WSOP satellites
With the WSOP main event coming up quick(July 3rd), i was wondering if anyone knows any good sites that are offering decent tournaments to win your way into the WSOP event. I have heard some offering $250+ ones, with usually 1 maybe 2 spots (depending on # of entrants) But, just wondering whats out there for this. Since the wife has a small problem with me forking over 10k plus travel to go. Figure i could get away with a few of these
Comments
Maybe try a few of the cheapies to see if i can make my way thru the 3-4 tournies and if i don't, then go for the $500 main event shot.
What do ya think?
- Free accommodation for at least 7 nights at Monte Carlo Resort from July 1-8, and longer while you are still in the tournament.
- U$200,000 leaderboard challenge, where every qualifier is guaranteed a cash win.
- Entry to the PartyPoker Suite.
- Invitation-only party.
- Free shuttle service from the resort to the WSOP.
Party also has a U$5,500 "Vegas Experience" package which consists of flight, limo transfer, accommodation and sightseeing for two plus only U$1,500 towards a WSOP buy-in. Since you are being charged U$4,000 for a vacation, this is a bad option for people who know how to shop for Vegas deals for much less than U$4K. If you have your heart set on playing a -EV WSOP preliminary event, then FTP's U$2,000-2,500 satellite packages are better.
2) Full Tilt Poker: total of U$10.5 million in bonuses if you qualify through them and make it to the final table. Assuming there will again be ~7000 Main Event players this year, this adds ~15% EV for each FTP qualifier. This offsets part of the 30% withholding tax.
3) Ultimate Cheat (Bet): U$11.6 million in final table bonuses, including U$10 million if you beat the super-users at UB
4) Everest Poker: Steps satellites for U$13K and U$3,500 packages. I think the rake is worse than PokerStars' Steps SNGs. Bonuses include the best VIP Experience, free airfare for a friend, and matching winnings up to $1 million then distributed equally.
5) PokerStars: they told me that their WSOP satellites and bonuses won't be announced until EPT Monte Carlo, but they need to do it much sooner as they will lose a lot of WSOP wanna-bes to other sites by then.
Please post if other sites have good WSOP incentives.
I'd love to know how to get 100% of the tax back!
What forum do you get from customs?
Refund Management Services
416-443-3360
He says they do all the paper work for you with the IRS, They only take a few % points, and it takes between 6 - 8 months for the entire process, but you do end up getting your taxes back (minus the few % points)
So basically it would just be a bonus down the road anyway. If ya think about it...say ya win a mill USD...they take 30% and give ya 700k USD..ya get back to canada, throw it in the bank...and with the exchange rate(minus the banks few cents on the dollar) @1.22 - 1.24...your sitting back up there to about 830k...then down the road...ya get back most of what ya originally paid in taxes (minus the services companys few % points) and your back up over the mill in winnings. Worth it in the long run i would think.
Don't know how this keeps coming up over and over again. Canadians are taxed at 30% on most types of U.S. income, including Poker tournament winnings:
From IRS publication 515:
Withholding of Tax
Generally, a foreign person is subject to U.S. tax on its U.S. source income. Most types of U.S. source income received by a foreign person are subject to U.S. tax of 30%. A reduced rate, including exemption, may apply if there is a tax treaty between the foreign person's country of residence and the United States. The tax is generally withheld (NRA withholding) from the payment made to the foreign person.
The Canada-U.S. Income Tax treaty allows you to deduct losses/expenses from your winnings. That's it.
Protocol to the Canada U.S. Tax Treaty:
Prior to the Canada-U.S. tax treaty’s protocol,
Canadians were subject to 30% withholding on
certain gambling winnings and could not recover
this withheld tax. However, the treaty protocol
changed this by adding Article XXII(3) to the
treaty. This article states that, effective January
1,1996,
losses incurred on wagering
transactions of Canadian residents, the gains of
which would be subject to the 30% withholding
tax, shall be deductible to the same extent that
losses would be deductible if they were incurred
by a U.S. resident This article sounds very good to those
Canadians who have incurred large losses to
win that one big jackpot. However, it should be noted that in order to claim losses it is necessary
to substantiate the amount of all winnings (not
just the ones where 30% was withheld) and
losses incurred in a particular year.
Unless you incur $1,000,000 in losses in order to win your $1,000,000 in prize money, you are not getting your $300K back (or that proportion of which you cannot show losses for), legally, RMS or no RMS.
As a side note, curiously, these specific types of gambling income ONLY are not taxable for all foreign residents:
No tax is imposed on non-business gambling income a nonresident alien wins playing blackjack, baccarat, craps, roulette, or big-6 wheel in the United States.
Also, residents of certain countries (Canada is NOT one) are exempted by treaty from paying tax on ANY gambling winning in the U.S.
Gambling income of residents (as defined by treaty) of the following foreign countries is not taxable by the United States: Austria, Belgium, Czech Republic, Denmark, Finland, France, Germany, Hungary, Ireland, Italy, Japan, Latvia, Lithuania, Luxembourg, Netherlands, Russian Federation, Slovak Republic, Slovenia, South Africa, Spain, Sweden, Tunisia, Turkey, Ukraine, and the United Kingdom.
