if you won the IPT...

If I won, I would quit playing pool all together and go out on top. With nothing left to prove to myself. I would have a ton of cash and then I could concentrate on my other passion, GOLF.
 
jjinfla said:
If you won $350,000 you would probably net $225,000. So if you gave 2nd place $100,000 you would be down to $125,000.

Still a nice chunk of change.

I would just invest it and let it grow.

Jake
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Oh, ok then make it $50.000 and an EVO5.
 
StraightPoolIU said:
If I won the NA Open I think there is only one smart thing to do with the first prize...can anyone say 350,000 lottery tickets?
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Wait a minute, guys....you don't get $350,000 to spend. You've forgotten a player who ALWAYS gets his: the govt. You'll end up with substantially less.

My remark is dead serious, btw, and it would behoove IPTers to figure this out carefully BEFORE they play...cuz they just might win some real money....for once.:eek:

Jeff Livingston
 
chefjeff said:
Wait a minute, guys....you don't get $350,000 to spend. You've forgotten a player who ALWAYS gets his: the govt. You'll end up with substantially less.

My remark is dead serious, btw, and it would behoove IPTers to figure this out carefully BEFORE they play...cuz they just might win some real money....for once.:eek:

Jeff Livingston
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Kevin is providing financial planners to help the pool players figure out what to do with their substantial winnings. I think this shows great foresight from KT.
 
chefjeff said:
Wait a minute, guys....you don't get $350,000 to spend. You've forgotten a player who ALWAYS gets his: the govt. You'll end up with substantially less.
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Wouldn't the winnings be counted as 'earned income' on one's taxes for 2006 (filed after 12/31/06)? It'd get rolled in with the rest of one's yearly income, and taxed accordingly.

$350k would certainly bump someone up as far as their tax bracket goes... :P But the winner would certainly have opportunities to do things with the money as far as sheltering it from taxes - investing in IRAs, that sorta thing.

I can't say for sure, I'm not a tax guy by any means - but I wouldn't think one's tournament winnings would be treated the same as winning the same amount in a casino.

Are there any folks who *do* know what they're talking about on this front who can clear it up?

And those of you who *have* been to these IPT player meetings and have gotten any info on this whole 'financial advisor' bit - one would think they would have said, in some basic manner, how one's winnings would be treated for tax purpose. Anyone? Anyone? Bueller? :D
 
rackmsuckr said:
Kevin is providing financial planners to help the pool players figure out what to do with their substantial winnings. I think this shows great foresight from KT.
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tap tap tap for Kevin. I'd think he's experienced the downside of the IRSssssss (think snake) and am glad to hear he's sharing his knowhow.

Linda, may you have tax problems due to more money made than ever before.;) :D

Jeff Livingston
 
Debt

I would probably pay off my debt, and then ask the bank to finance me for the new pool hall I would open up.

Then I would get private instruction, and work on winning the IPT for a second year in a row!!! LOL
 
Icon of Sin said:
Dude, change your signature. Everytime you post I hate scrolling through 2 pages of your mug pasted on someone else.
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He forced me to turn off signatures so I wouldn't have to see it! :rolleyes:

I would invest the IPT NA winnings and turn my hobby into a profitable venture.
 
rackmsuckr said:
Kevin is providing financial planners to help the pool players figure out what to do with their substantial winnings. I think this shows great foresight from KT.
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Like investing in Natural Cures? Just kidding, that's awesome that it's a service he's providing.
 
NYC cue dude said:
i know that the foreign players (those who do not have a social security number) lose 30% on the spot.

rg
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What's that mean? They pay 30% to the feds? And don't get any chance at recovering that? Then they have to pay THEIR govts, too?

That could be devastating!:confused:

Jeff Livingston
 
rackmsuckr said:
Kevin is providing financial planners to help the pool players figure out what to do with their substantial winnings. I think this shows great foresight from KT.
Click to expand...

Is it true, that he won't pay off until Sunday?
 
ScottW said:
Wouldn't the winnings be counted as 'earned income' on one's taxes for 2006 (filed after 12/31/06)? It'd get rolled in with the rest of one's yearly income, and taxed accordingly.

$350k would certainly bump someone up as far as their tax bracket goes... :P But the winner would certainly have opportunities to do things with the money as far as sheltering it from taxes - investing in IRAs, that sorta thing.

I can't say for sure, I'm not a tax guy by any means - but I wouldn't think one's tournament winnings would be treated the same as winning the same amount in a casino.

Are there any folks who *do* know what they're talking about on this front who can clear it up?

And those of you who *have* been to these IPT player meetings and have gotten any info on this whole 'financial advisor' bit - one would think they would have said, in some basic manner, how one's winnings would be treated for tax purpose. Anyone? Anyone? Bueller? :D
Click to expand...

They will get their's to the tune of about 38%.
 
txplshrk said:
I would probably pay off my debt, and then ask the bank to finance me for the new pool hall I would open up.

Then I would get private instruction, and work on winning the IPT for a second year in a row!!! LOL
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I'd apply it towards the principle of my mortgage, then leverage my equity towards the pool room.
 
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