official 2006 tax brags and beats

[Gildwulf]

Mother of all beats: taxes.

Final tally-my account says I owe 36k US this year. Most of 2006 I was a student and I maxed out my IRA so it's 99% from poker (I also am paying Canadian taxes on my Canadian work salary so I have to file both...what a pain in the ass. I think I am lucky compared to most here, though.)

Beat: looking through my tax records I lost over 15k at pokerstars in 2006, 2/3 in the last 3 months of the year trying to learn NL at 2/4-3/6 during the great PP migration and the rest from the sunday millions (On stars I basically only play the sunday million so that is some fun variance right there). I am officially quitting pokerstars. Sunday million be damned.

Brag: I won 112,000+RB at party poker last year playing parttime. xxoxoxoxo pp . Also full tilt treated me pretty well.

[danzasmack]

because i am super smart the IRS owes me around 2.5k. I however have no idea how much I won from poker for these same reasons.

[tufat23]

brag: party poker

brag: UK -> no taxes

[Gildwulf]

[ QUOTE ]
because i am super smart the IRS owes me around 2.5k. I however have no idea how much I won from poker for these same reasons.

[/ QUOTE ]

what

[SkinnyLittleTwig]

Taxes owed:

UMM LET ME SEE,

NONE

[Gildwulf]

[ QUOTE ]
Taxes owed:

UMM LET ME SEE,

NONE

[/ QUOTE ]

accounts overdrawn: 1

[danzasmack]

[ QUOTE ]
[ QUOTE ]
because i am super smart the IRS owes me around 2.5k. I however have no idea how much I won from poker for these same reasons.

[/ QUOTE ]

what

[/ QUOTE ]

holla

[GrandMelon]

[ QUOTE ]
brag: party poker

brag: UK -> no taxes


[/ QUOTE ]

akjdfanadlfiadjasdkfalwoejlkd

[HeroInBlack]

Beat: The taxes I am paying on last year's winnings far exceed the profits I have earned from poker so far this year.

[derosnec]

if you claim a pet as dependent you do not have to pay taxes in america

[IronFly]

I get a small refund because of my charitable donations last year.

[Gildwulf]

[ QUOTE ]
because i am super smart the IRS owes me around 2.5k. I however have no idea how much I won from poker for these same reasons.

[/ QUOTE ]

step 1) tax evasion

walk me through step 2 and 3

[IronFly]

[ QUOTE ]
[ QUOTE ]
because i am super smart the IRS owes me around 2.5k. I however have no idea how much I won from poker for these same reasons.

[/ QUOTE ]

step 1) tax evasion

walk me through step 2 and 3

[/ QUOTE ]

step 1 - tax evasion
step 2 - post about in on the internet
step 3 - jail!

[derosnec]

what's a "session" for HU SNGs? each game? that could get expensive.

random hypo:

assume 60% winner at $50 HU SNGs for 10,000 games.

$300k won - $200k lost - $25,000 rake = $75k profit.

taxes of .3x % x 300k > profit

[danzasmack]

[ QUOTE ]
[ QUOTE ]
[ QUOTE ]
because i am super smart the IRS owes me around 2.5k. I however have no idea how much I won from poker for these same reasons.

[/ QUOTE ]

step 1) tax evasion

walk me through step 2 and 3

[/ QUOTE ]

step 1 - tax evasion
step 2 - post about in on the internet
step 3 - jail!

[/ QUOTE ]

lolo i do nothing illegel except i used to drink when i was underage

have you ever seen armagedon? i have a similar agreement with the IRS because of my good looks/bo staff skills

[fees]

how much should you have made to be filing taxes?

[HeroInBlack]

[ QUOTE ]
how much should you have made to be filing taxes?

[/ QUOTE ]

$0.01

[IWEARGOGGLES]

Beat: I owe about 6 figures.
Beat: My tax guy won't let me deduct my 10k entry to WPT Fallsview and my 2.7k entry to the Canadian Poker Open
Brag: I have the money to pay it.
Variance: Going to meet him tomorrow to get him to deduct that crap because he is a fool.

