gibs
03-01-2004, 01:37 AM
The Ameristar in KC is having a WSOP satelite tournament this next week, 100 entrants, top 10 places pay with the winner getting a buy in to the WSOP along with hotel and airfare, total prize package $11,000. I just took a tax class last semester, but cannot remember all the details on paying taxes on prizes. You don't actually receive $11,000 (although you can opt to go that route if you don't wish to play in the WSOP), but you receive a prize package worth $11,000. Anybody with an accounting background know if you have to pay taxes on this. It doesn't really matter any more as registration was yesterday and by the time I got there it was sold out. Just curious on the issue.