Hot answers tagged tax
These are due to IRS regulations, and it isn't taxes paid, just withheld. The players must declare this money as income, less any deductions, to the IRS and then they can have the difference returned to them. For professional players, if they had losses and expenses to offset some of these winnings, they might get quite a lot of it back - even all of it. ...
Well, based on the American tax laws, the winnings of WSOP would be charged a tax of 30% if you are an American citizen. But, as far as the players from other nations are concerned, it would completely depend on the tax laws of their country, which is why the tax deductions don't show in their winnings.
In the US, when you do your taxes, you are required to show your income from poker. This would be the total of all of your winnings, minus your losses. However, you can not show a loss on your tax return, so the lowest amount you can show is $0.00. This means that you can deduct your buyin from your winnings in this case. If you are a professional ...
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