[delaware99]

February my accountant tells me i owe $4k. I fire up the computer and win the $4k. Check comes from UB same day as my account tells me i can take a complete loss on some of my other investments (long story... basically money i never saw anyway).

I now get a refund of $4.7k + 4k i won on UB= Great success!


All in time for my trip to Vegas on Friday.

[TurdFerguson]

Beat: I work full-time and play poker only as a hobby.
Brag: I make 6 figures.
Beat: I has a mortgage.
Brag: Mortgage interest payments are tax-deductible.
Brag: Tax refund this year was over $6.3K. SHIPPPPP IT!

[Full-Metall]

I also live in Canada.. What kind of taxes do you think I'll have to pay on $0 profit? /images/graemlins/mad.gif

[Kyle]

Brag: 60K in taxes in 2006

Beat: the man has got me down

Variance: 2007 is going to be a lot higher

[Anders]

[ QUOTE ]
Beat: I work full-time and play poker only as a hobby.
Brag: I make 6 figures.
Beat: I has a mortgage.
Brag: Mortgage interest payments are tax-deductible.
Brag: Tax refund this year was over $6.3K. SHIPPPPP IT!

[/ QUOTE ]

variance: having a 6 figure salary and a mortgage but still not understanding that getting a tax refund is a bad thing!!!!!!

[Falc]

EU is a good invention.

[mdkrahn]

what?

I thought Canadians don't have to report poker winnnings.

[SomethingClever]

Beat: My tax bill is larger than my current online bankroll.

[DING-DONG YO]

[ QUOTE ]
Beat: I owe about 6 figures.
Beat: My tax guy won't let me deduct my 10k entry to WPT Fallsview and my 2.7k entry to the Canadian Poker Open
Brag: I have the money to pay it.
Variance: Going to meet him tomorrow to get him to deduct that crap because he is a fool.

[/ QUOTE ]

why is your tax guy not "letting" you deduct these? What is his reasoning?

They're your taxes, not his.

[DpR]

[ QUOTE ]
Beat: I work full-time and play poker only as a hobby.
Brag: I make 6 figures.
Beat: I has a mortgage.
Brag: Mortgage interest payments are tax-deductible.
Brag: Tax refund this year was over $6.3K. SHIPPPPP IT!

[/ QUOTE ]

Ever heard of a w-4?

[bigt2k4]

[ QUOTE ]
what?

I thought Canadians don't have to report poker winnnings.

[/ QUOTE ]
We definitely don't, no matter what how much we make or if it is our sole source of income. People who interpret what the law says word for word are unfamiliar with our legal system and that precedence is most important with our laws.(mostly unwritten, like theBritish system) There was a sports gambling case quite a few years ago where Revenue Canada attempted to take these professional gamblers to court to pay taxes on their multi million dollar revenues. Case was thrown out as Revenue Canada would have had to let all people write off their gambling losses in order to collect taxes on the few who make profit. They obviously will not do this and thus, gamblers do not have to pay any taxes.

[dp13368]

[ QUOTE ]
[ QUOTE ]
Beat: I work full-time and play poker only as a hobby.
Brag: I make 6 figures.
Beat: I has a mortgage.
Brag: Mortgage interest payments are tax-deductible.
Brag: Tax refund this year was over $6.3K. SHIPPPPP IT!

[/ QUOTE ]

variance: having a 6 figure salary and a mortgage but still not understanding that getting a tax refund is a bad thing!!!!!!

[/ QUOTE ]

It's not variance, it's a huge beat. LOL @ him lending $6.3k to the IRS interest-free when he could/should be getting ROI on that $ himself.

[frozzor]

-130k WHEEEE

[Triumph36]

[ QUOTE ]
-130k WHEEEE

[/ QUOTE ]

this is a hidden brag ldo

i have to work on mine today - turbotax says i owe way less than i know i do

[catcher193]

chicken pot pie is nasty

[smellmuth]

[ QUOTE ]
[ QUOTE ]
what?

