Paying the chess tax

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shuttlechess92

Are winnings from chess tournaments taxable? Like if I don't pay income tax for them will I become a criminal? Help!

Natalia_Pogonina

The tournament regulations normally state this. If you are a law-obedient person, make sure you study them carefully and check this with the organizers. Most of them leave it to the prize-winners to pay the taxes themselves.

ozzie_c_cobblepot

I would imagine it's a lot like poker, where you can deduct your winnings against your entry fees. See, if you play in 5 tournaments each with an entry fee of 100$, and then in tourney #5 you win 500$, you're not really ahead.

Consult your local tax professional for advice.

chessroboto
Estragon wrote:

In the US, tournaments must report any prize won over a certain limit (I think it is $600) to the IRS.


In the US, if an individual's total gross winnings for the year exceeds $400, it must be reported to the IRS through the annual income tax return.

shuttlechess92

Thank you all! :)

CatholicKnight

Keep every dime you can from the IRS.

antonuccid

Chess players should not have to pay any taxes. It is totally unjust because so many players are starving in order to play.

smurfmacaw

If you are truely starving then you probably don't make enough to pay taxes anyway...at least in the US.

BronsteinPawn

Is this even real? I won 40~ bucks in a tournament and didnt pay taxes lol.

Drawgood
The laws vary from state to state and usually a small winnings are not required to report. But your state may require it.
smurfmacaw
BronsteinPawn wrote:

Is this even real? I won 40~ bucks in a tournament and didnt pay taxes lol.

 

The black helicopters are enroute your location now....."we're from the IRS and we're here to help!"

 

ariastark111

Le interessa contare l'IVA?