Is there a heavy US govt tax for non-US for WSOP wins?

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Is there a heavy US govt tax for non-US for WSOP wins?

Postby jonasjive » Tue Oct 19, 2010 5:40 pm

Hi all,

just wanted to clarify on this point cause a friend of mine who regularly grinds at Macau was telling me that it's not worth it for someone from SG to participate in the WSOP as whatever cash prizes will be taxed by the US govt before u leave the country and it can be up to 50% of the winnings...

It's really hard to believe but I hope kakis here can clear my doubt as I'm seriously intending to take part in next year's events... Cause if it's really true, then I'll scrap my plans straightaway and perhaps look forward to only APPTs and EPTs instead... :P

Thanks in advance ;)
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Re: Is there a heavy US govt tax for non-US for WSOP wins?

Postby chenghao » Tue Oct 19, 2010 8:10 pm

jonasjive wrote:Hi all,

just wanted to clarify on this point cause a friend of mine who regularly grinds at Macau was telling me that it's not worth it for someone from SG to participate in the WSOP as whatever cash prizes will be taxed by the US govt before u leave the country and it can be up to 50% of the winnings...

It's really hard to believe but I hope kakis here can clear my doubt as I'm seriously intending to take part in next year's events... Cause if it's really true, then I'll scrap my plans straightaway and perhaps look forward to only APPTs and EPTs instead... :P

Thanks in advance ;)




http://www.wsop.com/pdfs/2010/2010-WSOP-FAQ.pdf

What must I provide to collect Tournament Winnings?
Winners must show their current valid picture identification (driver’s license, state identification card, or military identification card) acceptable to Harrah’s in order to collect prizes. If a participant is not a U.S. citizen, a current passport, consular identification or alien registration card is required.

U.S. Residents: Must provide a Social Security Number.

U.S. residents not providing a Social Security Number, will be subject to 28% tax withholding.

Foreign Residents of U.S. Tax Treaty Countries: Must provide an Individual Tax Identification Number.

Foreign Residents of Treaty Countries, not providing an Individual Tax Identification Number, will be subject to 30% tax withholding.

Foreign Residents of U.S. Tax Non-Treaty Countries: Will be subject to 30% tax withholding.


http://www.irs.gov/businesses/small/int ... 34,00.html

Tax Treaty Overview


The United States has income tax treaties with a number of foreign countries. Under these treaties, residents (not necessarily citizens) of foreign countries are taxed at a reduced rate, or are exempt from U.S. income taxes on certain items of income they receive from sources within the United States. These reduced rates and exemptions vary among countries and specific items of income.

http://www.irs.gov/businesses/internati ... ,00.html#S

S

Slovak Republic
Slovenia
South Africa
Spain
Sri Lanka
Sweden
Switzerland

No Singapore
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Re: Is there a heavy US govt tax for non-US for WSOP wins?

Postby Brasstal » Wed Oct 20, 2010 4:42 am

yes 30% tax on the spot when u collect ur winnings

thats why i skip wsop events too maybe just choose to play the main event for fame and sick amounts of sponsorships
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Re: Is there a heavy US govt tax for non-US for WSOP wins?

Postby jonasjive » Wed Oct 20, 2010 11:42 am

Thanks for the clarity guys! :D

30% is really a big chuck... :o

Bryan, you so famous liao still need to add fame meh? :lol: :lol:

Cheers
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Re: Is there a heavy US govt tax for non-US for WSOP wins?

Postby Afternoon » Wed Oct 20, 2010 12:52 pm

Brasstal wrote:yes 30% tax on the spot when u collect ur winnings

thats why i skip wsop events too maybe just choose to play the main event for fame and sick amounts of sponsorships


30%... is alot. if i ITM $3000, also kana $900 from them.
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Re: Is there a heavy US govt tax for non-US for WSOP wins?

Postby asiangravy » Wed Oct 20, 2010 1:28 pm

Probably more Singaporeans will start to flock there if Singapore ever establishes a full tax treaty with the US. But, I doubt it will happen anytime soon. The WSOP experience is priceless though I have to say.
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Re: Is there a heavy US govt tax for non-US for WSOP wins?

Postby 8ivan8 » Wed Oct 20, 2010 3:18 pm

Hi guys,

No more assumptions and guessing.

For Singaporean players who cash in the US, there is only a 30% tax on your winnings if they exceed 5k usd in a any event. Any winnings under that are not subjected to tax.

This is it!
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Re: Is there a heavy US govt tax for non-US for WSOP wins?

Postby jonasjive » Thu Oct 21, 2010 1:23 am

Ok tks Ivan,

Dont seem to have much value being there unless as mentioned for the experience only... :)

Cheers
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Re: Is there a heavy US govt tax for non-US for WSOP wins?

Postby FullHouseTampines » Tue Dec 07, 2010 12:39 am

Ok, Im bumping this thread cos the tax stuff is interesting.

I am not a tax lawyer or anything, but it sounds very weird if the yank authorities could tax foreigners not living in the us. Has this really happened to any singaporean winning money in the wsop?

The wsop are talking about tax withholding, not taxation. They gonna hold 30% until you showed that you paid tax in your home country or, as in the case of singapore(??), that poker winnings are not taxable. This is to make it harder for US residents to cheat the tax authorities.
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Re: Is there a heavy US govt tax for non-US for WSOP wins?

Postby FullHouseTampines » Sun Dec 12, 2010 4:41 am

Hmm, after checking some threads over at 2+2 forums, it really seems like its a big risk to lose 30% of winnings if cashing in a US live event. Happened to a few ppl from Australia, which also doesnt have a gambling tax treaty with the US. Still, it would be very interesting to know how singapore guys with cashes over there have handled it.

Btw, hows the situation for online wins? No gambling wins are taxable for sg residents, right?
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Re: Is there a heavy US govt tax for non-US for WSOP wins?

Postby adarachrist » Sat Jul 14, 2018 12:10 pm

Yes, We can say that now it is becoming compulsory that people have to tax on every legal thing. If anyone becomes win of world series of poker they also have to pay tax on that money whatever they got.
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