LPGA Tournament entry fees?

wiefan · 05-20-2009, 12:59 AM

Originally Posted by dangerbob

They can only deduct them if they make money. How about those who can not make the cut. It has to come out of their pocket! Just like gambling...you can only deduct your loses if you win. Otherwise, bye, bye...what happens in Vegas stays in Vegas!

Hi ya Dangerbob....are you sure about this???....considering that these players list their occupation as Professional Golfers....you would think that some items that they pay out of pocket would make it eligible for them to get a deduction on their taxes

for example....somebody that works at home in a home business....let's just say they don't make any income for the year in their business but perhaps makes income from something else...they can still claim some stuff as losses in their Business downfall couldn't they....example, Telephone, Car, Gas, etc

I dunno but I would think so....anyway....have a good day....see ya!!

ok Marine Paul....what do you know about this???

anyway....have a good day....see ya

Putter · 05-20-2009, 01:13 AM

Originally Posted by 4putt

That's crazy! Winner gets $300,000 but only pays $150 to get in? They should raise it to something like $5,000. That would solve a lot of financial issues. Where else would the players go play? Plus they're rich - they can afford it.

They don't all make $300,000 per tournament. I don't know where your head is at, but your reasoning has me baffled. Sure, some players make some good money, but what about the players that finish the tournament near the bottom - they're lucky to make $1500 - are you saying they shouldn't be allowed in the next tournament if they can't come up with $5000 to enter? Also, I'm not sure what you mean by your statement that "that would solve a lot of financial issues" - are you insinuating that the LPGA would be in a better financial situation if the entry fees were $5,000? Can't see them making much money if only 4 or 5 players could afford that!

Contrary to popular belief, a lot of professional golfers are not "rich".

dangerbob · 05-20-2009, 01:20 AM

Originally Posted by wiefan

Hi ya Dangerbob....are you sure about this???....considering that these players list their occupation as Professional Golfers....you would think that some items that they pay out of pocket would make it eligible for them to get a deduction on their taxes

for example....somebody that works at home in a home business....let's just say they don't make any income for the year in their business but perhaps makes income from something else...they can still claim some stuff as losses in their Business downfall couldn't they....example, Telephone, Car, Gas, etc

I dunno but I would think so....anyway....have a good day....see ya!!

ok Marine Paul....what do you know about this???

anyway....have a good day....see ya

Wiefan, read my lips. I said they can only deduct them if they make money. Here's the equation:

0(income) - $5,000(expenses) = 0.

If you go to Las Vegas in 2008 with a $1,000 and you lost them all...you can not claim that as a lose...in 2008 if you did not win anything.

But in 2009 you go to Las Vegas and win $2000.00 and it was recorded...and the next time you go in 2009 and you lost $4000.00 you can only claim $2000.00 as a lose in 2009.

If you spend a thousand dollars buying lottery tickets...and did not win anything you can not claim that as a loss.

dangerbob · 05-20-2009, 01:23 AM

Originally Posted by Putter

They don't all make $300,000 per tournament. I don't know where your head is at, but your reasoning has me baffled. Sure, some players make some good money, but what about the players that finish the tournament near the bottom - they're lucky to make $1500 - are you saying they shouldn't be allowed in the next tournament if they can't come up with $5000 to enter? Also, I'm not sure what you mean by your statement that "that would solve a lot of financial issues" - are you insinuating that the LPGA would be in a better financial situation if the entry fees were $5,000? Can't see them making much money if only 4 or 5 players could afford that!

Contrary to popular belief, a lot of professional golfers are not "rich".

Yeah...just like many actors and singers are starving! Only those lucky ones makes money.

MarinePaul · 05-20-2009, 06:34 AM

DB, you're partially right. Business deductions are different than gambling losses, which are limited to the amount of winnings. Businesses can, and often do, show losses. In fact, in the case of a corporation, which many of these players are, those losses can be carried forward to offset against future profits.

Wiefan, you'd get a passing grade in my tax class. There are limitations to the losses a business can take, especially a proprietorship, but generally speaking, it's not at all uncommon for a business to show a loss.

Blue · 05-20-2009, 08:32 AM

Originally Posted by MarinePaul

DB, you're partially right. Business deductions are different than gambling losses, which are limited to the amount of winnings. Businesses can, and often do, show losses. In fact, in the case of a corporation, which many of these players are, those losses can be carried forward to offset against future profits.

Wiefan, you'd get a passing grade in my tax class. There are limitations to the losses a business can take, especially a proprietorship, but generally speaking, it's not at all uncommon for a business to show a loss.

