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Old 11-28-2006, 05:05 PM   #16
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Default Re: Are prize money subject to tax?

Quote:
Originally Posted by GeorgeWHitler View Post
Not if they win in Monte Carlo.
Is it winning in Monte Carlo or living in Monte Carlo that gives tax benefits? I think if you win in Monte Carlo and live in Switzerland you most certainly pay tax on your winnings.

In any case, Switzerland is a tax haven for many sports people because they have special "deals" for high earners. Becker, Mauresmo and some others are examples of people moving here to avoid their home country tax bill.
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Old 11-28-2006, 05:09 PM   #17
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Default Re: Are prize money subject to tax?

Living in Monte Carlo. The casino makes enough revenue for the country to be tax free for it's residents.
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Old 11-28-2006, 05:25 PM   #18
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Default Re: Are prize money subject to tax?

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Originally Posted by Lee View Post
Not in Canada That's why the residency makes the difference!
Quote:
Originally Posted by alelysafina View Post
Living in Monte Carlo. The casino makes enough revenue for the country to be tax free for it's residents.
I forgot. As long as you are US citizen, it doesn't matter where you live though. Right? You still have the pay the federal tax or at least the difference if US tax is higher than where you live.
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Old 11-28-2006, 07:42 PM   #19
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Default Re: Are prize money subject to tax?

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Originally Posted by Lee View Post
I forgot. As long as you are US citizen, it doesn't matter where you live though. Right? You still have the pay the federal tax or at least the difference if US tax is higher than where you live.
Yeah
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Old 11-28-2006, 07:54 PM   #20
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Default Re: Are prize money subject to tax?

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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
they dont live there because of that, for the most part, because you still have to pay the USA tax and for what they are earning I think its around 35% of their income.

A player must pay taxes wherever he plays(because he earned money in that country) and then might get taxed double by his native country...
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Old 11-28-2006, 07:58 PM   #21
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Default Re: Are prize money subject to tax?

don't they pay taxes in the country where they play the tourney too?
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Old 11-28-2006, 08:00 PM   #22
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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
Whatever local tax a player has to pay on their winnings abroad they get a credit on their US federal income tax.

Quote:
Originally Posted by Lee View Post
I forgot. As long as you are US citizen, it doesn't matter where you live though. Right? You still have the pay the federal tax or at least the difference if US tax is higher than where you live.
If you live the entire year outside the US and earn 100% of your income outside the US that year you are exempt from US federal tax for that year.
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Old 11-28-2006, 10:04 PM   #23
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Default Re: Are prize money subject to tax?

Here's a non-tax related question. If prize money is to increase 10% and the marketing budget has been drastically increased to $5 million or whatever the figure was, how much exactly will be passed on to us ticket buyers? Obviously the ATP is squeezing more out of sponsors and whatnot, but they're not going to absorb it all. I just checked out prices for Indian Wells and prices for similar seats to what I had last year (after surcharges and all) were around $3 higher. Last year I think I paid $69.50 per ticket and this year would be $72.
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Old 11-28-2006, 10:21 PM   #24
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Default Re: Are prize money subject to tax?

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Originally Posted by Saumon View Post
don't they pay taxes in the country where they play the tourney too?
I think it depends on legislation. In some countries they might but in some countries they don't if there are agreements regarding taxes between the country where they played and the country which is their official residence.
Usually there are such agreements I think.
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Old 11-28-2006, 10:30 PM   #25
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Default Re: Are prize money subject to tax?

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Originally Posted by mirkaland View Post
Here's a non-tax related question. If prize money is to increase 10% and the marketing budget has been drastically increased to $5 million or whatever the figure was, how much exactly will be passed on to us ticket buyers? Obviously the ATP is squeezing more out of sponsors and whatnot, but they're not going to absorb it all. I just checked out prices for Indian Wells and prices for similar seats to what I had last year (after surcharges and all) were around $3 higher. Last year I think I paid $69.50 per ticket and this year would be $72.
There is no way to tell. But I can hazard a guess- the largest portion of the ticket increase will be palmed off to the big ticket seat holders (courtside,which are often purchased by businesses). That demand is fairly inelastic, most businesses will shrug off an extra $20-$50 per ticket. They are aware that increasing the everyday person's ticket by much will result in quick resort to internet/tv viewing.

$72 at IW?? What round?! What seats?? I used to pay ~ US$100 for bleacher seats at Arthur Ashe.
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Old 11-29-2006, 12:11 AM   #26
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Default Re: Are prize money subject to tax?

Quote:
Originally Posted by R.Federer View Post
There is no way to tell. But I can hazard a guess- the largest portion of the ticket increase will be palmed off to the big ticket seat holders (courtside,which are often purchased by businesses). That demand is fairly inelastic, most businesses will shrug off an extra $20-$50 per ticket. They are aware that increasing the everyday person's ticket by much will result in quick resort to internet/tv viewing.

$72 at IW?? What round?! What seats?? I used to pay ~ US$100 for bleacher seats at Arthur Ashe.
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Old 11-29-2006, 01:41 AM   #27
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Default Re: Are prize money subject to tax?

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Originally Posted by Lee View Post
Not in Canada That's why the residency makes the difference!
When did things change? Canada has one of the highest tax withholding in order to maintain the free healthcare for everyone and all the other benefits.
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Old 11-29-2006, 01:45 AM   #28
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Default Re: Are prize money subject to tax?

so taxes are paid to the country of residency, and not the country you played in? Meaning, when the Fedman won Melbourne, he didn't have to fork over monies to Switzerland AND Australia. Right???
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Old 11-29-2006, 01:55 AM   #29
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Default Re: Are prize money subject to tax?

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Originally Posted by alas_8! View Post
Thanks!

I guess they're not as rich as I thought!


Maybe they are not so rich because of the money they earn for winning a toornament or whatever but they do earn a lot of money from endorsement and ehibitions and the top players from the guarantees.I don't know if that's the name in English for what I'm trying to explain, but I'm talking about the money a tornament pay to certain play so that he plays there.
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Old 11-29-2006, 01:59 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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