Are prize money subject to tax? - Page 3 - MensTennisForums.com

MensTennisForums.com

MenstennisForums.com is the premier Men's Tennis forum on the internet. Registered Users do not see the above ads.Please Register - It's Free!

Reply

Old 11-29-2006, 03:00 AM   #31
country flag Lee
Gugaholic
 
Lee's Avatar
 
Join Date: Oct 2002
Location: Under the blue sky
Posts: 82,296
Lee has a reputation beyond reputeLee has a reputation beyond reputeLee has a reputation beyond reputeLee has a reputation beyond reputeLee has a reputation beyond reputeLee has a reputation beyond reputeLee has a reputation beyond reputeLee has a reputation beyond reputeLee has a reputation beyond reputeLee has a reputation beyond reputeLee has a reputation beyond repute
Default Re: Are prize money subject to tax?

Quote:
Originally Posted by soraya View Post
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.
There's no change for all I know. Canada never tax on price money you won on game shows or lottery.

The income tax is higher than US in general and lots less credit. e.g. the interest payment on your home mortgage (the one you live in) gets no credit on your income tax. Also, across the country there's a 6% tax on goods and services (except grocery) and all provinces except one have provincial tax around 7/8% on goods.
Lee is online now View My Blog!   Reply With Quote
Sponsored Links
Advertisement
 

Old 11-29-2006, 04:09 AM   #32
country flag soraya
Registered User
 
soraya's Avatar
 
Join Date: Aug 2005
Posts: 2,135
soraya has a reputation beyond reputesoraya has a reputation beyond reputesoraya has a reputation beyond reputesoraya has a reputation beyond reputesoraya has a reputation beyond reputesoraya has a reputation beyond reputesoraya has a reputation beyond reputesoraya has a reputation beyond reputesoraya has a reputation beyond reputesoraya has a reputation beyond reputesoraya has a reputation beyond repute
Default Re: Are prize money subject to tax?

Quote:
Originally Posted by Lee View Post
There's no change for all I know. Canada never tax on price money you won on game shows or lottery.

The income tax is higher than US in general and lots less credit. e.g. the interest payment on your home mortgage (the one you live in) gets no credit on your income tax. Also, across the country there's a 6% tax on goods and services (except grocery) and all provinces except one have provincial tax around 7/8% on goods.
I see, was not aware about the prize money and lottery $. thanks for the clarification.
__________________
"Champions aren’t made in gyms. Champions are made from something they have deep inside them a desire, a dream, a vision. They have to have the skill and the will. But the will must be stronger than the skill.”- Muhammad Ali“

————————————
soraya is offline View My Blog!   Reply With Quote
Old 11-29-2006, 04:29 AM   #33
country flag Deboogle!.
Vamos Mandy :)
 
Deboogle!.'s Avatar
 
Join Date: Oct 2003
Location: Looking for Andy's forehand with Sarah and Re...
Posts: 85,830
Deboogle!. has a reputation beyond reputeDeboogle!. has a reputation beyond reputeDeboogle!. has a reputation beyond reputeDeboogle!. has a reputation beyond reputeDeboogle!. has a reputation beyond reputeDeboogle!. has a reputation beyond reputeDeboogle!. has a reputation beyond reputeDeboogle!. has a reputation beyond reputeDeboogle!. has a reputation beyond reputeDeboogle!. has a reputation beyond reputeDeboogle!. has a reputation beyond repute
Default Re: Are prize money subject to tax?

Quote:
Originally Posted by 2moretogo View Post
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.
You're welcome But I don't know that it's worldwide. Tax laws and structures are different in every country (and in the US, in every state too ), it's very confusing and that's why i'm sure none of these guys handle it themselves.

