Dannenmann interview on espn.com

[ianlippert]

He had to give half to his backer. So they went home with 2.6 Mil. I think 50% tax is the norm on winnings.

What I wanna know is how you can be a pro tourney player when half of your winnings are given to the government? Its like a 50% rake!!!

[ianlippert]

oh i miss read your post, nm

[henrikrh]

How boutch Hachem? He's an international, no tax for him?

[CrazyN8]

[ QUOTE ]
How boutch Hachem? He's an international, no tax for him?

[/ QUOTE ]
oh, you know Uncle Sam got him a piece of that pie!

great article

[Fallen Hero]

[ QUOTE ]
[ QUOTE ]
How boutch Hachem? He's an international, no tax for him?

[/ QUOTE ]
oh, you know Uncle Sam got him a piece of that pie!

[/ QUOTE ]

a lot has been posted about this: summing up, no, uncle sam doesn't take a part but aparently harrah's took it to give to uncle sam.

[ianlippert]

So whats the point of playing in these tourneys if your ev is cut in half? I mean of course you want to play the Main event, but I think it was fischman that stated in one of those bios that he pays taxes. Can you pay a different amount if you are a professional gambler? Like pay as if you were a business and not a lottery winner?

[Gabe DV]

Poker winnings are taxed as regular earned income, not as a gambling tax. there is a supreme court case on point--don't remember the name, but it involved Billy Baxter.

[ QUOTE ]
Poker winnings are taxed as regular earned income, not as a gambling tax. there is a supreme court case on point--don't remember the name, but it involved Billy Baxter.

[/ QUOTE ]

I remember hearing that too. I could be wrong, but I thought he fought the courts and won basically saying that since there was a degree of skill invloved it wouldn't be taxed the same way lottery winnings were.

[Beavis68]

it may be ordinary income for professionals.

not sure if they can do a John Edwards - incorporate and draw a salary too.