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11-28-2006, 07:09 AM
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#1
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Registered User
Join Date: Sep 2005
Posts: 827
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Are prize money subject to tax?
Sorry for the idiocy.
I was just wondering if the prize earnings of the players flashed in our screen are the money before/after tax.
Thanks!
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11-28-2006, 07:11 AM
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#2
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Registered User
Join Date: Jan 2005
Posts: 38,719
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Re: Are prize money subject to tax?
Before tax. The players have to pay taxes on all the prize money they get.
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11-28-2006, 07:16 AM
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#3
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Registered User
Join Date: Sep 2005
Posts: 827
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Re: Are prize money subject to tax?
Quote:
Originally Posted by MariaV
Before tax. The players have to pay taxes on all the prize money they get.
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Thanks!
I guess they're not as rich as I thought! |
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11-28-2006, 07:29 AM
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#4
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Registered User
Join Date: Jul 2004
Age: 33
Posts: 9,173
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Re: Are prize money subject to tax?
Quote:
Originally Posted by MariaV
Before tax. The players have to pay taxes on all the prize money they get.
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Unless of course Steffi Graf's father is entrusted to looking after your account  |
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11-28-2006, 11:22 AM
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#5
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Registered User
Join Date: Jan 2006
Posts: 564
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Re: Are prize money subject to tax?
Quote:
Originally Posted by RonE
Unless of course Steffi Graf's father is entrusted to looking after your account |
Or you're called Boris Becker |
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11-28-2006, 11:26 AM
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#6
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Join Date: Nov 2003
Posts: 124,205
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Re: Are prize money subject to tax?
Not if they win in Monte Carlo.
__________________
“ On Nadal bumping him on the changeover, Rosol said: "It's ok, he wanted to take my concentration; I knew he would try something".
Wilander on Dimitrov - "He has mind set on imitating Federer and yes it looks good. But he has no idea what to do on the court".
Quote:
Originally Posted by Filo V.
I definitely would have preferred Gaba winning as he needs the points much more, but Jan would have beaten him anyway. I expect Hajek to destroy Machado, like 6-1 6-2.
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Machado wins 6-2 6-1
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11-28-2006, 11:33 AM
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#7
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Registered User
Join Date: Jul 2004
Age: 33
Posts: 9,173
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Re: Are prize money subject to tax?
Quote:
Originally Posted by GeorgeWHitler
Not if they win in Monte Carlo.
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Didn't Edberg at one point move to London for tax benifits? |
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11-28-2006, 11:35 AM
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#8
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Join Date: Nov 2003
Posts: 124,205
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Re: Are prize money subject to tax?
Quote:
Originally Posted by RonE
Didn't Edberg at one point move to London for tax benifits?
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Edberg didn't want to live among other tennis players, well he didn't get hassled too much and he liked the quiet life did Stefan.
Some of the Spanish players are based in Andorra and it's not just cause of the mountains.
__________________
“ On Nadal bumping him on the changeover, Rosol said: "It's ok, he wanted to take my concentration; I knew he would try something".
Wilander on Dimitrov - "He has mind set on imitating Federer and yes it looks good. But he has no idea what to do on the court".
Quote:
Originally Posted by Filo V.
I definitely would have preferred Gaba winning as he needs the points much more, but Jan would have beaten him anyway. I expect Hajek to destroy Machado, like 6-1 6-2.
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Machado wins 6-2 6-1
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11-28-2006, 02:14 PM
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#9
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Registered User
Join Date: May 2005
Age: 34
Posts: 4,023
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Re: Are prize money subject to tax?
Florida and Monte Carlo don't have income tax so I guess many players live there as well as Miami and MC tournaments are well placed and covered . But other parts of Europe have insane taxes to fund those socialist programs especially scandinavia, germany and france . Most American players are reluctant to play there
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11-28-2006, 02:33 PM
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#10
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Registered User
Join Date: Nov 2006
Location: ATL
Posts: 3,743
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Re: Are prize money subject to tax?
Related question,
They have to pay taxes on vehicles and stuff right?
Cuz, I remember reading that some players prefer to take the cars over the money...
(P.S. I always thought that you got the car and the money)
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11-28-2006, 02:50 PM
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#11
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-LIFETIME MEMBER-
Join Date: Oct 2004
Posts: 747
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Re: Are prize money subject to tax?
Quote:
Originally Posted by ezekiel
Florida and Monte Carlo don't have income tax so I guess many players live there as well as Miami and MC tournaments are well placed and covered . But other parts of Europe have insane taxes to fund those socialist programs especially scandinavia, germany and france . Most American players are reluctant to play there
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Florida does have taxes. They don't have state taxes but they do have every other taxes (Federal, MEDICARE, etc.). If you pay 25% of your income in taxes, usually 15% of it is Federal and the other 10% is split for the others and everyone pays federal & medicare (even if you have no need for it).
__________________
Andre Agassi & Roger Federer
Gael Monfils & Jo-Wilfried Tsonga
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11-28-2006, 03:08 PM
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#12
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Vamos Mandy :)
Join Date: Oct 2003
Location: Looking for Andy's forehand with Sarah and Re...
Posts: 85,832
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Re: Are prize money subject to tax?
Quote:
Originally Posted by alas_8!
Thanks!
I guess they're not as rich as I thought!
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Sure they are, the ones who have endorsements anyway. Even if you only get to keep 60% of it, 60% of a lot is still a lot 
Quote:
Originally Posted by 2moretogo
Related question,
They have to pay taxes on vehicles and stuff right?
Cuz, I remember reading that some players prefer to take the cars over the money...
(P.S. I always thought that you got the car and the money)
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any prizes or earnings, you pay taxes on - at least Federal income tax. If you win the lottery, you pay back close to half of it. If you go on The Price is Right and win a living room furniture set, you pay tax on it, etc. |
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11-28-2006, 03:28 PM
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#13
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Gugaholic
Join Date: Oct 2002
Location: Under the blue sky
Posts: 77,532
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Re: Are prize money subject to tax?
Quote:
Originally Posted by Deb!.
If you win the lottery, you pay back close to half of it. If you go on The Price is Right and win a living room furniture set, you pay tax on it, etc.
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Not in Canada  That's why the residency makes the difference! |
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11-28-2006, 03:38 PM
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#14
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PERSONAL JESUS
Join Date: Dec 2003
Location: Barranquilla (COL)
Age: 38
Posts: 16,116
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Re: Are prize money subject to tax?
I can marry and live in Canada then 
__________________
"Poor is the man whose pleasures depend on the permission of another" .. Madonna
Drooling after Schuettler, Bolelli, Volandri, Starace (short haired version), ToJo, Tursunov, Alves, Davydenko, Djokovic, Petzschner, Ferrero, Simon, Qureshi 
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11-28-2006, 03:48 PM
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#15
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Registered User
Join Date: Feb 2004
Posts: 396
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Re: Are prize money subject to tax?
Yeah, that's why some players base themselves in Monaco, where the taxes I presume are low or zero. |
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Are prize money subject to tax?
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