Wasn't it Agassi who had to pay up to Britain for some money he owed from money he won there? edit: oh, it was endorsement money
http://thescotsman.scotsman.com/index.cfm?id=312382004
__________________
LA Pics & Reports ~ My New Blog: Adventures of a Picky Foodie! ~ My Travel Blog

to (in no particular order): BryOns | Mandy | MarTy | Isner | Dent | Querrey | Baghdatis | Delic | Oli | N&o | Gasquet | Ferrero | Levine | Malisse | LUX | Melzer | Moya | Nishikori | Haas | Grosjean | Ancic | Mathieu | Calleri | Bolelli | Sela | Blake | more...
Deboogle!. is offline View My Blog!   Reply With Quote
Old 11-29-2006, 05:52 AM   #34
country flag zicofirol
Registered User
 
Join Date: Jan 2006
Posts: 3,134
zicofirol has a reputation beyond reputezicofirol has a reputation beyond reputezicofirol has a reputation beyond reputezicofirol has a reputation beyond reputezicofirol has a reputation beyond reputezicofirol has a reputation beyond reputezicofirol has a reputation beyond reputezicofirol has a reputation beyond reputezicofirol has a reputation beyond reputezicofirol has a reputation beyond reputezicofirol has a reputation beyond repute
Default Re: Are prize money subject to tax?

Quote:
Originally Posted by cmurray View Post
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???
You have to pay to both, unless switzerland has a law that you dont have to pay taxes if you play outside, its been said 10 times:

You pay where you play and to your native country(unless your native country has a a law that does not make citizens pay taxes if they mad money outside the native country)
__________________
"The state is the great fiction by which everybody tries to live at the expense of everybody else." Frederic Bastiat

RON PAUL: Stop Dreaming

Law Enforcement Against Prohibition

Kazimierz Pulaski
zicofirol is offline View My Blog!   Reply With Quote
Old 11-29-2006, 12:48 PM   #35
country flag cmurray
Registered User
 
cmurray's Avatar
 
Join Date: Aug 2006
Posts: 14,699
cmurray has a reputation beyond reputecmurray has a reputation beyond reputecmurray has a reputation beyond reputecmurray has a reputation beyond reputecmurray has a reputation beyond reputecmurray has a reputation beyond reputecmurray has a reputation beyond reputecmurray has a reputation beyond reputecmurray has a reputation beyond reputecmurray has a reputation beyond reputecmurray has a reputation beyond repute
Default Re: Are prize money subject to tax?

Quote:
Originally Posted by zicofirol View Post
You have to pay to both, unless switzerland has a law that you dont have to pay taxes if you play outside, its been said 10 times:

You pay where you play and to your native country(unless your native country has a a law that does not make citizens pay taxes if they mad money outside the native country)
Actually, it was said twice in this post. And both posts came while I was typing my question, so I didn't see that it had already been addressed. My post took a while because my children were trying to kill each other and I had to intervene.

But hey...thanks for being grumpy and intolerant! That always makes for a pleasant online experience!
cmurray is offline View My Blog!   Reply With Quote
Old 11-29-2006, 07:57 PM   #36
country flag cincy
Registered User
 
Join Date: Oct 2004
Posts: 136
cincy has a reputation beyond reputecincy has a reputation beyond reputecincy has a reputation beyond reputecincy has a reputation beyond reputecincy has a reputation beyond reputecincy has a reputation beyond reputecincy has a reputation beyond reputecincy has a reputation beyond reputecincy has a reputation beyond reputecincy has a reputation beyond reputecincy has a reputation beyond repute
Default Re: Are prize money subject to tax?

It's really difficult for American's to move to other countries (i.e., Monaco) for tax purposes. You would have to give up your American citizenship entirely. That would be tough for most of us, I think.

Quote:
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
There are lots of States in America that don't have state tax but everybody still has to pay Federal income taxes and that's a LOT higher than State taxes.

I really don't think taxes have anything to do with Americans not wanting to play in Europe. It's mostly because American players don't want to leave home for as long as it takes to play the clay and then grass season in Europe. Who wants to be away from home for 7 or 8 weeks in a row?
cincy is offline View My Blog!   Reply With Quote
Old 11-29-2006, 08:00 PM   #37
country flag R.Federer
Registered User
 
R.Federer's Avatar
 
Join Date: Sep 2005
Posts: 8,821
R.Federer has a reputation beyond reputeR.Federer has a reputation beyond reputeR.Federer has a reputation beyond reputeR.Federer has a reputation beyond reputeR.Federer has a reputation beyond reputeR.Federer has a reputation beyond reputeR.Federer has a reputation beyond reputeR.Federer has a reputation beyond reputeR.Federer has a reputation beyond reputeR.Federer has a reputation beyond reputeR.Federer has a reputation beyond repute
Default Re: Are prize money subject to tax?

