I was wondering when I win my seat to the world series through a satellite would I have to pay taxes on it. Most online sites that have satetllites through in a couple of grand for spending money so your talking about winning about $12,000 bucks. Say you win this through a freeroll at
Full Tilt so it costs you nothing and you get to play in the WSOP. However, are you required (I'm more looking for what you are legally required to do, not if you can get away with not paying taxes on online poker winnings....that is a whole other topic) to pay taxes on the 12k you won since your not a professional poker player. The pros can deduct there losses from winnings (so if they don't cash its really only a 2k win), but a regular player is not allowed to deduct losses so does the 10k for the seat count as winnings even though you just lost it. If this is the case even though you won 12k your going to end up owing 4k in taxes or so. That would really suck...