Q: Let's say you enter a satellite tournament for the World
Series of Poker and manage to win one of the $10,000 entries.
You then, of course, get knocked out in the main tournament,
long before you reach the money. What are the tax implications
of winning your entry fee? On the one hand, you didn't win any
actual cash. On the other, the seat has a definite $10K value.
I'd hate to be on the hook for $10K worth of ordinary income
that I never actually saw. That would make playing in the WSOP
a very expensive lark, even via satellite entry.
http://www.lasvegasadvisor.com/QofDay.cfm
<a href="http://www.lasvegasadvisor.com/QofDay.cfm">
http://www.lasvegasadvisor.com/QofDay.cfm</a>
NOTE: vpFREE access to the Question of the Day
link has been approved by LVA and expires after
the current day for non-LVA members.
ยทยทยท
************************************************
This link is posted for informational purposes and doesn't
constitute an endorsement or approval of the linked article's
content by vpFREE. Any discussion of the article must be done
in accordance with vpFREE's rules and policies.
************************************************