Quote:
Originally Posted by fakekidpoker
Are you sure?
Any tournament winnings (net) over $5000($5000.01) will cause the poker room to issue a 1099 for the whole profit.
Now, if a Canadian, I don't believe that the tournament directors are looking for out of country citizens in order to tax any smaller amount; possible I guess. You could look to another Canadian for exactitude but i believe the action amount is again , $5000.01 .
The problem with Canadians(and other not tax treaty governments) is that there will be a 30% withholding for winnings over the amount ($5000.01) and somehow the winner will have to deal with the US government to which I have come to my ignorance point.
The reason for this is that USA and Canada do not have a tax treaty. I have been led to understand that , for example, England and USA do have a tax treaty and therefore all winnings are not subscribed.
I plead guilty to this knowledge gained from this site and will gladly accept criticism/correction
.