The nine players that competed in the 2021 World Series of Poker or WSOP Main Event final table, which completed on Wednesday, collected a total of 24,125,000 dollars in prize money. Well, sort of.
Taxes in WSOP Main Event Final Table
Russ Fox, a federally certified tax practitioner with Clayton Financial and Tax of Las Vegas, publishes an annual blog article detailing the tax obligations that the final table players bear. In 2019, the nine participants owing 12 million dollars in taxes.
Paying the Tax Man Koray Aldemir for WSOP Main Event final table, a German pro who lives in Austria for tax purposes (more on this later), won the 8 million dollars WSOP Main Event in 2021. And, sure, he will get to keep every bit of it, unless he has supporters.
Significant Tax Portion on WSOP Main Event Final Table
Aledmir won an intriguing heads-up battle against Atlanta executive banker George Holmes, who will repay Uncle Sam a significant portion of the 4.3 million dollars he earned. According to Fox, Aldemir benefits from the U.S.-Austria Tax Treaty, which exempts him from IRS withholding taxes on income, and his home nation does not tax gambling profits.
If he still resided in Germany, he’d repay the government 46 percent of his winnings, or nearly 3.7 million dollars.
Holmes, on the other hand, is unable to avoid Uncle Sam because he lives in the United States. According to Fox, Holmes will repay the IRS around 1.8 million dollars, leaving him with approximately 2.5 million dollars in earnings.
US Tax Portion in WSOP Main Event Final Table
Like Aldemir, Jack Oliver (3rd place) and Jareth East (8th place) profit from a U.S. tax treaty since British poker players are not required to pay income taxes, and gambling earnings in the United Kingdom are not taxed. Oliver earned 3 million dollars and East won 1.1 million dollars, both of which they will keep.
Josh Remitio, who resides in the Phoenix region, won fourth place with 2.3 million dollars and is expected to pay just over 1 million dollars in taxes, leaving him with just under 1.3 million dollars in earnings after deducting any money owing to donors.
Based on a 40% tax level for high-income citizens of Turkey, Fox predicts that Ozgur Secilmis will repay around 700,000 dollars of his 1.8 million dollars prize for fifth place.
Hye Is Paying Excessive Taxes in WSOP Main Event Final Table
Hye Park, who resides in the high-tax state of New Jersey, is projected to pay the greatest proportion of earnings to the government. The sixth-place finisher would most certainly repay around 45 percent of his $1.4 million score, or approximately 650,000 dollars, leaving him with “just” 750,000 dollars.
Alejandro Lococo, who finished seventh, will also pay a sizable portion of his 1,225,000 dollars cash prize. Because the United States and Argentina do not have a tax treaty in place, the IRS is projected to withhold around 30% of the rapper’s earnings. He’ll still walk away with around 800,000 dollars, which isn’t a terrible payoff for an inexperienced tournament participant.
Chase Bianchi was the final table’s fourth American. Fox estimates that the cash gaming pro, who lives in Massachusetts, owes roughly 375,000 dollars of his 1 million dollars at 9th place score (37.56 percent bracket).
The nine players will pay a total of 4,955,000 dollars in taxes, significantly less than the 12 million dollars owing in 2019. Join daftar pkv. / Dy