India, July 21 -- Spain won the FIFA World Cup after beating Argentina 1-0 in the final on Sunday. Spain also won the tournament's first-place prize of $50 million from FIFA. But Spain will not get to keep all of that prize money because the US Internal Revenue Service (IRS) is expected to tax part of it.

The reason is simple - the World Cup was co-hosted by the United States, so money earned in the US is generally taxable there. Experts say it does not matter which country wins the World Cup because the IRS will still collect taxes from income earned in the US, as per Robert Raiola, director of the sports and entertainment group at PKF O'Connor Davies, told MarketWatch.

The IRS is expected to collect taxes not just from players, but al...