So would players set themselves up as an LLC?

MarinePaul · 05-20-2009, 09:04 AM

Originally Posted by Blue

So would players set themselves up as an LLC?

Most will probably set themselves up as regular, or "C" corporations. Also, most would more than likely incorporate in Delaware, which has more "corporation friendly" tax laws than other states.

With an LLC, depending on several factors, earnings by the player could be taxed at a much higher rate than a corporation. It can get pretty complicated, but in a nutshell, they're probably standard corporations.

As an example, my business is an LLC. Basically, it's to protect my personal assets from any potential liability. My income is still subject to the 15.3% self- employment tax, as well as federal, state and local income taxes. For a top- tier LPGA player, a corporation would be a much better route.

wiefan · 05-20-2009, 03:11 PM

Originally Posted by MarinePaul

DB, you're partially right. Business deductions are different than gambling losses, which are limited to the amount of winnings. Businesses can, and often do, show losses. In fact, in the case of a corporation, which many of these players are, those losses can be carried forward to offset against future profits.

Wiefan, you'd get a passing grade in my tax class. There are limitations to the losses a business can take, especially a proprietorship, but generally speaking, it's not at all uncommon for a business to show a loss.

Hi ya Marinepaul....whew!! thanks for the passing grade....by the way, is it a "C" or a "D"...I wanna figure out my overall grade point average with your class and Lojo's Rule class....this will tell me if I can fool around in my other classes and still pass this year....I am guessing that in Rusty's "Discussion Board101" class, I should be passing, as I haven't gotten Banned YET!!!....and since I have "Butterballed Blue" in the "Moderator Posting101" class by overwhelmingly supporting her right to post like a regular poster despite her Moderator's position...I should be "Hopefully" passing in that class....and since I have read 14 out of 15 Lisa Scottoline Law Novels, I am sure that good ol Buzzer will give me a passing grade in "Discussion Board LAW101"......and since I am going to Branson, Missouri in November to help the tourist industry in moReb51's home state....I am guessing that he will also give me a passing grade in his "Wiesy88" class

wowWIE folks, I am taking on a Heavy load this semester....it is a good thing that Wiesy is playing SUPER GOLF....her super FOCUS and Concentration is the thing we both talked about in our "Private Cell Phone Helping her to achieve" conversations.....

anyway folks....good luck to any of your favorites in this week's Tournament....as for me.....GO WIESY!!!!!!.....have a good day folks....see ya!!

MarinePaul · 05-20-2009, 03:19 PM

More like a B-, Wiefan. You were right as far as you went, but didn't give enough details in your essay. With Lojo's A+, as long as you don't completely fail, you have a decent shot at passing the semester.

wiefan · 05-20-2009, 03:48 PM

Originally Posted by MarinePaul

More like a B-, Wiefan. You were right as far as you went, but didn't give enough details in your essay. With Lojo's A+, as long as you don't completely fail, you have a decent shot at passing the semester.

wowWIE folks.....lemme tell my friends about your class....the teacher is a "sort of Pushover" to get an easy grade....hmmmm "B-" is passing huh...this sort of leads me to believe that a grade of at least "D" can be got just by having good attendance

hmmmm...I guess folks, Marinepaul is a believer in Former President Bush's "NO CHILD LEFT BEHIND" Policy.....just Graduate the kids and move them on....Flunking a student is Not an option....if a student Fails, this means the Teacher failed in their job....hmmmm

actually folks,,,,I am sort of kidding when I talk about this "No Child Left Behind" but in a sense, I am not....if any of you will talk to Present School Teachers, you wil get a sense of FRUSTRATION on the part of teachers at this policy

anyway....have a good day Marine Paul....see ya!!....thanks for the grade...whadda ya say we go out and celebrate with a ROOT BEER....just kidding folks....see ya!!