That's right. Gus Hansen wins $1M, he keeps it all. You win $1M, Uncle Sam takes $300K.
He first tried to get it back himself, filing paperwork with the IRS but was refused because he filed the wrong forms with them and did not go through the procedure correctly. He then went to Refund Management Services. They in turn filed correct paperwork for him to get a SSN (Social Security Number) which he recieved, they then filed a US tax return for him (all of which had to be done in correct order and in proper procedure) As his winnings were with held in August, he had to wait till the following tax season to have it done(which is why the delay in getting the money back) RMS(refund management services) takes 25% of the return once the check is isssued from the IRS.
He got his return (minus the 25% fee from RMS) and so have many,many others that he has recommended to them who have been in the same situation. Its all about filing the PROPER paperwork, filled out CORRECTLY, and filed in the CORRECT manner, trying to do this yourself will more than likely fail, as the IRS will go over it with a fine tooth comb and even the smallest of errors will result in it being denied.
In the end, it IS possible to get the with held taxes back when done in the correct manner. Despite what the IRS publications and "treaty acts" tell you.
I was just gonna ask if anybody has won their seat yet?
I've been trying to start small and make my way up.. but I don't know if I can pull it off...
Trying to satellite up is always a pain..
It IS possible if you have losses to offset your winnings. It is NOT (legally) possible if you don't. IRS publications simply outline U.S. tax law.
It IS possible to do many things that are not legal. It IS possible you won't get caught. It IS possible you will go to jail if you do.
I guess as long as the IRS keeps paying it out, they will continue to provide the service.
I also agree with what Mathers and Blondefish are saying. I actually called RMS a year or more ago about it and they told me that essentially you need to be able to establish equivalent losses to offset gains. (as well as doing all the proper paperwork in the correct order).. Looks like there is no free lunch... cept for low buyin tournies where the 1st place prize is under $5K.. As I understood it from the pokerroom mgr at bigger tournaments there are frequent deals between final table participants to avoid or minimize tax...
The WSOP only holds back 30% for winnings over $5000.00.
Last year crazycoby and myself played 2 WSOP tournaments with the buyin for each event being $1500. I won almost $3,500 in one event and never got taxed, crazycoby won almost $10,000 and got taxed 30% for about $3,000, he will be getting back all that he was taxed as his gambling loses for 2 events was $3,000.
No one said their service per se is illegal. Re-read the post. If they can legally recover funds, that is perfectly legal. If they legally cannot they cannot legally. Get it?
If you bro-in-law's taxes were withheld for blackjack winnings (incorrectly by the casino, as these winnings are exempt), for example, all that money could retrieved, with or without RMS.
If he pissed away $50Gs on dog racing the same year he won his 11Gs playing poker, he can retrieve the tax legally, with or without RMS. Filing the correct forms and following the correct procedures will only allow you to get back money you can legally get back.
Regarding minimum witholding amounts, most U.S. casinos (but not all, Seneca is an exception, for example) don't bother with anything under $5,000 for poker tournaments. This seems to be the level at which the IRS doesn't bother them. (Not sure if that is a written or unwritten rule.)
Anyway, thanks again for a better understanding in the matter....NOW...back to the original idea of the post....Who's trying for WSOP seats in satellites? LOL
Secondly for any Canadian poker player heading to vegas during the WSOP or any other time I would greatly suggest that if you do cash in a tournament where monies are withheld (regardless of whether its small or large) you will need to offset your win with losses and (depending on the amount) this can be done with Race and Sportsbook tickets. This is a tried and true method. Head to the sportsbook, find and keep any and all losing tickets you can find. These are the only legitimate receipts other than your tournament buyins that you'll be able to use to offset those taxes. Obviously this becomes harder with a huge score but for someone winning a 30-40K and having 9-12K held back its definitely worth your while.
At some point I will try and create a thread with links to all the forms and a do-it-yourself follow along script to help anyone that needs it. Its still a business for me but i'm willing to help out fellow forumers if I can.
Sidenote .. Hookers are not tax deductible.
Not unless it's medicinal and prescribed by a physician.
I've won 2 satellites on Full Tilt now.. the $26 Satellite Token and last night I just won a shoot out tournament..
So at a cost of $4.40, if I win this next tourney which seems to be only averaging about 50 people everytime it plays.. I'll be on my way to VEGAS!!
Here's hoping! ehehe
Later
I'm pretty sure you can't unless you play poker as a profession. I believe it's different if say you play casually and if you play professionally.
PartyPoker's bonuses over and above the $12K package:
- Free accommodation for at least 7 nights at Monte Carlo Resort from July 1-8, and longer while you are still in the tournament.
- U$200,000 leaderboard challenge, where every qualifier is guaranteed a cash win.
- Entry to the PartyPoker Suite. I hope they have Internet access like the other VIP suites last year, so I can post updates.
- Invitation-only party, including "entertainment in an upscale casual environment." Strip club? >:D
- Free shuttle service from the resort to the WSOP.
Not sure if they're advertised well or not....but I know a guy who won a seat through FTP last year, and got on the T.V. table wearing FT gear. They credited him $10,000 on his FTP account.
It's a luck of the draw bonus, but I'm not sure if any other sites offer that?