I thought Canadians don't have to report poker winnnings.

[/ QUOTE ]
We definitely don't, no matter what how much we make or if it is our sole source of income. People who interpret what the law says word for word are unfamiliar with our legal system and that precedence is most important with our laws.(mostly unwritten, like theBritish system) There was a sports gambling case quite a few years ago where Revenue Canada attempted to take these professional gamblers to court to pay taxes on their multi million dollar revenues. Case was thrown out as Revenue Canada would have had to let all people write off their gambling losses in order to collect taxes on the few who make profit. They obviously will not do this and thus, gamblers do not have to pay any taxes.

[/ QUOTE ]

this is only somewhat true. the case in question was about a guy who was 'beating' a govt-run sports betting game, they called him a pro and tried to tax him. he filed a class action on behalf of everyone who had ever lost money on the game (vast majority) - both suits were dropped.

It seems like the canadian govt intends to tax professional poker players, but most of the applicable laws were written for sports bettors so the language isnt directly applicable.

you are right though that the canadian system works largely on case law and there is no significant case law yet to support taxing pro poker players. This doesnt mean its not taxable, just that they cant prove it yet.

brag: i still dont have to pay taxes

[phantom_lord]

brag: party poker
brag: full use of neteller
brag: Ireland -> no taxes

[FloppyJ]

[ QUOTE ]
[ QUOTE ]
[ QUOTE ]
what?

I thought Canadians don't have to report poker winnnings.

[/ QUOTE ]
We definitely don't, no matter what how much we make or if it is our sole source of income. People who interpret what the law says word for word are unfamiliar with our legal system and that precedence is most important with our laws.(mostly unwritten, like theBritish system) There was a sports gambling case quite a few years ago where Revenue Canada attempted to take these professional gamblers to court to pay taxes on their multi million dollar revenues. Case was thrown out as Revenue Canada would have had to let all people write off their gambling losses in order to collect taxes on the few who make profit. They obviously will not do this and thus, gamblers do not have to pay any taxes.

[/ QUOTE ]

this is only somewhat true. the case in question was about a guy who was 'beating' a govt-run sports betting game, they called him a pro and tried to tax him. he filed a class action on behalf of everyone who had ever lost money on the game (vast majority) - both suits were dropped.

It seems like the canadian govt intends to tax professional poker players, but most of the applicable laws were written for sports bettors so the language isnt directly applicable.

you are right though that the canadian system works largely on case law and there is no significant case law yet to support taxing pro poker players. This doesnt mean its not taxable, just that they cant prove it yet.

brag: i still dont have to pay taxes

[/ QUOTE ]

Gambling Profits

10. Profits derived from bookmaking or from the operation of any gambling establishment (carried on legally or otherwise) constitute income from a business. In addition, an individual may be subject to tax on income derived from gambling itself, if the gambling activities constitute carrying on the business of gambling; see the decision of MNR v. Morden, (1961) CTC 484, 61 DTC 1266 (Ex. Ct.). The issue of whether or not an individual's activities are such that he or she can be considered to be carrying on a gambling business is a question of fact that can be determined only by an examination of all of the circumstances and the taxpayer's entire course of conduct. Although no one factor may be conclusive, the following criteria should be considered in making the determination:

(a) the degree of organization that is present in the pursuit of this activity by the taxpayer,

(b) the existence of special knowledge or inside information that enables the taxpayer to reduce the element of chance,

(c) the taxpayer's intention to gamble for pleasure as compared with any intention to gamble for profit as a means of gaining a livelihood, and

(d) the extent of the taxpayer's gambling activities, including the number and frequency of bets.

