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tax issues for wsop cash

  • 18-09-2009 4:53pm
    #1
    5Aces
    Registered Users, Registered Users 2 Posts: 469 ✭✭


    just an idea for the minute but say that 8 players were to play a weekly game with each finishing position getting points 1-8. Each player would pony up e100 each week and the league would continue for a few months until an agreeded upon amount was reached that would cover entry fee, accommodation and flights for one player.

    When the amount is reached the player with the most points represents the group where they would get 3x the amount that each other player will get, e.g. player receives 30% of any cash while each other player receives 10% of any cash.

    Thankfully gambling earnings are not taxed in this country but if the winner were to have other business interests would the full amount of the cash be used in factoring in their tax liability for non related activities or can it be adjusted for the 30% they will actually receive.

    For the other players what tax situation will they find themselves in, e.g. are they liable for gift tax, capital gains, ect?

    Can anyone see a problem with the overall idea?


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