Wsop Main Event Taxes did you know???

[Poker Orifice]

Canada has a tax treaty with the US so, Canadians pay 30% which is withheld by the Casino on winnings over $1200 .

The 30% sucks!

And for U.S. citizens to be paying 50%+ in taxes on winnnings is so f'n ridiculous! This would be like playing online, entering a SnG & paying $10+$11 to play the fk'n thing. It is robbery!

 

[MountHollyDK]

How is this a surprise to Americans?

Rule of thumb ... if you're a normal person set aside 1/3rd of your normal income for taxes if they don't come out of your check. And if you win a prize ... set aside half.

But it's cool cause Trump needs to golf and stuff.

 

[brucevilanch]

I agree to pay taxes but taxing at 47% of the prize amount is almost absurd
I never imagined that taxes would be so high when winning a major poker tournament.
Original Award
1. Scott Blumstein $ 8,150,000
-----------------------------------
Premium After Taxes
US $ 4,310,571
Will be US $ 3,839,429 paid in federal and state taxes. The sum corresponds to 47.11% of the value conquered.

That taxation is absolutely ridiculous. I'm glad that it will go help those who refuse to get a job. I also love paying for kids that aren't mine too.

 

[cubons]

Well, I got mad after this I guess it`s too HIGH in USA
In my country takes only 10% of winnings
But just imagine when you are from US and play ME 10k buy-in and you get mincash 15k almost 7k goes for taxes

 

[brucevilanch]

Well, I got mad after this I guess it`s too HIGH in USA
In my country takes only 10% of winnings
But just imagine when you are from US and play ME 10k buy-in and you get mincash 15k almost 7k goes for taxes

Yeah, the min cash is actually something I haven't even considered before. That would be pretty shitty.

 

[raymondzav]

It's too much in taxes to pay to Sam how much would you pay if your from mexico does anyone know. How about to get a citizenship from UK and go tax free.

 

[brucevilanch]

It's too much in taxes to pay to Sam how much would you pay if your from Mexico does anyone know. How about to get a citizenship from UK and go tax free.

I'm not sure about Mexico, but I would bet that it wouldn't even be close to what we in the states pay. The UK citizenship would probably be pretty tricky.

 

[raymondzav]

I'm not sure about Mexico, but I would bet that it wouldn't even be close to what we in the states pay. The UK citizenship would probably be pretty tricky.

Can you find out or give me a link to where to get this information. Why would it be tricky to get citizenship from UK. Can a Mexican get it or American

 

[brucevilanch]

Can you find out or give me a link to where to get this information. Why would it be tricky to get citizenship from UK. Can a Mexican get it or American

Unless I misread this, it seems like it would be 30% for every foreign country, except those on the exempt list.

https://www.artiopartners.com/nonresident/gambling-winnings-tax-foreign-nationals/

To me, it would probably just be expensive to gain citizenship. Unless you were getting married to a current citizen of the UK. I'm by no means an expert though. My opinion is based solely on assumptions. Haha

 

[Poker Orifice]

Well, I got mad after this I guess it`s too HIGH in USA
In my country takes only 10% of winnings
But just imagine when you are from US and play ME 10k buy-in and you get mincash 15k almost 7k goes for taxes

You'd be in a smaller % tax bracket (I'm pretty sure) for winning a much smaller amount. ie. look at 9th place finisher from U.S.A., 'Ben Lamb'... a smaller percentage has been taken from his total vs. the total for 1st place finisher (& others from USA).... and that is still a 1 Million dollar prize so I think we can assume that a $15k win will have much lower % of tax deducted (plus it'd be easier to have your expenses be a more significant number vs. your winnings which could further negate the amount in tax deducted)

 

[jc_315]

hey guys, quick question (though i think i know the answer).

if i am a US citizen and play a tournament in the UK or canada, do i not owe any taxes (to either canada/us)? my understanding is that canada does not tax poker winnings. thanks!

note.....not taking advice here as official legal advice...

 

[Jmckay]

Doesnt really surprise me everyones got their hands out for some free money.

 

[MstrBlast3r]

In addition to brackets changing based on amount since the US counts it as income, professional players can also write off losses. This gives them the ability to lower the tax hit some. It is still a crazy hit to your winnings.

 

[RidersFan]

hey guys, quick question (though i think i know the answer).

if i am a US citizen and play a tournament in the UK or Canada, do i not owe any taxes (to either canada/us)? my understanding is that canada does not tax poker winnings. thanks!

note.....not taking advice here as official legal advice...

It depends on the tax treaty. I know the tax treaty between Canada and the US does have an article eliminating double taxation, meaning you would only have to pay the Canadian taxes which are none, but there are exceptions so it is possible that you would have to pay US taxes. It all depends on the language in the tax treaty so you would have to read it. Regardless of whether or not you would have to pay US taxes on winnings, you still must report them as income to the IRS.

 

[dackler]

Wow that is a lot of taxation. :S

 

[fingers182005]

wow I didn't know how high it was never won enough to know. I thought if it was taxable you wouldnt pay more then 30%. I guess if I won 8 mil and got to keep 4 I'd be okay with it. it's still a shit ton of money. I'd invest most of my money after taxes to make sure I get it back one way or another. Start a business, cd stock market, maybe get into real estate.

now question time!
If a winner was to donate a percentage of his/her winnings, would the % of money donated to charity be non-taxable?

 

[ChipCommander]

hey guys, quick question (though i think i know the answer).

if i am a US citizen and play a tournament in the UK or Canada, do i not owe any taxes (to either canada/us)? my understanding is that canada does not tax poker winnings. thanks!

note.....not taking advice here as official legal advice...

Unless you renounced your US citizenship first you would owe US taxes on it no matter where you won them. Also if you renounce your citizenship, your current property is taxed which includes your bankroll I would assume.

 

[Reload]

Thanks for the information, i didn't know that worked liked that! I can understand that some tax can be imposed, but 47%, what the f...?
You almost kill your brain to achieve a major victory after so many time, and a half goes out from your pocket, that's not fair. Hurray for no-tax countries

 

[Chief talking bull]

Is the tax high? Yes. Would I like to have the problem of paying it? Yes.

 

[AKQ]

Wow that amount seems extremely unfair and I couldn't imagine having to run the roi after taxes lol. I would think 15% would be more than fair for state taxes I wonder why the state decided upon such a high number?Hows a poker player supposed to make it like that!

 

[kowrip]

Well, I got mad after this I guess it`s too HIGH in USA
In my country takes only 10% of winnings
But just imagine when you are from US and play ME 10k buy-in and you get mincash 15k almost 7k goes for taxes

I'm pretty sure you can deduct the entry fee from the winnings. So, the $5K winnings would be taxed, not the entire $15K.