05-20-2009, 12:59 AM	#11
wiefan Senior Member Join Date: Jul 2005 Posts: 4,135	Originally Posted by dangerbob They can only deduct them if they make money. How about those who can not make the cut. It has to come out of their pocket! Just like gambling...you can only deduct your loses if you win. Otherwise, bye, bye...what happens in Vegas stays in Vegas! Hi ya Dangerbob....are you sure about this???....considering that these players list their occupation as Professional Golfers....you would think that some items that they pay out of pocket would make it eligible for them to get a deduction on their taxes for example....somebody that works at home in a home business....let's just say they don't make any income for the year in their business but perhaps makes income from something else...they can still claim some stuff as losses in their Business downfall couldn't they....example, Telephone, Car, Gas, etc I dunno but I would think so....anyway....have a good day....see ya!! ok Marine Paul....what do you know about this??? anyway....have a good day....see ya

05-20-2009, 01:13 AM	#12
Putter Senior Member Join Date: Jul 2005 Location: Canada Posts: 1,296 Images: 26	Originally Posted by 4putt That's crazy! Winner gets $300,000 but only pays $150 to get in? They should raise it to something like $5,000. That would solve a lot of financial issues. Where else would the players go play? Plus they're rich - they can afford it. They don't all make $300,000 per tournament. I don't know where your head is at, but your reasoning has me baffled. Sure, some players make some good money, but what about the players that finish the tournament near the bottom - they're lucky to make $1500 - are you saying they shouldn't be allowed in the next tournament if they can't come up with $5000 to enter? Also, I'm not sure what you mean by your statement that "that would solve a lot of financial issues" - are you insinuating that the LPGA would be in a better financial situation if the entry fees were $5,000? Can't see them making much money if only 4 or 5 players could afford that! Contrary to popular belief, a lot of professional golfers are not "rich". __________________ Putter

05-20-2009, 01:20 AM	#13
dangerbob Senior Member Join Date: Sep 2005 Posts: 4,872	Originally Posted by wiefan Hi ya Dangerbob....are you sure about this???....considering that these players list their occupation as Professional Golfers....you would think that some items that they pay out of pocket would make it eligible for them to get a deduction on their taxes for example....somebody that works at home in a home business....let's just say they don't make any income for the year in their business but perhaps makes income from something else...they can still claim some stuff as losses in their Business downfall couldn't they....example, Telephone, Car, Gas, etc I dunno but I would think so....anyway....have a good day....see ya!! ok Marine Paul....what do you know about this??? anyway....have a good day....see ya Wiefan, read my lips. I said they can only deduct them if they make money. Here's the equation: 0(income) - $5,000(expenses) = 0. If you go to Las Vegas in 2008 with a $1,000 and you lost them all...you can not claim that as a lose...in 2008 if you did not win anything. But in 2009 you go to Las Vegas and win $2000.00 and it was recorded...and the next time you go in 2009 and you lost $4000.00 you can only claim $2000.00 as a lose in 2009. If you spend a thousand dollars buying lottery tickets...and did not win anything you can not claim that as a loss. __________________ "On this hapless EARTH There's small SINCERITY of mirth And LAUGHTER oft is but an ART To drown the outcry of the HEART!"

05-20-2009, 01:23 AM	#14
dangerbob Senior Member Join Date: Sep 2005 Posts: 4,872	Originally Posted by Putter They don't all make $300,000 per tournament. I don't know where your head is at, but your reasoning has me baffled. Sure, some players make some good money, but what about the players that finish the tournament near the bottom - they're lucky to make $1500 - are you saying they shouldn't be allowed in the next tournament if they can't come up with $5000 to enter? Also, I'm not sure what you mean by your statement that "that would solve a lot of financial issues" - are you insinuating that the LPGA would be in a better financial situation if the entry fees were $5,000? Can't see them making much money if only 4 or 5 players could afford that! Contrary to popular belief, a lot of professional golfers are not "rich". Yeah...just like many actors and singers are starving! Only those lucky ones makes money. __________________ "On this hapless EARTH There's small SINCERITY of mirth And LAUGHTER oft is but an ART To drown the outcry of the HEART!"

05-20-2009, 06:34 AM	#15
MarinePaul Moderator Join Date: Aug 2005 Location: Warren, Ohio Posts: 8,003	DB, you're partially right. Business deductions are different than gambling losses, which are limited to the amount of winnings. Businesses can, and often do, show losses. In fact, in the case of a corporation, which many of these players are, those losses can be carried forward to offset against future profits. Wiefan, you'd get a passing grade in my tax class. There are limitations to the losses a business can take, especially a proprietorship, but generally speaking, it's not at all uncommon for a business to show a loss. __________________ Happiness isn't getting what you want, it's wanting what you have.

05-20-2009, 08:32 AM	#16
Blue Forum Moderator Contests: Joint 3rd place overall winner 2009. Join Date: Mar 2006 Posts: 7,650 Images: 6	Originally Posted by MarinePaul DB, you're partially right. Business deductions are different than gambling losses, which are limited to the amount of winnings. Businesses can, and often do, show losses. In fact, in the case of a corporation, which many of these players are, those losses can be carried forward to offset against future profits. Wiefan, you'd get a passing grade in my tax class. There are limitations to the losses a business can take, especially a proprietorship, but generally speaking, it's not at all uncommon for a business to show a loss. So would players set themselves up as an LLC?