It is clear from various decisions of the courts that earnings from illegal operations or illicit businesses, such as illegal gambling and fraudulent business schemes, are not exempt from tax. (See for example, the decisions in The Queen v. Poynton, (1972) CTC 411, 72 DTC 6329 (Ont. C.A.) and MNR v. Eldridge, (1964) CTC 545, 64 DTC 5338 (Ex. Ct.).) Hobbies

11. In order for any activity or pursuit to be regarded as a source of income, there must be a reasonable expectation of profit. Where such an expectation does not exist (as is the case with most hobbies), neither amounts received nor expenses incurred are included in the income computation for tax purposes and any excess of expenses over receipts is a personal or living expense, the deduction of which is denied by paragraph 18(1)(h). On the other hand, if the hobby or pastime results in receipts of revenue in excess of expenses, that fact is a strong indication that the hobby is a venture with an expectation of profit; if so, the net income may be taxable as income from a business.

[tibrida]

[ QUOTE ]
what's a "session" for HU SNGs? each game? that could get expensive.

random hypo:

assume 60% winner at $50 HU SNGs for 10,000 games.

$300k won - $200k lost - $25,000 rake = $75k profit.

taxes of .3x % x 300k > profit

[/ QUOTE ]

In the US, you can itemized your gambling losses up to your winnings. As such, you would get taxed on $75K (75K * 3x%). k thx.

[testaaja]

[ QUOTE ]
brag: party poker

brag: Finland -> no taxes


[/ QUOTE ]

[derosnec]

[ QUOTE ]

In the US, you can itemized your gambling losses up to your winnings.

[/ QUOTE ]

you sure about this? that's alot of HU SNGs i get to deduct (since i lose 40% of them, or 80% if it's on a weekend).

[DING-DONG YO]

[ QUOTE ]
[ QUOTE ]

In the US, you can itemized your gambling losses up to your winnings.

[/ QUOTE ]

you sure about this? that's alot of HU SNGs i get to deduct (since i lose 40% of them, or 80% if it's on a weekend).

[/ QUOTE ]

lol, that is correct. Deduct your HU SNGs.

I'm deducting the 1K I dropped at the craps table in Vegas 2 months ago.

[tibrida]

[ QUOTE ]
[ QUOTE ]

In the US, you can itemized your gambling losses up to your winnings.

[/ QUOTE ]

you sure about this? that's alot of HU SNGs i get to deduct (since i lose 40% of them, or 80% if it's on a weekend).

[/ QUOTE ]

The problem is you MUST use itemized deductions in order to be able to deduct your gambling losses. I would say statistically 80%+ of Americans use standardized deduction. People that itemize usually have mortgages/points they paid in the past year and such. So it all boils down to if your itemized deduction (Not sure if you won/lost that much for this to be worth it) is larger than your standard deduction (around $8400 for 2006 given you're single and not claimed as a dependent on someone else's tax return). If anyone has any more questions let me know. No pm's. k thx.

[danzasmack]

[ QUOTE ]
[ QUOTE ]
[ QUOTE ]

In the US, you can itemized your gambling losses up to your winnings.

[/ QUOTE ]

you sure about this? that's alot of HU SNGs i get to deduct (since i lose 40% of them, or 80% if it's on a weekend).

[/ QUOTE ]

The problem is you MUST use itemized deductions in order to be able to deduct your gambling losses. I would say statistically 80%+ of Americans use standardized deduction. People that itemize usually have mortgages/points they paid in the past year and such. So it all boils down to if your itemized deduction (Not sure if you won/lost that much for this to be worth it) is larger than your standard deduction (around $8400 for 2006 given you're single and not claimed as a dependent on someone else's tax return). If anyone has any more questions let me know. No pm's. k thx.

[/ QUOTE ]

this is in no way a problem. if his standded > itemized then it's fine. It's not a system that screws you. You can't lose out with this.

[TheWorstPlayer]

[ QUOTE ]
[ QUOTE ]
[ QUOTE ]

In the US, you can itemized your gambling losses up to your winnings.

[/ QUOTE ]

you sure about this? that's alot of HU SNGs i get to deduct (since i lose 40% of them, or 80% if it's on a weekend).

