Thread: Taxes on Charity Tourney Prize Wins
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Old 01-04-2005, 04:43 PM
GrunchCan GrunchCan is offline
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Join Date: Aug 2004
Location: Jundland Wastes
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Default Taxes on Charity Tourney Prize Wins
I'm thinking of entering this WSOP satellite in Chicago:

This is a charity event, so there aren't any cash prizes. But the grand prize is a seat at the WSOP ME.

I'm wondering, what are the tax implications of winning this event? If I win the $10,000 seat, is that recorded as $10K of income, on which I have to pay income tax?
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