- View Single Post - Are prize money subject to tax?
View Single Post
post #30 of (permalink) Old 11-29-2006, 12:59 AM
country flag 2moretogo
Registered User
2moretogo's Avatar
Join Date: Nov 2006
Location: ATL
Posts: 3,790
Re: Are prize money subject to tax?

My understanding of the Swiss and Monaco thing was that the players avoid paying a double tax. Being taxed in the country that the tournment was played in and by the country in which they reside in. French players want to live in Swizerland bec. under French law they would still be taxed if they lived in Monaco under French law.

As far as the US, yes, you still have to pay federal taxes if you are claiming US residency. (general rule)

Thanks Deb! for answering my question. I knew in the US that you had to pay taxes on gifts, income, etc..., but I didn't know that it was worldwide.
2moretogo is offline  
For the best viewing experience please update your browser to Google Chrome