You're Winning $10,000,000 - What Do You Do?!

So you're about to win $10,000,000 (or a little less), what do you do for record keeping for your taxes? 🤔
Check out Kondler & associates for all your tax needs 🙌
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[@kurtsteven6228]

So my taxed money I buy into with goes into a pool of every other players taxed money and when I win I have to pay more tax? Make it make sense 🤦🏽‍♂️

[@jaadmaan8156]

No, because your buy in is an expense. You pay taxes on profit not revenue, like every business in the world

[@ww2079]

​@@jaadmaan8156yeah except you can't carry over losses in this industry

[@SuhendraLie]

Remember you also pay Taxes on your food and accommodation through VAT. So your expenses are taxed, your buyin are taxed , then your winnings are taxed. Triple Taxed. Good luck!

[@kurtsteven6228]

But I can sit at a cash game with $10k and win $30k and cash out 40k with no tax taken out. Same should be for the tournament. I’m not winning a jackpot from the casino. Im winning it from other players. To me it’s bs

[@anthonyfoutch3152]

you have to be a pro gambler to claim expenses

[@oliverclark1547]

I'm pretty sure you can get a TIN number if you're from the UK and keep it all. (0% tax on poker winnings in the uk)

[@JimmyRingz]

0% tax on poker winnings in Finland as well (from all EU/ETA) but I'm not sure how it goes when we're talking about winnings on another continent tbh.

[@oliverclark1547]

@JimmyRingz I researched it a few years ago, and it said you can request a TIN number with the promise to pay in your home country. But this may have changed

[@JimmyRingz]

@@oliverclark1547 No idea what TIN means, each country has different words for things. However I of course hope you're right.🙂

[@oliverclark1547]

Tax Identification Number. You should be able to get one in any casino

[@JimmyRingz]

@@oliverclark1547 Oh alright yeah. No clue on those because I've only played tournaments at Helsinki Casino and they'll just ask do you want the money on your bank account or cash, done. Somehow I still think they do try to tax winnings outside of EU though. Except for cash winnings in Vegas, but then again I've only cashed out for like 2K usd stacks there.

[@SuhendraLie]

I will always be able to prove I'm a losing (-ve ROI) player so my taxes are zero. I lose to win, I lose to win.

[@michaeleberhart8329]

Why even play if you need to pay rake in the casino, and then pay taxes on the winnings?

[@Runnerboy2012]

Because you can also offset losses against those taxes