I just read an article about the IRS wanting to withold a certain percentage (I forgot how much but I believe it is around 25%) on poker tournament wins over $5000 minus buy-in costs. Every gambling establishment, as well as charity tournaments will have to withhold some of the winnings before paying out. I have never won a tournament before so I do not know what kind of tax form is filled out. If it is a W-2G, you might be able to offset gambling losses towards your win.

Good Luck at the tables,

TOP DOLLAR PLAYER