Quote:
Originally Posted by zicofirol View Post
You have to pay to both, unless switzerland has a law that you dont have to pay taxes if you play outside, its been said 10 times:

You pay where you play and to your native country(unless your native country has a a law that does not make citizens pay taxes if they mad money outside the native country)
Switzerland has an explicit law against double taxation. You pay where you play, then you don't pay at home. And vice versa.
__________________
He's here!!!!
Details at http://www.menstennisforums.com/showthread.php?t=132151
R.Federer is offline View My Blog!   Reply With Quote
Old 11-29-2006, 08:05 PM   #38
country flag Deboogle!.
Vamos Mandy :)
 
Deboogle!.'s Avatar
 
Join Date: Oct 2003
Location: Looking for Andy's forehand with Sarah and Re...
Posts: 85,830
Deboogle!. has a reputation beyond reputeDeboogle!. has a reputation beyond reputeDeboogle!. has a reputation beyond reputeDeboogle!. has a reputation beyond reputeDeboogle!. has a reputation beyond reputeDeboogle!. has a reputation beyond reputeDeboogle!. has a reputation beyond reputeDeboogle!. has a reputation beyond reputeDeboogle!. has a reputation beyond reputeDeboogle!. has a reputation beyond reputeDeboogle!. has a reputation beyond repute
Default Re: Are prize money subject to tax?

Quote:
Originally Posted by cincy View Post
It's really difficult for American's to move to other countries (i.e., Monaco) for tax purposes. You would have to give up your American citizenship entirely. That would be tough for most of us, I think.
Huh? Lots of Americans live abroad for long periods of time and don't have to give up their citizenship. I don't know what the tax implication is but there are American citizens living all over the world who are still citizens. In fact, any baby born to a citizen living abroad is also a citizen, so I'm confused by this

Quote:
Originally Posted by cincy View Post
I really don't think taxes have anything to do with Americans not wanting to play in Europe. It's mostly because American players don't want to leave home for as long as it takes to play the clay and then grass season in Europe. Who wants to be away from home for 7 or 8 weeks in a row?
Yeah, I agree. I really doubt the tax implications cross their mind at all - especially considering that you only pay tax on what you win and so if you're not playing at all, you don't win anything, and nothing is certainly less than some earnings minus taxes.
__________________
LA Pics & Reports ~ My New Blog: Adventures of a Picky Foodie! ~ My Travel Blog

to (in no particular order): BryOns | Mandy | MarTy | Isner | Dent | Querrey | Baghdatis | Delic | Oli | N&o | Gasquet | Ferrero | Levine | Malisse | LUX | Melzer | Moya | Nishikori | Haas | Grosjean | Ancic | Mathieu | Calleri | Bolelli | Sela | Blake | more...
Deboogle!. is offline View My Blog!   Reply With Quote
Old 11-29-2006, 08:21 PM   #39
country flag atheneglaukopis
Registered User
 
atheneglaukopis's Avatar
 
Join Date: Nov 2005
Posts: 4,238
atheneglaukopis has a reputation beyond reputeatheneglaukopis has a reputation beyond reputeatheneglaukopis has a reputation beyond reputeatheneglaukopis has a reputation beyond reputeatheneglaukopis has a reputation beyond reputeatheneglaukopis has a reputation beyond reputeatheneglaukopis has a reputation beyond reputeatheneglaukopis has a reputation beyond reputeatheneglaukopis has a reputation beyond reputeatheneglaukopis has a reputation beyond reputeatheneglaukopis has a reputation beyond repute
Default Re: Are prize money subject to tax?

Quote:
Originally Posted by Deb!. View Post
Huh? Lots of Americans live abroad for long periods of time and don't have to give up their citizenship. I don't know what the tax implication is but there are American citizens living all over the world who are still citizens. In fact, any baby born to a citizen living abroad is also a citizen, so I'm confused by this
I know less than nothing on the subject, but maybe you have to give up your American citizenship in order not to have to pay American taxes? Because you can live abroad and keep your citizenship, of course, but I think you still have to pay taxes? But I really have no idea so I should not say anything.
__________________
Fan of: Federer Safin Haas Nadal Santoro Agassi Tursunov's blog

"I couldn't even tell you who the No. 1 ranked tennis player in the world is right now," Federer said. "It's probably me, still. It is, isn't it?" The Onion

