i paid this was what i did cuz im a lazy soab
  30. Tito Francoma Tito Francoma is offline

    Huntington, NY
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    Jun 4th, 2007 (6/4/2007 4:41pm) in reply to lucky seven

    lolz at people questioning waco, this is like a daily routine for him these days
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