Re: Taxes on Charity Tourney Prize Wins
IF you can count the win as "gambling income" and you play in the WSOP in the same year and lose, then you should have $10K in gambling losses. You would get a $10K deduction to offset the increased income.
You need to ask someone smarter than me if this counts as gambling winnings.
If you win big at the WSOP then you definitely owe some taxes, but that is a good problem to have.
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