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Taxes

  • 27-07-2006 7:28pm
    #1
    Goodluck2me
    Registered Users, Registered Users 2 Posts: 5,404 ✭✭✭


    I friend of mine told me that if you win the WSOP you could be liable for up to 30% in taxes on your earnings, anyone know if this is true?


Comments

  • #2
    delanec8
    Closed Accounts Posts: 474 ✭✭delanec8


    Not for the Irish as far as i know. Im pretty sure Hachem didnt have to pay anything on his win either. The Americans probably have that much cut


  • #3
    Lafortezza
    Registered Users, Registered Users 2 Posts: 8,806 ✭✭✭Lafortezza


    Americans have to pay tax on every cent the earn from playing poker. If you play $10 STTs in your spare time and after a couple of months cash out $x the IRS can technically ask what the income came from and make you pay up.

    Sucks to play poker in america.


  • #4
    Linford
    Closed Accounts Posts: 432 ✭✭Linford


    delanec8 wrote:
    Not for the Irish as far as i know. Im pretty sure Hachem didnt have to pay anything on his win either. The Americans probably have that much cut

    Hachem nearly got doubly screwed for taxes - there is no tax treaty between the US and Australia as there is between the US and some EU countries (including Ireland and the UK). Professional gamblers in Australia have to pay tax on their winnings but he went to court and it was agreed as the winnings were derived from a hobby he did not have to pay any Australian taxes.

    If you are Irish and win big in the US there is a form you have to fill out and provided you have proper ID with address on it, you don't pay any tax, however some places deduct the tax anyway and you have to claim it back after you come back to Ireland.


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