05-20-2009, 09:04 AM	#17
MarinePaul Moderator Join Date: Aug 2005 Location: Warren, Ohio Posts: 8,003	Originally Posted by Blue So would players set themselves up as an LLC? Most will probably set themselves up as regular, or "C" corporations. Also, most would more than likely incorporate in Delaware, which has more "corporation friendly" tax laws than other states. With an LLC, depending on several factors, earnings by the player could be taxed at a much higher rate than a corporation. It can get pretty complicated, but in a nutshell, they're probably standard corporations. As an example, my business is an LLC. Basically, it's to protect my personal assets from any potential liability. My income is still subject to the 15.3% self- employment tax, as well as federal, state and local income taxes. For a top- tier LPGA player, a corporation would be a much better route. __________________ Happiness isn't getting what you want, it's wanting what you have. Last edited by MarinePaul; 05-20-2009 at 09:14 AM.

05-20-2009, 03:11 PM	#18
wiefan Senior Member Join Date: Jul 2005 Posts: 4,135	Originally Posted by MarinePaul DB, you're partially right. Business deductions are different than gambling losses, which are limited to the amount of winnings. Businesses can, and often do, show losses. In fact, in the case of a corporation, which many of these players are, those losses can be carried forward to offset against future profits. Wiefan, you'd get a passing grade in my tax class. There are limitations to the losses a business can take, especially a proprietorship, but generally speaking, it's not at all uncommon for a business to show a loss. Hi ya Marinepaul....whew!! thanks for the passing grade....by the way, is it a "C" or a "D"...I wanna figure out my overall grade point average with your class and Lojo's Rule class....this will tell me if I can fool around in my other classes and still pass this year....I am guessing that in Rusty's "Discussion Board101" class, I should be passing, as I haven't gotten Banned YET!!!....and since I have "Butterballed Blue" in the "Moderator Posting101" class by overwhelmingly supporting her right to post like a regular poster despite her Moderator's position...I should be "Hopefully" passing in that class....and since I have read 14 out of 15 Lisa Scottoline Law Novels, I am sure that good ol Buzzer will give me a passing grade in "Discussion Board LAW101"......and since I am going to Branson, Missouri in November to help the tourist industry in moReb51's home state....I am guessing that he will also give me a passing grade in his "Wiesy88" class wowWIE folks, I am taking on a Heavy load this semester....it is a good thing that Wiesy is playing SUPER GOLF....her super FOCUS and Concentration is the thing we both talked about in our "Private Cell Phone Helping her to achieve" conversations..... anyway folks....good luck to any of your favorites in this week's Tournament....as for me.....GO WIESY!!!!!!.....have a good day folks....see ya!!

05-20-2009, 03:19 PM	#19
MarinePaul Moderator Join Date: Aug 2005 Location: Warren, Ohio Posts: 8,003	More like a B-, Wiefan. You were right as far as you went, but didn't give enough details in your essay. With Lojo's A+, as long as you don't completely fail, you have a decent shot at passing the semester. __________________ Happiness isn't getting what you want, it's wanting what you have.

05-20-2009, 03:48 PM	#20
wiefan Senior Member Join Date: Jul 2005 Posts: 4,135	Originally Posted by MarinePaul More like a B-, Wiefan. You were right as far as you went, but didn't give enough details in your essay. With Lojo's A+, as long as you don't completely fail, you have a decent shot at passing the semester. wowWIE folks.....lemme tell my friends about your class....the teacher is a "sort of Pushover" to get an easy grade....hmmmm "B-" is passing huh...this sort of leads me to believe that a grade of at least "D" can be got just by having good attendance hmmmm...I guess folks, Marinepaul is a believer in Former President Bush's "NO CHILD LEFT BEHIND" Policy.....just Graduate the kids and move them on....Flunking a student is Not an option....if a student Fails, this means the Teacher failed in their job....hmmmm actually folks,,,,I am sort of kidding when I talk about this "No Child Left Behind" but in a sense, I am not....if any of you will talk to Present School Teachers, you wil get a sense of FRUSTRATION on the part of teachers at this policy anyway....have a good day Marine Paul....see ya!!....thanks for the grade...whadda ya say we go out and celebrate with a ROOT BEER....just kidding folks....see ya!!

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