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Old 11-28-2006, 07:09 AM   #1
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Default 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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Old 11-28-2006, 07:11 AM   #2
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Default 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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Old 11-28-2006, 07:16 AM   #3
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Default Re: Are prize money subject to tax?

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Originally Posted by MariaV View Post
Before tax. The players have to pay taxes on all the prize money they get.
Thanks!

I guess they're not as rich as I thought!
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Old 11-28-2006, 07:29 AM   #4
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Default Re: Are prize money subject to tax?

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Originally Posted by MariaV View Post
Before tax. The players have to pay taxes on all the prize money they get.
Unless of course Steffi Graf's father is entrusted to looking after your account
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Old 11-28-2006, 11:22 AM   #5
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Default Re: Are prize money subject to tax?

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Originally Posted by RonE View Post
Unless of course Steffi Graf's father is entrusted to looking after your account
Or you're called Boris Becker
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Old 11-28-2006, 11:26 AM   #6
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Default Re: Are prize money subject to tax?

Not if they win in Monte Carlo.
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Originally Posted by Filo V. View Post
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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Old 11-28-2006, 11:33 AM   #7
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Default Re: Are prize money subject to tax?

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Originally Posted by GeorgeWHitler View Post
Not if they win in Monte Carlo.
Didn't Edberg at one point move to London for tax benifits?
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Old 11-28-2006, 11:35 AM   #8
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Default Re: Are prize money subject to tax?

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Originally Posted by RonE View Post
Didn't Edberg at one point move to London for tax benifits?
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.
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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. View Post
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.
Machado wins 6-2 6-1
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Old 11-28-2006, 02:14 PM   #9
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Default 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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Old 11-28-2006, 02:33 PM   #10
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Default 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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Old 11-28-2006, 02:50 PM   #11
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Default Re: Are prize money subject to tax?

Quote:
Originally Posted by ezekiel View Post
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

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).
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Old 11-28-2006, 03:08 PM   #12
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Default Re: Are prize money subject to tax?

Quote:
Originally Posted by alas_8! View Post
Thanks!

I guess they're not as rich as I thought!
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 View Post
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)
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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Old 11-28-2006, 03:28 PM   #13
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Default Re: Are prize money subject to tax?

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Originally Posted by Deb!. View Post
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.
Not in Canada That's why the residency makes the difference!
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Old 11-28-2006, 03:38 PM   #14
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Default Re: Are prize money subject to tax?

I can marry and live in Canada then
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Old 11-28-2006, 03:48 PM   #15
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Default 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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