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Old 11-29-2006, 12:59 AM   #30
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Default 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.
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