WSOP Payouts and Taxes (1 Viewer)

[Poker Zombie]

Having had several American friends who have done this, it takes a long time and is very difficult.

In reality, if I were to shift nationalities, I'd go Canadian. Mrs Zombie was born of two Canadian parents, so we have a legal in-road to citizenship.

...also, chipping in the UK is difficult at best.

...also, the UK government has already told me that have a @BonScot - they don't want a Zombie too.

 

[kirchhausen]

Yeah I’ve cashed out between $4000-4500 and never got presented with forms.

But how much were you IN for?

 

[BonScot]

In reality, if I were to shifting nationalities, I'd go Canadian. Mrs Zombie was born of two Canadian parents, so we have a legal in-road to citizenship.

...also, chipping in the UK is difficult at best.

...also, the UK government has already told me that have a @BonScot - they don't want a Zombie too.

With the UK tax breaks in place I have calculated that in 18 years of playing poker I’ve saved approximately £7:39

 

[bergs]

But how much were you IN for?

That’s a valid question and we can discuss it in October when you’re here.

 

[Schmendr1ck]

But how much were you IN for?

The "interpreting text-based humor" portion of my brain isn't sure if this was a legit question or a dig at @bergs' complete lack of tourney skill.

In case of the former, the reporting threshold for poker tourney winnings is $5000 more than your total buy-in, so $4500 would not be reported even if it was a freeroll.

If the latter, SHOTS FIRED.

 

[kirchhausen]

The "interpreting text-based humor" portion of my brain isn't sure if this was a legit question or a dig at @bergs' complete lack of tourney skill.

In case of the former, the reporting threshold for poker tourney winnings is $5000 more than your total buy-in, so $4500 would not be reported even if it was a freeroll.

If the latter, SHOTS FIRED.

Shots fired, I have a long history of attempting to troll bergs, with varying degrees of success

 

[Schmendr1ck]

Shots fired, I have a long history of attempting to troll bergs, with varying degrees of success

 

[raynmanas]

I found my stash! Looks like I actually chopped for $4950 though, guess I was feeling generous to leave that other $49 on the table.

 

[WedgeRock]

Wow! That UK tax break? Why is that a thing?

Yeah, but have you seen the customs fees for have chips shipped?

Might be break even.

 

[WedgeRock]

I Ontario Canada at racetracks.
Payouts under 1000 are not recorded
1000+ and your name is recorded however no tax
10000+ and you need to go to the back room show ID and have your info recorded.. again no tax
I used to have a OLG license when I rode the thoroughbreds as a exercise jockey. the main reason for the records at the track was to both "limit" washing large amounts of monet (happened anyway) and to reduce collusion or the impression of with betting on horses. I was technically if I had a horse in a race I was associated with to bet on it to win, or in exotic bets to have my horse on top. it would be considered foul and my license could be at risk if I bet on the 5 horse when the one I had entered was the 2 for example. In Ontario many of the Casinos are primarily gov't run and thus the province nets the profits from the casino so it would be foul to also pay taxes on top of what is already a tax (ie gambling since you statistically lose)

@Anthony Martino? Looking for a US jockey to confirm US racetracks handle it the same.

 

[Anthony Martino]

@Anthony Martino? Looking for a US jockey to confirm US racetracks handle it the same.

Not really sure about the racetrack specifics as the only one around that gets PLO regularly doesn't give out any high hands in the PLO games.

Now the Tampa Hard Rock will issue you tax forms for even tiny high hand payouts. And if you go to the cage to purchase or cash out more than 2K in chips they make you show ID/player card (although I believe this is related to money laundering rather than reporting anything to the IRS)

 

[kirchhausen]

Not really sure about the racetrack specifics as the only one around that gets PLO regularly doesn't give out any high hands in the PLO games.

Now the Tampa Hard Rock will issue you tax forms for even tiny high hand payouts. And if you go to the cage to purchase or cash out more than 2K in chips they make you show ID/player card (although I believe this is related to money laundering rather than reporting anything to the IRS)

Maybe I'm wrong, but I think @WedgeRock was trolling you on the jockey comment. Perhaps unsurprisingly, the joke went over your head.

 

[Anthony Martino]

Maybe I'm wrong, but I think @WedgeRock was trolling you on the jockey comment. Perhaps unsurprisingly, the joke went over your head.

I thought it was a legit question with a joke included, but haven't read the whole thread because I'm...............short on time. *sigh*

 

[Schmendr1ck]

I thought it was a legit question with a joke included, but haven't read the whole thread because I'm...............short on time. *sigh*

 

[AlwaysDefend]

I count my blessings every day that I'm from the UK

 

[allforcharity]

In reality, if I were to shift nationalities, I'd go Canadian. Mrs Zombie was born of two Canadian parents, so we have a legal in-road to citizenship.

I'd sponsor you!