[/ QUOTE ]

The problem is you MUST use itemized deductions in order to be able to deduct your gambling losses. I would say statistically 80%+ of Americans use standardized deduction. People that itemize usually have mortgages/points they paid in the past year and such. So it all boils down to if your itemized deduction (Not sure if you won/lost that much for this to be worth it) is larger than your standard deduction (around $8400 for 2006 given you're single and not claimed as a dependent on someone else's tax return). If anyone has any more questions let me know. No pm's. k thx.

[/ QUOTE ]
What are your qualifications? And can you recommend a good CPA in Philly area?

[NoahSD]

[ QUOTE ]
[ QUOTE ]
[ QUOTE ]

In the US, you can itemized your gambling losses up to your winnings.

[/ QUOTE ]

you sure about this? that's alot of HU SNGs i get to deduct (since i lose 40% of them, or 80% if it's on a weekend).

[/ QUOTE ]

The problem is you MUST use itemized deductions in order to be able to deduct your gambling losses. I would say statistically 80%+ of Americans use standardized deduction. People that itemize usually have mortgages/points they paid in the past year and such. So it all boils down to if your itemized deduction (Not sure if you won/lost that much for this to be worth it) is larger than your standard deduction (around $8400 for 2006 given you're single and not claimed as a dependent on someone else's tax return). If anyone has any more questions let me know. No pm's. k thx.

[/ QUOTE ]

So if I don't declare as a professional, do I seriously have to declare my income as all my profitable sessions (or tournaments), and then deduct all my losing sessions/tournaments? So like I'd claim my income as like 40k with 20k deducted or something ridiculous like that?

[tibrida]

[ QUOTE ]
[ QUOTE ]
[ QUOTE ]
[ QUOTE ]

In the US, you can itemized your gambling losses up to your winnings.

[/ QUOTE ]

you sure about this? that's alot of HU SNGs i get to deduct (since i lose 40% of them, or 80% if it's on a weekend).

[/ QUOTE ]

The problem is you MUST use itemized deductions in order to be able to deduct your gambling losses. I would say statistically 80%+ of Americans use standardized deduction. People that itemize usually have mortgages/points they paid in the past year and such. So it all boils down to if your itemized deduction (Not sure if you won/lost that much for this to be worth it) is larger than your standard deduction (around $8400 for 2006 given you're single and not claimed as a dependent on someone else's tax return). If anyone has any more questions let me know. No pm's. k thx.

[/ QUOTE ]
What are your qualifications? And can you recommend a good CPA in Philly area?

[/ QUOTE ]

I passed most of the CPA exam and currently working at one of the big 4 firms. I'm gonna be honest and say go to a non-american CPA. They are more lax than the average white man CPA and won't charge you an arm and a leg (ex: korean CPA's whose client base is mostly koreans = ROBUSTO in refunds). You didn't hear this from me though =D

[rohjoh]

Account called last night, and gave me worst case:
Beat:
$145,000 Federal
$35,000 State
Not to mention I mailed a 6K property tax bill in last night.

Variance: Do not have the cash to pay the taxes, not even close.

[derosnec]

will someone please come to my office and shoot me in my face?

[tibrida]

[ QUOTE ]
Account called last night, and gave me worst case:
Beat:
$145,000 Federal
$35,000 State
Not to mention I mailed a 6K property tax bill in last night.

Variance: Do not have the cash to pay the taxes, not even close.

[/ QUOTE ]

Beat: you're BUSTO because of uncle sam
Beat: your CPA sucks and/or too much of a straight arrow
Variance: you can get a new accountant?

[rohjoh]

[ QUOTE ]
[ QUOTE ]
Account called last night, and gave me worst case:
Beat:
$145,000 Federal
$35,000 State
Not to mention I mailed a 6K property tax bill in last night.

Variance: Do not have the cash to pay the taxes, not even close.

[/ QUOTE ]

Beat: you're BUSTO because of uncle sam
Beat: your CPA sucks and/or too much of a straight arrow
Variance: you can get a new accountant?

[/ QUOTE ]

This is worst case, I am sure my CPA will get these numbers down, but there is only so much you can do. Once you earn over the AMT limits, your deductions start to go away.

