- Bracelet winner and part time “Live At The Bike” commentator Owais Ahmed wins seat in free prize raffle.
- Will face $27k tax bill for accepting the prize, though as a professional player should be able to offset the amount against other gambling wins in the tax year.
- Event #47, $111,111 One Drop High Roller, starts on Wednesday at 12pm PST.
Officials for WSOP.com conducted a random drawing on Tuesday for a free entry into the upcoming $111,111 One Drop High Roller Tournament in conjunction with this summer’s promotion for it’s soon-to-be real money online poker site. The winner of the seat is none other than bracelet winner and part time “Live At The Bike” commentator Owais Ahmed.
While that may seem like amazing news for the poker pro, as noted in a blog post by tax professional Russ Fox, Ahmed may have just inherited a sizeable tax liability. Since the seat is considered a “prize” with a value, according to Fox, the Tax Code deems that prize be subject to a 1099-MISC form and a taxable amount of roughly $27,000.
Ahmed won’t be able to offset a non-cash in the event against the entry fee since the entry was a free prize and not a result of a won wager. So, should he accept the seat he’s on the hook for the tax bill.
Ahmed can, though, offset the amount of $111,111, should he not cash, against other gambling wins–including his 2nd place H.O.R.S.E. Result in Event #15 this year for just shy of $160,000. Which, along with his other cashes this year alone, may make the write-off against his gambling earnings worth it.
Even with all of that, Ahmed is a professional poker player and it’s not likely he’ll give up this massive shot.
Event #47, $111,111 One Drop High Roller, starts on Wednesday at 12pm PST.