Russophilic member of the MTF Perv Squad--objectifying Tarpischev, Kafelnikov, and Volkov like whoa.
atheneglaukopis is offline View My Blog!   Reply With Quote
Old 11-29-2006, 08:29 PM   #40
country flag Deboogle!.
Vamos Mandy :)
 
Deboogle!.'s Avatar
 
Join Date: Oct 2003
Location: Looking for Andy's forehand with Sarah and Re...
Posts: 85,830
Deboogle!. has a reputation beyond reputeDeboogle!. has a reputation beyond reputeDeboogle!. has a reputation beyond reputeDeboogle!. has a reputation beyond reputeDeboogle!. has a reputation beyond reputeDeboogle!. has a reputation beyond reputeDeboogle!. has a reputation beyond reputeDeboogle!. has a reputation beyond reputeDeboogle!. has a reputation beyond reputeDeboogle!. has a reputation beyond reputeDeboogle!. has a reputation beyond repute
Default Re: Are prize money subject to tax?

Quote:
Originally Posted by atheneglaukopis View Post
I know less than nothing on the subject, but maybe you have to give up your American citizenship in order not to have to pay American taxes? Because you can live abroad and keep your citizenship, of course, but I think you still have to pay taxes? But I really have no idea so I should not say anything.
I thought someone posted somewhere in this thread that if you can prove you live outside the US a certain amount of the year, then you don't have to pay Federal Taxes. But I don't know anything about it either
__________________
LA Pics & Reports ~ My New Blog: Adventures of a Picky Foodie! ~ My Travel Blog

to (in no particular order): BryOns | Mandy | MarTy | Isner | Dent | Querrey | Baghdatis | Delic | Oli | N&o | Gasquet | Ferrero | Levine | Malisse | LUX | Melzer | Moya | Nishikori | Haas | Grosjean | Ancic | Mathieu | Calleri | Bolelli | Sela | Blake | more...
Deboogle!. is offline View My Blog!   Reply With Quote
Old 11-29-2006, 08:38 PM   #41
country flag atheneglaukopis
Registered User
 
atheneglaukopis's Avatar
 
Join Date: Nov 2005
Posts: 4,238
atheneglaukopis has a reputation beyond reputeatheneglaukopis has a reputation beyond reputeatheneglaukopis has a reputation beyond reputeatheneglaukopis has a reputation beyond reputeatheneglaukopis has a reputation beyond reputeatheneglaukopis has a reputation beyond reputeatheneglaukopis has a reputation beyond reputeatheneglaukopis has a reputation beyond reputeatheneglaukopis has a reputation beyond reputeatheneglaukopis has a reputation beyond reputeatheneglaukopis has a reputation beyond repute
Default Re: Are prize money subject to tax?

Quote:
Originally Posted by Deb!. View Post
I thought someone posted somewhere in this thread that if you can prove you live outside the US a certain amount of the year, then you don't have to pay Federal Taxes. But I don't know anything about it either
Then we are wise in the Socratic sense: we know that we do not know.
__________________
Fan of: Federer Safin Haas Nadal Santoro Agassi Tursunov's blog

"I couldn't even tell you who the No. 1 ranked tennis player in the world is right now," Federer said. "It's probably me, still. It is, isn't it?" The Onion

Russophilic member of the MTF Perv Squad--objectifying Tarpischev, Kafelnikov, and Volkov like whoa.
atheneglaukopis is offline View My Blog!   Reply With Quote
Old 11-29-2006, 08:50 PM   #42
country flag RickDaStick
Registered User
 
RickDaStick's Avatar
 
Join Date: Jan 2005
Posts: 7,774
RickDaStick has a reputation beyond reputeRickDaStick has a reputation beyond reputeRickDaStick has a reputation beyond reputeRickDaStick has a reputation beyond reputeRickDaStick has a reputation beyond reputeRickDaStick has a reputation beyond reputeRickDaStick has a reputation beyond reputeRickDaStick has a reputation beyond reputeRickDaStick has a reputation beyond reputeRickDaStick has a reputation beyond reputeRickDaStick has a reputation beyond repute
Default Re: Are prize money subject to tax?