[Innocent Kitty]

14k fed
5k state
6k property

Thought I was going to owe double that. /images/graemlins/heart.gif my new accountant.

[yellowsub]

Beat: taxes on huge donkament winnings

Bigger beat: no deductions.

lol mid 6 figure checks not to ferrari dealership, but to irs

[dollerAday]

No Taxes? O rly? (http://video.google.com/videoplay?docid=-4312730277175242198&q=)

What ya think?

[LB_001]

I spent 7k+ on hotels in 2006, beat or brag?

[SomethingClever]

[ QUOTE ]
I spent 7k+ on hotels in 2006, beat or brag?

[/ QUOTE ]

Beag

[crzylgs]

[ QUOTE ]
No Taxes? O rly? (http://video.google.com/videoplay?docid=-4312730277175242198&q=)

What ya think?

[/ QUOTE ]

I think anyone who believe that [censored] should be deported.

[NajdorfDefense]

[ QUOTE ]
[ QUOTE ]
No Taxes? O rly? (http://video.google.com/videoplay?docid=-4312730277175242198&q=)

What ya think?

[/ QUOTE ]

I think anyone who believe that [censored] will be fined and imprisoned.

[/ QUOTE ]

[delaware99]

[ QUOTE ]
Beat: I work full-time and play poker only as a hobby.
Brag: I make 6 figures.
Beat: I has a mortgage.
Brag: Mortgage interest payments are tax-deductible.
Brag: Tax refund this year was over $6.3K. SHIPPPPP IT!

[/ QUOTE ]

Having a Mortgage is a HUGE BRAG! I have 4 mortgages. Love that tax deduction.

[THAY3R]

Brag : I'm not paying any taxes this year.




Beat : I'm lying /images/graemlins/frown.gif

[XXXNoahXXX]

[ QUOTE ]
will someone please come to my office and shoot me in my face?

[/ QUOTE ]

Only if you pay me $500 and I can deduct the bullet as a business expense.

[Gildwulf]

[ QUOTE ]
will someone please come to my office and shoot me in my face?

[/ QUOTE ]

hmm do you offer rakeback?

[realjaydub]

[ QUOTE ]
[ QUOTE ]
No Taxes? O rly? (http://video.google.com/videoplay?docid=-4312730277175242198&q=)

What ya think?

[/ QUOTE ]

I think anyone who believe that [censored] should be deported.

[/ QUOTE ]


You work for the IRS?

[Daliman]

[ QUOTE ]
[ QUOTE ]
[ QUOTE ]

In the US, you can itemized your gambling losses up to your winnings.

[/ QUOTE ]

you sure about this? that's alot of HU SNGs i get to deduct (since i lose 40% of them, or 80% if it's on a weekend).

[/ QUOTE ]

lol, that is correct. Deduct your HU SNGs.

I'm deducting the 1K I dropped at the craps table in Vegas 2 months ago.

[/ QUOTE ]
If you are serious, I am nearly positive that you can't write off craps losses under the "gambling" umbrella, unless you can show you are a professional craps player(.....). You can write off ANY gambling losses only versus wins if you are not filing as a professional gambler, however I am also pretty sure that if you made decent $$$ playing poker last year, the tax rate would be MUCH better as earnings than as winnings. Otherwise, if you file as a professional gambler, anything you claim as expenses to income(Poker tourney entries, for example) as opposed to "losses" versus "winnings"(craps $$$) you may need to show how you are able to earn income. You won't be able to do that with craps, or most any other casino game other than Video poker, Blackjack, Poker, & Sports Betting,( I get the feeling I am leaving one out....).

[ddubois]

[ QUOTE ]
brag: party poker
brag: full use of neteller
brag: Ireland -> no taxes

[/ QUOTE ]
Should I move?

[dollerAday]

If your a U.S citizen and you move you still have to pay taxes to the US right?

[Superfluous Man]

gonna try to get to the post office to ship $33k.

This is going well with my current 3-day $30k downswing.

