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Sun 24 Apr, 2011 08:54 am
If I played the world poker championship in Vegas (or wherever) and won say, $4million, if I were to donate it to schools in under privileged areas what percentage tax would I have to pay?
@lovejoy,
If you donate to a qualified charity, you can deduct the amount of your donations from your income, so if you donate all your winnings, you owe no taxes. I think you'd be better off to have the winnings directly paid to the charitable organization instead of ever handling the money.
@lovejoy,
If you win $4 million in a tournament taxes will be taken out before you see the money. The government isn't going to take you at your word that you will pay taxes later.
@lovejoy,
that would be kool if you did donate to the schools if you won, but not all of the 4million would go towards it, they usually take 15%
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