New Zealand Poker Champ Eyes World Series of Poker
Poker players around the world love playing in Las Vegas. Not only is it one of the top gambling destinations in the world, but it’s also home to the World Series of Poker Main Event, which paid a $10.0 million first prize in 2014.
Now David Yan, the second-highest money earner on New Zealand’s all-time poker earnings list, is eyeing Las Vegas. Yan, who picked up playing poker as a teenager, has won more than $2.3 million since 2012 and now tours the world on the professional circuit. Having just turned 21, Yan is now old enough to play in Las Vegas.
If Yan decides to attend the most popular poker tournament in the world in May, he needs to remember that 30% of his poker winnings will be withheld by the IRS.
New Zealand, Australia, Canada, China Subject to 30% Withholding Tax
While a small number of countries have signed gaming treaty tax exemptions with the U.S., New Zealand isn’t one of them. In fact, most non-U.S. residents visiting Las Vegas have their gaming winnings withheld by the IRS.
Residents of most other countries, including Australia, Bahrain, Brazil, Canada, China, India, Indonesia, Israel, Kuwait, Mexico, Malaysia, Monaco, Norway, Saudi Arabia, Singapore, South Korea, Switzerland, Taiwan, and Thailand, are subject to a 30% withholding tax.
RMS: #1 Choice for Professional Poker Players
If David Yan decides to enter and wins the World Series of Poker Main Event, his $10.0 million windfall will actually be $7.0 million——that’s a lot left on the table. But there is a way David Yan, and many other professional or casual poker players, can get a portion or all of that money back.
If you have won a substantial amount while gambling in Las Vegas, or anywhere else in the United States, and had 30% of your winnings withheld by the IRS, Refund Management Services can help.
To find out how, talk to one of the gambling tax experts at RMS, by calling toll-free from the United States or Canada at 1-888-272-5559. You can also e-mail Refund Management Services at [email protected].
“Kiwi cashing in on poker wins,” Stuff web site, January 11, 2015; www.stuff.co.nz/national/64830277/Kiwi-teen-cashing-in-on-poker-wins.