WSOP Poker Champ won't have to pay any taxes on the $8.7 Million

Search
Joined
Sep 21, 2004
Messages
44,746
Tokens
What a Deal: Poker Champ Pays No Taxes on $8.7 Million

By Ron Dicker Posted 5:03PM 11/15/11 People, Taxes
Comments Text Size A A A Print this page|EmailShare on FacebookShare on TwitterShare on DiggShare on Lifestream


piusheinz.jpg
There's Herman Cain's 9-9-9 Plan. There's the Buffett Rule.

But of all the tax plans we've heard lately, Pius Heinz's All for Me deal is our favorite.

Heinz is the German ace who recently won the World Series of Poker in Las Vegas, earning $8,715,636 -- tax-free.

Under the U.S.-Germany Tax Treaty, Germans' gambling income earned on U.S. soil isn't taxed by the IRS, reports Taxabletalk.com. Back in Germany, gambling winnings are also tax-exempt. So Heinz won't have to ante up one penny to any government, while most of his competition is paying a full house or more.


"All power to him," Taxable Talk author Russell Fox told DailyFinance.

Second-place finisher Martin Stazko of the Czech Republic doesn't owe anything to Uncle Sam for his $5,433,086 in winnings, but back home, he'll cough up $814,963.

Third-place finisher Ben Lamb of Tulsa, Okla., won $4,021,038 in the Texas Hold 'Em tournament, but he won't hold 'em all once the IRS is done with him. Fox estimated he'll fork over $1,524,011 in taxes.

Fourth-place finisher Mark Gianetti of Las Vegas will surrender $1,048,642, or 35%, of $3,012,700.

The biggest winner/loser of them all is Eoghan O'Dea of Dublin, Ireland. The sixth-place finisher will have to fold on 40% of his $1,720,331. Amateur Irish gamblers get to keep all their winnings, but O'Dea is a professional, so Ireland's Office of Revenue Commissioners gets a $695,018 share of his green.

But he got off easy compared to 2008 poker champ Peter Eastgate. As a citizen of Denmark, Eastgate was flushed out 73% of his $9,152,416. Comparatively, "U.S. tax law looks very friendly," Fox said.
 

Rx Dragon Puller
Joined
Jan 15, 2009
Messages
5,310
Tokens
What a Deal: Poker Champ Pays No Taxes on $8.7 Million

But he got off easy compared to 2008 poker champ Peter Eastgate. As a citizen of Denmark, Eastgate was flushed out 73% of his $9,152,416. Comparatively, "U.S. tax law looks very friendly," Fox said.

Holy F that is rough
 

Member
Joined
Dec 9, 2008
Messages
2,604
Tokens
He actually moved to Austria for tax reasons since German government has started to circumvent their own tax laws to tax (known) poker professionals...
 

Member
Joined
Jul 14, 2007
Messages
31,503
Tokens
What a Deal: Poker Champ Pays No Taxes on $8.7 Million

By Ron Dicker Posted 5:03PM 11/15/11 People, Taxes
Comments Text Size A A A Print this page|EmailShare on FacebookShare on TwitterShare on DiggShare on Lifestream


piusheinz.jpg
There's Herman Cain's 9-9-9 Plan. There's the Buffett Rule.

But of all the tax plans we've heard lately, Pius Heinz's All for Me deal is our favorite.

Heinz is the German ace who recently won the World Series of Poker in Las Vegas, earning $8,715,636 -- tax-free.

Under the U.S.-Germany Tax Treaty, Germans' gambling income earned on U.S. soil isn't taxed by the IRS, reports Taxabletalk.com. Back in Germany, gambling winnings are also tax-exempt. So Heinz won't have to ante up one penny to any government, while most of his competition is paying a full house or more.


"All power to him," Taxable Talk author Russell Fox told DailyFinance.

Second-place finisher Martin Stazko of the Czech Republic doesn't owe anything to Uncle Sam for his $5,433,086 in winnings, but back home, he'll cough up $814,963.

Third-place finisher Ben Lamb of Tulsa, Okla., won $4,021,038 in the Texas Hold 'Em tournament, but he won't hold 'em all once the IRS is done with him. Fox estimated he'll fork over $1,524,011 in taxes.

Fourth-place finisher Mark Gianetti of Las Vegas will surrender $1,048,642, or 35%, of $3,012,700.

The biggest winner/loser of them all is Eoghan O'Dea of Dublin, Ireland. The sixth-place finisher will have to fold on 40% of his $1,720,331. Amateur Irish gamblers get to keep all their winnings, but O'Dea is a professional, so Ireland's Office of Revenue Commissioners gets a $695,018 share of his green.

But he got off easy compared to 2008 poker champ Peter Eastgate. As a citizen of Denmark, Eastgate was flushed out 73% of his $9,152,416. Comparatively, "U.S. tax law looks very friendly," Fox said.

73%?!?!! Wow...What was even the point of winning.

I'm sure it still changed his life for the better with all the sponsorships and everything but thats a big damn chunk.
 

New member
Joined
Oct 6, 2007
Messages
786
Tokens
How is festering able to post this while he is comatose with the no tax phrase
 

Member
Joined
Apr 30, 2009
Messages
4,879
Tokens
I wonder how Duhamel (sp) did? We don't pay taxes on winnings in Canada. I wonder if he got all or part of his money back fron the IRS ?
 

New member
Joined
Feb 3, 2007
Messages
1,916
Tokens
PatsFan thanks for quoting the entire article or we would have no idea what you were referring to.
 

Rx Dragon Puller
Joined
Jan 15, 2009
Messages
5,310
Tokens
I wonder how Duhamel (sp) did? We don't pay taxes on winnings in Canada. I wonder if he got all or part of his money back fron the IRS ?

I believe if you are a professional gamble ie: Profit is expected from gambling than you are expected to claim and file for all gambling earnings
 

Forum statistics

Threads
1,106,904
Messages
13,439,443
Members
99,345
Latest member
08winlink
The RX is the sports betting industry's leading information portal for bonuses, picks, and sportsbook reviews. Find the best deals offered by a sportsbook in your state and browse our free picks section.FacebookTwitterInstagramContact Usforum@therx.com