SNG Tournaments at Seneca, Taxes?

altruistaltruist
in Brick & Mortar Casino Talk
I heard they withhold taxes on tournament winnings when you go to the states. Does this count for SNG Tournaments as well?

Could I win $1,000 at a cash game, and not be taxed, but end up taxed if I win $200 at a SNG?

Comments

  • trigstrigs
    i may be wrong, but i think you only get taxed for winnings over a certain amount. something like $5000.
  • compueasecompuease Admin
    At Seneca you get 30% witheld on all tournament (not cash) winnings no matter how small. I don't think they even run SNG's. Most Vegas and AC casinos only withold on winnings over $5k.
  • getem76getem76
    I dont know if you would call them SNG's seneca has a weekly tourney sched most everything is under $100 buy-in, winner takes down probably less than 2k normally, last thursday there was $40 at 100 peeps, I dont know the pay outs, I didnt look honestly when I was done playing for 6 hours, I just got the hell out lol
  • compueasecompuease Admin
    getem76 wrote: »
    I dont know if you would call them SNG's seneca has a weekly tourney sched most everything is under $100 buy-in, winner takes down probably less than 2k normally, last thursday there was $40 at 100 peeps, I dont know the pay outs, I didnt look honestly when I was done playing for 6 hours, I just got the hell out lol

    As far as I know they still withold 30% of anything you win on these small MTT's, do you know anything different?
  • JimmyHoJimmyHo
    I recall an angry thread by Blondefish about winning a satellite at Seneca for under $5k and getting hit with 30% withholding. I think this is what turned him off playing at Seneca.
  • getem76getem76
    i dont know, i just go for the cash game when i do....seems that wont be changing lol, went to one of the small deep stack days, played it badly, then ran good in cash game with people stacking off to me
  • Wetts1012Wetts1012
    I won a $60 satellite to a $550 and was taxed $160. F them.

    When I emailed the gaming committee they said they were abiding by NewYork State law, which is absurb b/c Turningstone taxes only over 5k, al la Vegas.

    If you enter a $100 Seneca tournament and mincash for $120, you lose money.
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