On pace to go busto by May. Stay tuned.

[Lurker.]

[ QUOTE ]
[ QUOTE ]
brag: party poker
brag: full use of neteller
brag: Ireland -> no taxes

[/ QUOTE ]
Should I move?

[/ QUOTE ]
even if you do, i don't think you quite avoid the irs for whatever reason. i remember zeebo talking about this a while back. Anyone know more about moving from the U.S to Canada to avoid gambling taxes?

[shaundeeb]

thank you black jack for stealing most of my profits.

[DJ Sensei]

brag: CPA says i owe lots less than i expected
brag: been robusto lately, so paying isnt even an issue
beat: probably gonna get audited/screwed because i'm a professional gambler, and my records are shoddy at best.

[frozzor]

quick question for everyone saying they owe a lot less than expected: what made you think you owed more and what changed this?

Thx for replies

[MattSuspect]

Beat: I have no proof I lost 5k at a random puerto rican casino.

[Wilpro]

Lol yankaments.

If you are playing poker full time, why not just leave your craphole country and live in Europe!

[Georgia Avenue]

Beat: I havent filed yet
Brag: I mostly play live and so dont have to deduct my "winnings"
V: No winnings

[AbreuTime]

[ QUOTE ]
thank you black jack for stealing most of my profits.

[/ QUOTE ]
He's screwing people over even after his ban.

[MattSuspect]

[ QUOTE ]
Lol yankaments.

If you are playing poker full time, why not just leave your craphole country and live in Europe!

[/ QUOTE ]

You would have to renounce your citizenship to avoid paying taxes. Most people kinda like at least visiting America.

[dollerAday]

What if for work you had to move to another country? Do you have to pay taxes to both the US and the foreign country lived in?

[jrbick]

[ QUOTE ]
Beat: My tax bill is larger than my current online bankroll.

[/ QUOTE ]

[IronFly]

[ QUOTE ]
[ QUOTE ]
Lol yankaments.

If you are playing poker full time, why not just leave your craphole country and live in Europe!

[/ QUOTE ]

You would have to renounce your citizenship to avoid paying taxes. Most people kinda like at least visiting America.

[/ QUOTE ]

And even then you have to pay taxes for the next 10 years to the US anyways.

[NajdorfDefense]

[ QUOTE ]
[ QUOTE ]
[ QUOTE ]
Lol yankaments.

If you are playing poker full time, why not just leave your craphole country and live in Europe!

[/ QUOTE ]

You would have to renounce your citizenship to avoid paying taxes. Most people kinda like at least visiting America.

[/ QUOTE ]

And even then you have to pay taxes for the next 10 years to
the US anyways.

[/ QUOTE ]

qft. And the IRS determines your future income.

[secret.asian.man]

[ QUOTE ]
Beat: I have no proof I lost 5k at a random puerto rican casino.

[/ QUOTE ]

Your gambling log book?

[DJ Sensei]

[ QUOTE ]
quick question for everyone saying they owe a lot less than expected: what made you think you owed more and what changed this?

Thx for replies

[/ QUOTE ]

ummm, well i think self employment tax is like 17% or something, but i'm pretty sure my cpa didnt take that into consideration/add it to my tab. i'll probably let it slide, and if the irs comes knocking i'll let him deal with it /images/graemlins/tongue.gif

[TBag]

So here's a situation:

Say someone wins some money in 2005 and pays about 24k in taxes. Said person continues to play in 2006 and has a losing year of 20k.

True or false?

1) Said player must report for 2006
2) Said player cannot deduct from anything if he has no other forms of income.

[ikestoys]

Brag: The amount I'll have to pay more taxes on the money I've made this year > what i made playing last year

[NajdorfDefense]

[ QUOTE ]
So here's a situation:

Say someone wins some money in 2005 and pays about 24k in taxes. Said person continues to play in 2006 and has a losing year of 20k.

True or false?

1) Said player must report for 2006
2) Said player cannot deduct from anything if he has no other forms of income.

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LDO.