I remember Ljubo saying a few years back he was going to play in Doha to begin the year because he would get all the earnings due to no taxation.
RickDaStick is offline View My Blog!   Reply With Quote
Old 11-29-2006, 08:56 PM   #43
country flag Socket
Registered User
 
Socket's Avatar
 
Join Date: Dec 2003
Location: Washington, DC
Posts: 5,793
Socket has a reputation beyond reputeSocket has a reputation beyond reputeSocket has a reputation beyond reputeSocket has a reputation beyond reputeSocket has a reputation beyond reputeSocket has a reputation beyond reputeSocket has a reputation beyond reputeSocket has a reputation beyond reputeSocket has a reputation beyond reputeSocket has a reputation beyond reputeSocket has a reputation beyond repute
Default Re: Are prize money subject to tax?

Quote:
Originally Posted by Lee View Post
There's no change for all I know. Canada never tax on price money you won on game shows or lottery.

The income tax is higher than US in general and lots less credit. e.g. the interest payment on your home mortgage (the one you live in) gets no credit on your income tax. Also, across the country there's a 6% tax on goods and services (except grocery) and all provinces except one have provincial tax around 7/8% on goods.
Is there a value-added tax (VAT) in Canada?
__________________


C'mon, Lleyton!

Socket is offline View My Blog!   Reply With Quote
Old 11-29-2006, 08:59 PM   #44
country flag Lee
Gugaholic
 
Lee's Avatar
 
Join Date: Oct 2002
Location: Under the blue sky
Posts: 82,296
Lee has a reputation beyond reputeLee has a reputation beyond reputeLee has a reputation beyond reputeLee has a reputation beyond reputeLee has a reputation beyond reputeLee has a reputation beyond reputeLee has a reputation beyond reputeLee has a reputation beyond reputeLee has a reputation beyond reputeLee has a reputation beyond reputeLee has a reputation beyond repute
Default Re: Are prize money subject to tax?

Quote:
Originally Posted by Socket View Post
Is there a value-added tax (VAT) in Canada?
Never heard about this term when I was filing my tax forms. What exactly is this?

Is it about the added value of the house you live? Like you bought the house for $100,000 and sold it for $200,000?
Lee is online now View My Blog!   Reply With Quote
Old 11-29-2006, 09:06 PM   #45
country flag Socket
Registered User
 
Socket's Avatar
 
Join Date: Dec 2003
Location: Washington, DC
Posts: 5,793
Socket has a reputation beyond reputeSocket has a reputation beyond reputeSocket has a reputation beyond reputeSocket has a reputation beyond reputeSocket has a reputation beyond reputeSocket has a reputation beyond reputeSocket has a reputation beyond reputeSocket has a reputation beyond reputeSocket has a reputation beyond reputeSocket has a reputation beyond reputeSocket has a reputation beyond repute
Default Re: Are prize money subject to tax?

The US is one of a small number of countries that taxes on the basis of citizenship, rather than residency. So all US citizens are required to file federal tax returns even if they live and work abroad full-time (as my brother does, in France). Because the US and France have a tax treaty which governs the payment of taxes by both countries' nationals, my brother's French tax payments are credited against the US tax he would otherwise owe on his income. So, he does not pay twice on his income.

In many other counties, the system is residency-based, not citizenship-based, so if you reside full time in a country where there is no (or lower) income tax, you are not liable to the country where you are a citizen for any tax on income earned outside of your home country. This is why you get what are called "tax exiles." (Ingmar Bergman is a famous Swedish tax exile, who lived abroad to avoid paying what he called was a 90% marginal tax rate.) Pat Rafter was an Australian tax exile who took advantage of the lower/non-existent tax rates on Bermuda. As a Bermuda resident, he only paid Australian taxes on income he earned in Australia, and not on income he earned in other countries. This would not be the case for US citizens, who would be liable for US taxes (some of which would get a credit) for all income earned both at home and abroad.

Yes, this will be on the test.
__________________


C'mon, Lleyton!

Socket is offline View My Blog!   Reply With Quote
Reply


Thread Tools

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

vB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Forum Jump


Copyright (C) Verticalscope Inc
Powered by vBulletin® Version 3.6.8
Copyright ©2000 - 2014, Jelsoft Enterprises Ltd.
vBCredits v1.4 Copyright ©2007, PixelFX Studios