Taxes after Wsop

[naruto_miu]

Everything is explained in the link.

Wish I lived In Belgium or wish canada and the U.S had something like that set up.

Interesting read though

 

[moots]

I though they paid the taxes for their own Country or do they get screwed twice


Also if they pay taxes on earnings doesnt that mean it s a skill game and they have earned the $$$$$.

How can it be a skill game when they pay taxes but then say poker is a game of luck and gambling and ban it poker

In the US and Canada (and maybe other countries) you also pay taxes on lottery winnings, so whether skill or chance doesn't really matter.

Wish I lived In Belgium or wish Canada and the U.S had something like that set up.

Interesting read though

The article says Benger can file to get back some of the taxes withheld.

 

[XXPXXP]

I though they paid the taxes for their own Country or do they get screwed twice


Also if they pay taxes on earnings doesnt that mean it s a skill game and they have earned the $$$$$.

How can it be a skill game when they pay taxes but then say poker is a game of luck and gambling and ban it poker

PS cant they say they work for Starbucks and pay 0 % Tax lol

I think the situation in Canada is a little different.
Canada does not charge gamble and lottery tax therefore, poker winning tax = 0
and the tax agreement between US and Canada shows , if the winner is from Canada, he/she just needs to deal his/her Canada part tax which is 0

but, some countries do not.

 

[DMJN]

6. Kenny Hallaert $1,464,258 $1,464,258


THAT'S IT BOIS, I'm moving to Belgium

 

[ChuckNola]

Uncle Sam and the state of Nevada were huge winners at the wsop and they didn't even have to survive any coin flips. They were 100% favorites in every hand

 

[Entrik]

But such taxes only USA and throughout Europe?)))))))

 

[you feel lucky punk]

Taxes Taxes Taxes Takses Taking Taking Stealing

Taxes include:
Federal Income Tax- anything over $418K is 38%
Federal Social Security Tax 12.4%
Federal Medicaid Tax 2.9%

State Taxes Income Too
Some Cities Tax Income Too

Players need to deduct as much as they legally can to reduce the total tax bite. But Uncle Sam always wins.

 

[GRANDPAPA929]

Taxes are mad, but I agree with these to be a winner.
It is better to live in Monaco, there are no taxes!

 

[acidburnfx]

"Kenny Hallaert of Hansbeke, Belgium was a big winner in spite of finishing in sixth place. Mr. Hallaert is a poker tournament director in Belgium. Belgium does not tax gambling winnings of non-professional gamblers".

Be a member of a team is what defines being a professional player?

 

[bravissim0]

If I won 8 million, I would agree to give half

 

[theRaven68]

Brutal system of taxes in the US but that improves system and helps to keep going forward

 

[Ricey155]

I guess getting funded to play the main event makes you a pro and you should be taxed, after all most get there 10k entry paid for it sponsored. I'd be happy with 4mill let's not be gready

 

[shinedown.45]

Taxes include:
Federal Income Tax- anything over $418K is 38%
Federal Social Security Tax 12.4%
Federal Medicaid Tax 2.9%

State Taxes Income Too
Some Cities Tax Income Too

Players need to deduct as much as they legally can to reduce the total tax bite. But Uncle Sam always wins.

You have to ask yourself, with all the tax they collect, why is the country in a deficit?
I ponder that question myself here in Canada.

 

[sekcapilniqt]

this is not right they take them almost half the prize money
to withhold their tax free but not so much what is this thing I can not get it obesnya

 

[tenaciousdc]

I think some of the November 9 ers will be able to show expenses ( entry fees , lodging , food, travel costs, etc , as well as other losses, if any ) to reduce their actual taxes . Professional gamblers can , and should , keep a logbook, or some kind of other dated record filled with that kind of info . as I understand it , its total year end profit , after expenses, that will be taxed .

Exactly! I am a CPA, and give this advice all the time. Winning that amount of money definitely puts you in a 'for-profit, professional, self-employment' status.

Gambling and Self-Employment income are two entirely different tax situations. Gambling cannot generate a loss (for federal tax purposes, each state has its own tax rules). However, professional gamblers filing as a business can, as stated above, deduct most expenses related to the income.

On a further note...I am unable (being in the US) to play at PS anymore. I so miss all the action available there. Given that, I would be happy to have the opportunity to pay the tax. Play money bites!

 

[TheNutz4You]

US taxes are high, but we have to pay for all the free subsidized crap people get, all the money we ship to other countries to fix there crap, to pay for our 600 billion US dollar per year Military so we can continue to protect other countries that cannot do it themselves.

 

[GRANDPAPA929]

US taxes are high, but we have to pay for all the free subsidized crap people get, all the money we ship to other countries to fix there crap, to pay for our 600 billion US dollar per year Military so we can continue to protect other countries that cannot do it themselves.

Than the US protects the other countries? Bombing and missile strikes?! External debt is almost $20 000 000 000 000. You're in deep ass. Look here.

 

[Ranish625]

The 2016 World Series of Poker Main Event final table was set back in July, but the final nine players played for the most coveted title in all of poker.

Prize After -Tax Prize
1. Qui Nguyen $8,005,310 $4,682,153
2. Gordon Vayo $4,661,228 $2,262,428
3. Cliff Josephy $3,453,035 $1,778,467
5. Vojtech Ruzicka$1,935,288 $1,644,995
6. Kenny Hallaert $1,464,258 $1,464,258
4. Michael Ruane $2,576,003 $1,397,478
7. Griffin Benger $1,250,190 $875,133
8. Jerry Wong $1,100,076 $680,300
9. Fernando Pons $1,000,000 $550,416

That's crazy, that's a tax, it's highway robbery in broad daylight!

 

[karl coakley]

That's crazy, that's a tax, it's highway robbery in broad daylight!

We all use the roads and other infrastructure, we don't want a bunch of starving kids or homeless people, that is what taxes pay for....

With a good accountant and financial adviser you can reduce that some.

The part that gets REALLY crazy is after they take 40% of your money you are going to pay more taxes when you spend it.....

 

[Jmckay]

Taxes suck. Everyone wants something for free