Tax on tournament winnings
Hello!
I'll be in Vegas with a buddy in a couple of months to play poker. We want to play cash games and tournaments. We are from Canada and i heard that if you make a big score in a tournament you have to pay taxes on it since you're a non-resident. Is this true? And if it is, what is the amount that you start to pay taxes from?
Thanks in advance!
I have played in Vegas for years not paid tax on winning once and I'm from the UK
I believe that $5000 is the point at which the casinos have to report winnings from poker tournaments to the IRS. And I think that is net of the buy-in.
I'm from Canada as well.. I've had to pay in NY, Jersey, but not Nevada.