Joined: Apr '11
Location: Romania
Age: 59 (M)
Posts: 2437
After signing up for the WSOP's US poker site,Owais Ahmed was randomly chosen to receive a free entry into $111,111 One Drop event. However, according to an article by Russ Fox, Ahmed's prize isn't a complete freeroll since it has a cash value and under US tax law he is liable for tax on the buy-in amount. Writing on taxabletalk.com, the financial advisor noted that if Ahmed is in the 25% tax bracket, he'd owe "$27,778" on the prize. Fortunately, Ahmed seems to have taken note of this fact and is currently selling "a large chunk" of his action to help offset his risk.
Joined: Apr '11
Location: Romania
Age: 59 (M)
Posts: 2437
The One Drop High Roller event at the World Series of Poker is underway, and the $111,111 buy-in has attracted millionaire amateurs to the tournament along with professional poker players. The 3-day event has drawn 166 players, generating a prize pool of a massive $17,891,148, higher than any WSOP event except for the $10,000 No-limit Hold’em Main Event and last year’s million dollar buy-in Big One for One Drop event. First place will earn the winner a cash of nearly $5 million and a WSOP bracelet. The top 24 finishers get a payday. - See more at: http://news.sportsinteraction.com/poker/its-pros-vs-ceo...
Joined: Apr '11
Location: Romania
Age: 36 (M)
Posts: 6669
This event is definately a must to watch but still it's a lot less to was last year plus the bracelet will be a regular one, not platinum like last year.
I think this event by far will attract the most pros out there
Joined: Sep '12
Location: Romania
Age: 34 (M)
Posts: 1052
Posted by demodawggy: Paying tax on a BUY IN...??? That sounds like the craziest thing I've ever heard...
Paying taxes on a win is one thing,...but on a buy in sounds like the government has it's paws in the WRONG place...
I never would have suspected that if you go to Vegas,...you're paying taxes on buying into games...
That's a gouvern classic decision, as you could see they want a tax even if you play for free, hope if he will win 1st place they don't ask for 25% of winning, that will make 50% of players quit from poker life and move on Mars for play, that if they don't want some rake.
Joined: Feb '11
Location: Romania
Age: 35 (M)
Posts: 490
The One Drop High Roller event at the World Series of Poker is underway, and the $111,111 buy-in has attracted millionaire amateurs to the tournament along with professional poker players. The 3-day event has drawn 166 players, generating a prize pool of a massive $17,891,148, higher than any WSOP event except for the $10,000 No-limit Hold’em Main Event and last year’s million dollar buy-in Big One for One Drop event. First place will earn the winner a cash of nearly $5 million and a WSOP bracelet. The top 24 finishers get a payday
U.S. tax rate over poker player make me sick every time I'm hearing about an history like that... I know and agree that it is normal to tax professional poker player who are making a living from this game but in some way... That freeroll win is like a poisonnous gift he just received, that's crappy
