Hi,

I am wondering if anyone came across this scenario / has clarification:

What happens if I sell action as a Canadian to people who reside in countries with tax treaties with the US who are not subject to taxation on winnings such as UK residents.

Hypothetical scenario:

I sell 50% of my action in 10K WSOP main event so a UK resident who is exempt from tax at WSOP. I cash for 110K therefore , 100K USD in profits are made.

Is there something to be done at the payout cage ? Can the share of the person who is not subject to taxation collect his 55K tax free ?
Which would leave 50K profits from my 55K share to be taxed at the standard 30% rate ?

would be nice if people could speak from experience and not make assumtions.

Cheers,

No. There is nothing you can do to avoid them from taking the 30%, all you can do is file a non-resident tax return at years end to get some of the tax back.

Then why when people make posts about selling action they ask for people Tax / information for tax purposes ?

there has got to be more to this ... anyone ?

Nothing can be done other than just filing a US tax return. You also need to get an ITIN # at the same time if you don't have one already.

I do this every year, it's not that difficult.

Just save all of your buy-in receipts for EVERY tournament that you play in the US. Also receipts for all hotels, meals and travel. Then you can apply that as expenses to cut that tax amount down significantly or even to zero.