$1M / year playing 5-10...doable?

[The Iceman]

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You would still have to pay taxes.

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I dont. The UK has it's advantages!!

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Ditto for Australia [img]/images/graemlins/smile.gif[/img]

[lildueceduece]

I think you could play more hours per week on average. Also if you do it I think you would be most excellent sir.

hmmm well im only 18 right now and go to college in the US so I don't know about this idea of moving out of the nation to avoid paying hefty amounts of taxes

i think i am gonna suck it up like all americans do for the time being but perhaps keep the idea in the back of my mind for after college

[Sponger.]

Grimstarr,

Try moving up. Then you only need 1/2 your current WR!

[Keepitsimple]

Do you have to pay taxes if you keep your entire roll on pokersites? I mean, you play poker and earn 1 million. But you only cash out 50k or something. Then you move to the UK and do one year of your education there and cash out.

[kurosh]

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Do you have to pay taxes if you keep your entire roll on pokersites? I mean, you play poker and earn 1 million. But you only cash out 50k or something. Then you move to the UK and do one year of your education there and cash out.

[/ QUOTE ]You're still a US citizen. You would have to renounce your citizenship. You can't come back into the country and you might still have to pay taxes for up to 10 years.

[jsnipes28]

It seems that accepting a winrate of something more like 650/hr and seeing how many hours you would need to play every day minus like two weeks would give you a more realistic figure.

Sustaining 5ptbb/100 for that long playing 8 tables everyday is probably slightly unreasonable.

At 650/hr you would need to play 30.8hrs/wk for 50 weeks out of the year to make one meeeelion dollars, which still isn't bad. I think a mil in a cumulative 365 day period is def doable.

[Keepitsimple]

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Do you have to pay taxes if you keep your entire roll on pokersites? I mean, you play poker and earn 1 million. But you only cash out 50k or something. Then you move to the UK and do one year of your education there and cash out.

[/ QUOTE ]You're still a US citizen. You would have to renounce your citizenship. You can't come back into the country and you might still have to pay taxes for up to 10 years.

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I thought you paid taxes in the country you lived in regardless of citizenship. Ie you say you made the million when you were in England.

[Cesaro]

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Do you have to pay taxes if you keep your entire roll on pokersites? I mean, you play poker and earn 1 million. But you only cash out 50k or something. Then you move to the UK and do one year of your education there and cash out.

[/ QUOTE ]You're still a US citizen. You would have to renounce your citizenship. You can't come back into the country and you might still have to pay taxes for up to 10 years.

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I thought you paid taxes in the country you lived in regardless of citizenship. Ie you say you made the million when you were in England.

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Sadly this is false. As long as you're a US citizen you have to pay taxes to the US government, even if you make all your money in england.

[Spy Dog]

Just to clear things up. I'm an American who move abroad (Ireland) 2 years ago and I pay taxes on my poker earnings. I also have an accounting degree so if there was a legal way around the tax issue, I would have found it.