Katie Callahan

Tax burdens can cut poker winnings in half. And that’s exactly what they’ll do, even in tournaments as large, and with as big a payout, as the 2016 World Series of Poker final table.

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Then, once you move into tournament backers who receive a part of the action from investors to lower player risk, players only see a portion of their winnings.

In a post titled, “The 2016 Real Winners of the World Series of Poker,”Russ Fox of Clayton Financial and Tax in Las Vegas, divvies out the winnings, based on how much is taken out, location and what the player will receive after taxes.

Player	Location	Place	Percentage Lost	Winnings Before Taxes	Winnings Lost	Estimated total
Qui Nguyen	Las Vegas, NV	1st	41.51%	$8,005,310	$3,324,157	$4,681,153
Gordon Vayo	San Francisco, CA	2nd	51.46%	$4,661,228	$2,398,800	$2,262,428
Cliff Josephy	Long Island, NY	3rd	48.40%	$3,453,568	$1,674,568	$1,779,000
Michael Ruane	Maywood, NJ	4th	45.75%	$2,576,003	$1,178,525	$1,397,478
Vojtech Ruzicka	Prague, Czech Republic	5th	exempt, flat 15% income tax	$1,935,288	$290,293	$1,644,995
Kenny Hallaert	Hansbeke, Belgium	6th	0% (no tax on gambling wins)	$1,464,258	$0	$1,464,258
Griffin Benger	Toronto, Ontario, Canada	7th	30% withheld for U.S. income tax	$1,250,190	$370,057	$875,133 (can file return to recover losses)
Jerry Wong	Margate, Florida	8th	38.16%	$1,100,076	$419,776	$680,300
Fernando Pons	Palma, Spain	9th	45%	$1,000,000	$449,584	$550,416

Here’s a table from the post:

Amount won at the final table	$25,445,388
Tax to IRS	$8,108,024
Tax to Franchise Tax Board (CA)	$623,262
Tax to Agencia Tributeria (Spain)	$449,584
Tax to New York Dept. of Taxation and Finance	$422,752
Tax to Finanční Správa (Czech Republic)	$290,293
Tax to New Jersey Division of Taxation	$215,845
Total Tax	$10,109,760

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World Series of Poker

Sean Chaffin

It’s a scene many poker players dream about. One lucky player has outlasted thousands of others and now sits in front of a mountain of poker chips as his friends gather around posing for pictures and celebrating a six-figure score. Champagne will flow and the smiles will go on for hours. Clubs and bars might be visited on Sin City’s famous strip as the celebration continues.

But the most important visit for a poker player coming off a big score might be to an accountant, as the tax implications from a win like this can hurt if not handled properly.

The card-playing world is rife with overnight millionaires — young savants who win it big on the poker felt or grind away at cash games earning a nice living. Unfortunately, there are just as many players who see their fortunes plunge after living the high life. In the poker world, the cash can come easy, but keeping it is a different story. With the U.S. tax filing deadline on April 18, PokerNews takes a look at the unique challenges facing gamblers and the best ways to plan for the future.

THE TAX MAN

It’s another scorching day in the Las Vegas desert, but cool inside the Rio as thousands of players battle it out. In the halls of the Rio convention space, CPA Ray Kondler mans a small booth as a couple players ask him questions about their tax liabilities and how best to prepare. Kondler has been in the same location for the last six years — working with players and promoting his firm and its specialization in helping poker players and gamblers. Plenty of players utilize his service and expertise in all tax-related poker matters.

“I love it – it’s so much fun being here. We have a ball,” Kondler says of his time at the WSOP each summer. “We meet so many people. It’s an interesting niche because they’re an interesting group. They’re all the nicest guys, they just need some education. People come up to us and want some free advice and that’s what we’re here for.”

Jun 04, 2011 The Cons of Legalized Gambling As already mentioned, one of the most prominent points in the debate is the issue of problem gamblers. These are people who have no control over their urges and try to dupe casinos through illegal means. Pros and cons of legalizing casino gambling. Entertainment: Finally, a benefit of legalized gambling is to provide a safe, exciting way to relieve stress. The online gambler who knows that his activities are legal will be far more likely to be less stressed than those who have to ponder the murky legal status of their gaming. Furthermore, legalized gambling as a stress reducer could create an environment where players are happier and more productive in their.

After graduating from Seton Hall and working at Arthur Andersen, Kondler began his own firm 26 years ago in New Jersey working with businesses and individuals. Kondler then bought a practice in Las Vegas, which already had some gambling clients. A poker player himself, Kondler saw the explosion in the game’s popularity in the 2000s and saw an opportunity to grow his firm and help players.

“I play poker and in some World Series of Poker events and realized that there was a good need for a good taxation guy in poker and gambling,” Kondler says. “Now every year it just keeps expanding.”

His firm now boasts several major winners including the Main Event (the most famous tournament in poker) winners and numerous players who have won $4-5 million. The practice, which now also has offices in Las Vegas and San Diego, now also serves as the auditor for seven Las Vegas-area casinos. The firm serves hundreds of professional gamblers (including sports bettors and daily fantasy sports players) that range from $2-5 cash game grinders to WSOP bracelet winners to high-stakes online players.

First and foremost, Kondler’s role is to educate players. Most don’t realize all the opportunities within the tax code to help them in reporting. They don’t know how to keep records, Kondler says, and don’t know which forms to use and when to file. Many players are more focused on their winnings and their next stop on the poker tournament scene than how best to prepare for filing with the IRS.

“Sooner or later, they’re going to need somebody,” Kondler says. “Even the people that cashed today for $2,000. They won’t get a W2G, but because they do have $2,000 in winnings they’ll have to report. But anything over $5,000 they’ll get a W2G, so then they come to us and say, ‘What do we do?’ We also get the random guy who says, ‘I started a business, what do I do?’ so it’s pretty interesting.”

Randy Cowdery is president of Thoroughbred Tax Service and has been a tax accountant in Las Vegas for 15 years. Crowdery also brings a unique insight into the industry. When he was 18 in the mid-1970s, he started counting cards playing blackjack to earn spending money in college. After graduating he only played recreationally, but became a full-time advantaged video poker player for three years after moving to Vegas in 1999. He th

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