100k to win...

[eajinabi]

Originally Posted by Port Conway Lane

Actually I think he will only have to pay taxes on gambling income of 800k and prize money of 100k.

I dont understand how he needs to pay taxes on the 800k he recieved from CD. He/NBC placed a 100k win bet which which ended up being only 8 times the amount of the base wager. IRS comes into place only if its 600 times.

I can see that he would need to pay taxes on the 100k prize money. Whatever it is, the guy did not have to put a single dime of his own money to win all that. Great win for him.