[Texas72]

So, the WSOPC is going on at Harrah's this week, and the IRS decided to get a little crafty. The players arrived and were told that they owed x amount to the IRS from a previous win. They had to either pay up or leave the property, and not play in the event. For some of the players, the tax bill was 16K; not exactly something you have on you at all times! Gavin Smith and Evelyn Ng were affected by this, and apparently there are more big names on the list...will be interesting to see what happens!

[thesnowman22]

I think me and Evy could work something out to pay hers...mmmm....

[iceberg]

Now that it is tax time, what are the implications in general with Uncle Sam? Is there a maximum dollar figure that is tax-free for gambling? Just curious if anyone knows how the IRS treats gambling income.

At one time I heard that anything under $600 was tax-free. Money comes and goes out of casinos like water, so what are the rules?

The casinos automatically deduct tax money from big slot machine wins. How about big Poker Tournaments? Just thinking aloud.

Iceberg.

[Texas72]

There is a Q&A in Bluff about this (the one with Ivey on the cover). They talked with Moneymaker about it, since he was an accountant too.