Quote:
Originally Posted by Turb0Licious
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.
"However, I could use the gambling loss to offset other gambling winnings from that year. If the winner has other gambling income and doesn’t cash in the event, he or she can use the $111,111 as a gambling loss."
virtually same thing with a very minor (27k) difference. Nearly all of it is a wash. Also, WSOP/Caesars may treat it as a satty/mega and never issue a 1099 as no 1099s are issued on any Main Event seat won. interestin article tho.