Quote:
Originally Posted by pokervangelist
What the hell win a tournament for more than $5000 and WSOP.com doesn't pay you out immediately????Been playing on the site for years. This is email I just got. What could the reason for this?
Congratulations on winning $15,000 Weekly Friday [Re-entry, 6 Max].
You will be receiving tax forms for your recent winnings from OnlinePokerTaxReport@Caesars.com within the next 24 to 48 hours.
Your funds will be released within the next 24 to 48 hours as well.
Please feel free to contact our Support team 24/7 at 1-866-745-2385 or via email at SUPPORT@WSOP.COM
See you at the tables,
The WSOP.com Team
www.wsop.com
support@wsop.com
Quote:
What could the reason for this?
What are you confused about?
I understand that 99.9999% of people didn't even know that they were doing their taxes wrong. But now the ones who win a reportable event are going to find out.
You may end up not even owing anything, but you'll have to figure out how to report everything correctly to get back anything that you overpaid.
P.S.
And "doomsday" report is when too many people find out that when they win Y and lose Y-way more than Y, the government still wants taxes on y*20% (or whatever). Gambling is no longer that feasible for me if I plan to report it on my taxes as it is supposed to be. Hence, I have not gambled in months and I don't see it happening soon. Playing poker is not feasible for tax purposes at the moment. If I were to play, then , personally, for me, approximately the first $4,000 of profit per year would be breakeven after taxes with the new tax structure. I've decided to reconsider as of 1/1/19, but as of now, I'm not playing. It is the 10K SALT deduction limitation in Trump's tax plan that killed it. That part killed the entire northeast and California. Without that limitation I could deduct my state taxes and my property taxes and that plus everything means I'd itemize anyway (regardless of gambling) ... oh, but the new law limits the state and property tax deduction to $10K (well, mine are like $18K).
The new law is so weird. In some respects it does something that would lower the tax and in other respects it does things that would raise the tax. It like makes it hard to figure out what the goal was. In the end, what it does is I think going to be very fact specific to your situation.
For my situation (ignoring the above), I think I will be taxed on more of my income, but at lower rates. I'm not sure which will have the larger impact; I didn't do all the math out.
The limit of the SALT deduction is easy to see though.
Last edited by Lego05; 05-26-2018 at 03:57 AM.