Quote:
Originally Posted by indariva
you do understand that once he plays the must play $111k its an instant tax wash...right?
No, it's not, well at least not for everyone. It's a free seat you won. Have a look at this article written by my accountant, Russ Fox.
http://www.taxabletalk.com/2013/06/2...s-a-good-idea/
Some can offset the $30,000 you'd likely owe in taxes from the $111K free seat (in the result of you not cashing said $111K event, your tax bracket, any other applicable taxes, etc) if you're having a winning year in the five-figure range but this certainly is not for everyone, at least that's the impression I got from it, I could be wrong.
FWIW idk who OP is and or how much he plays, his tot BI's for the year, how much (if any) he is up for the year, etc. More or less just saying the $111K free seat giveaway wasn't for everyone.
Last edited by Turb0Licious; 01-09-2014 at 03:24 PM.