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Taxes and Gambling Question

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  • Taxes and Gambling Question

    When a player wins a seat for a tournament, such as a 3k, 5k, or 10k seat, are there any taxes involved to the winner of the seat? I know that if you play the seat and finish in the money, you pay taxes on the winnings, but what happens if you finish out of the money? Are you still required to pay taxes on the payed seat that the player won? I would appreciate any input on this subject.
    Thanks'
    Herby Bones.

  • #2
    You would have $10,000 (remember to take out the cost of the satellite, as it is a return of capital) of gross income (the value of the seat) and 10,000 as a misc. itemized deduction (unless you are a full-time professional player, in which you would deduct $10,000 from Adjusted Gross Income.

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    • #3
      Thank you very much for the info, diej
      now i understand it. The player would have both a win and a loss declared.
      Thanks again, See you at the games.
      Herby Bones.

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