official 2006 tax brags and beats
 

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.

Re: official 2006 tax brags and beats
 

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.

Re: official 2006 tax brags and beats
 

brag: party poker

brag: UK -> no taxes

Re: official 2006 tax brags and beats
 

[ 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

Re: official 2006 tax brags and beats
 

Taxes owed:

UMM LET ME SEE,

NONE

Re: official 2006 tax brags and beats
 

[ QUOTE ]
Taxes owed:

UMM LET ME SEE,

NONE

[/ QUOTE ]

accounts overdrawn: 1

Re: official 2006 tax brags and beats
 

[ 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

Re: official 2006 tax brags and beats
 

[ QUOTE ]
brag: party poker

brag: UK -> no taxes


[/ QUOTE ]

akjdfanadlfiadjasdkfalwoejlkd

Re: official 2006 tax brags and beats
 

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

Re: official 2006 tax brags and beats
 

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

Re: official 2006 tax brags and beats
 

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

Re: official 2006 tax brags and beats
 

[ 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

Re: official 2006 tax brags and beats
 

[ 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!

Re: official 2006 tax brags and beats
 

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

Re: official 2006 tax brags and beats
 

[ 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

Re: official 2006 tax brags and beats
 

how much should you have made to be filing taxes?

Re: official 2006 tax brags and beats
 

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

[/ QUOTE ]

$0.01

Re: official 2006 tax brags and beats
 

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.

Re: official 2006 tax brags and beats
 

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.

Re: official 2006 tax brags and beats
 

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!

Re: official 2006 tax brags and beats
 

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

Re: official 2006 tax brags and beats
 

Brag: 60K in taxes in 2006

Beat: the man has got me down

Variance: 2007 is going to be a lot higher

Re: official 2006 tax brags and beats
 

[ 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!!!!!!

Re: official 2006 tax brags and beats
 

EU is a good invention.

Re: official 2006 tax brags and beats
 

what?

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

Re: official 2006 tax brags and beats
 

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

Re: official 2006 tax brags and beats
 

[ 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.

Re: official 2006 tax brags and beats
 

[ 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?

Re: official 2006 tax brags and beats
 

[ 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.

Re: official 2006 tax brags and beats
 

[ 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.

Re: official 2006 tax brags and beats
 

-130k WHEEEE

Re: official 2006 tax brags and beats
 

[ 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

Re: official 2006 tax brags and beats
 

chicken pot pie is nasty

Re: official 2006 tax brags and beats
 

[ 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

Re: official 2006 tax brags and beats
 

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

Re: official 2006 tax brags and beats
 

[ 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.

Re: official 2006 tax brags and beats
 

[ 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.

Re: official 2006 tax brags and beats
 

[ QUOTE ]
brag: party poker

brag: Finland -> no taxes


[/ QUOTE ]

Re: official 2006 tax brags and beats
 

[ 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).

Re: official 2006 tax brags and beats
 

[ 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.