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pest2
Joined: 01 Jun 2005
Location: Vancouver, Canada
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 Posted: Sun Aug 19, 2007 11:24 pm Post subject: Not on ARC: winning money at a sporting event. |
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If you win money at a sporting event, does that count as income? Is it illegal (because it, the event organization, constitutes another income source and perhaps the labor was the effort to win the sporting event)?
Just curious. They DO tax it for sure... I just wonder if its illegal to get it on an E2 visa. |
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Juregen
Joined: 30 May 2006
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| Posted: Mon Aug 20, 2007 3:28 am Post subject: |
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You are allowed to gamble,no?
It's not earning money, it's winning it :0.
Although i have no answer for you. |
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pest2
Joined: 01 Jun 2005
Location: Vancouver, Canada
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| Posted: Mon Aug 20, 2007 4:56 am Post subject: |
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| Juregen wrote: |
You are allowed to gamble,no?
It's not earning money, it's winning it :0.
Although i have no answer for you. |
Good point though. |
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diablo3
Joined: 11 Sep 2004
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| Posted: Mon Aug 20, 2007 3:22 pm Post subject: |
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| You can win lotto or anything like that fair and square, legally. You have nothing to worry about. |
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jvalmer
Joined: 06 Jun 2003
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| Posted: Mon Aug 20, 2007 3:35 pm Post subject: |
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| If it's over 10000 won, than you will be taxed. |
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pest2
Joined: 01 Jun 2005
Location: Vancouver, Canada
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| Posted: Mon Aug 20, 2007 4:55 pm Post subject: |
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| jvalmer wrote: |
| If it's over 10000 won, than you will be taxed. |
Yeah, I know about the tax... its 22% (!)
I was just wondering if it's actually legal for E2 visa holder to win money from competitions to begin with... Maybe, unlike a lotto in which you just scratch the ticket and win the money or gambling in which you throw the dice to win, they view a sports competition as some kind of labor and the sports organization as an employer. Then, if the sports organization had a competition with a cash prize, they would not allow E2 visa holders to participate because it might be seen as a labor law violation to do so, otherwise. |
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Mr. BlackCat
Joined: 30 Nov 2005
Location: Insert witty remark HERE
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| Posted: Mon Aug 20, 2007 9:38 pm Post subject: |
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I wouldn't think its illegal. You could gamble here just as a visitor, so why not as an E2 holder? There's even a special foreinger section at the horse track and I never have to show proper papers to place a bet or collect winnings. Maybe that's because I never actually win anything, but I digress.
But you should delcare it on your taxes. I mean, there's a multitude of ways for the government to find out about your winnings. From anonymous bets at a casino to computerized prize collection at the horse track. In fact, since the profits are taxable I plan on deducting all of my expenses related to my gambling 'job'.  |
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bellum99
Joined: 23 Jan 2003
Location: don't need to know
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| Posted: Mon Aug 20, 2007 9:40 pm Post subject: |
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| casino doesn't tax winnings...just hands you the cash and you walk out the door. |
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T-dot
Joined: 16 May 2004
Location: bundang
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| Posted: Mon Aug 20, 2007 10:15 pm Post subject: |
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Ive won money more than a handfull of times. There is no tax unless you win more than 100 times your wager.
eg. bet 1,000won and win 99,000 won(its fine)
bet 1,000 won and win 100,100 (you'll get taxed 22% I think) |
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pest2
Joined: 01 Jun 2005
Location: Vancouver, Canada
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| Posted: Mon Aug 20, 2007 11:34 pm Post subject: |
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| bellum99 wrote: |
| casino doesn't tax winnings...just hands you the cash and you walk out the door. |
OK, so I guess we're all assuming gambling = a sports competition? |
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bellum99
Joined: 23 Jan 2003
Location: don't need to know
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| Posted: Tue Aug 21, 2007 4:22 am Post subject: |
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| Yup..most of the time you win a trophy at a sports competition...try to pay the tax on that. You sure aren't winning any large sums of money as a prize in Korea for playing sports. |
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T-dot
Joined: 16 May 2004
Location: bundang
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| Posted: Tue Aug 21, 2007 4:34 am Post subject: |
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no, but you can win a whole whack load through the sports lottery in Korea.
ie Proto and toto. |
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pest2
Joined: 01 Jun 2005
Location: Vancouver, Canada
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| Posted: Tue Aug 21, 2007 10:33 am Post subject: |
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| bellum99 wrote: |
| Yup..most of the time you win a trophy at a sports competition...try to pay the tax on that. You sure aren't winning any large sums of money as a prize in Korea for playing sports. |
Yeah, right,... but there is a certain event that has a 5 million won prize. I just wonder if they could give that prize to a foreigner with an E2 or not. Honestly, the organizers aren't allowing foreigners to compete in this particular event. I was just trying to see if the reason could be something other than the fact that they are nationalistic, xenophobic twits who are afraid to have their competitors' butts spanked by a foreigner... which is pretty par for the course for Koreans .. but it seems to be the case that is the reason why as I am running out of alternate explanations and they wont give me one.
I actually won 300,000 won in another, similar such event... but I had to use it for merchandise rather than getting a lump sum of cash... and after the tax, it was only ~220,00. |
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Rteacher
Joined: 23 May 2005
Location: Western MA, USA
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| Posted: Tue Aug 21, 2007 4:18 pm Post subject: |
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| Competing in a sports event and earning prize money does not equate to gambling winnings. I doubt that it would be covered by an E-2 visa. |
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pest2
Joined: 01 Jun 2005
Location: Vancouver, Canada
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| Posted: Tue Aug 21, 2007 6:25 pm Post subject: |
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| Rteacher wrote: |
| Competing in a sports event and earning prize money does not equate to gambling winnings. I doubt that it would be covered by an E-2 visa. |
Yeah, that's what I was trying to find out... I reckon the only way to find out conclusively would be to call the immigration office or a lawyer. |
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