Awful WSOP news from PokerStars

[murph0110]

good info in this thread, ty...

so what happens if you win your seat through the fpp freerolls?

also, what is Full Tilt doing?

ty

[twobitplayer]

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Do you pay taxes on your online poker store purchases???


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You are supposed to, yes.


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Why refunds and rebates are not taxable. The points and store purchases are a basically a rebate of the rake, and seem like the should be tax free just like my cash back on my credit card which I can also redeem in a 'store' they offer.

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This would only be true if you declare the rake as income which I severely doubt that you do.

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Umm... no, rake is an expense not income which makes it still true. Your statement make no sense to me at all.

[fluorescenthippo]

at least there will be 10k more in the fishes' accounts for us to take online

[MicroBob]

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TI is 5-10 minutes walk from Wynn and Venetian poker-rooms.
It's about 15-20 minute walk to Mirage poker-room (and they have a TI-to-Mirage shuttle as well...although this might be out-of-order).
TI is probably about 20-25 minute walk to Bellagio.

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Unless you're saying that it takes a long time to get from the entrance of the Mirage to its poker room, then this can't be right.

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Whoops. you're right.
TI and Mirage are right next door to each other.
It's been a little while.
Call it more like 5 minutes of course.

Although there really is still a lot of walking to be done once you get inside some of these places.

[cardcounter0]

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Do you pay taxes on your online poker store purchases???


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You are supposed to, yes.


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Why refunds and rebates are not taxable. The points and store purchases are a basically a rebate of the rake, and seem like the should be tax free just like my cash back on my credit card which I can also redeem in a 'store' they offer.

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You are correct, FPPs and store purchases are a 'price adjustment' or 'rebate' of rake paid. They are not taxable.

However, getting cash for a seat to the WSOP in a tourney, is an 'award' or a 'prize' and is taxable.

[Niediam]

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Do you pay taxes on your online poker store purchases???


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You are supposed to, yes.


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Why refunds and rebates are not taxable. The points and store purchases are a basically a rebate of the rake, and seem like the should be tax free just like my cash back on my credit card which I can also redeem in a 'store' they offer.

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This would only be true if you declare the rake as income which I severely doubt that you do.

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Umm... no, rake is an expense not income which makes it still true. Your statement make no sense to me at all.

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Think of it this way... would you be not required to pay any taxes on poker winnings if all pots were raked 100% and then later the sites 'refunded' you 95% of the rake?

[Dennisa]

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this is going to mean that about 500-1000 fish are going to just stay home and keep their cashola

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At the risk of again re-hashing an old question, why would Harrah's adopt this policy prohibiting 3rd-party registrations when it's going to cost them MINIMUM 1,000 buy-ins (aka $10M)...granted that's a drop in the hat for a corp like Harrah's, but they'll be hit even harder with the lost publicity b/c of a smaller field. Seems like a real bonehead move to me. Especially when it doesn't appear that they shouldn't have any concerns about legal liability from merely allowing a 3rd party to pay an entrant's fee.

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My guess is Harrah's legal staff does not want to take the risk that funds could be siezed by the DOJ. If a known drug dealer were to funnel money into Harrah's and they were aware of it, Harrah's would not accept the money. At this time under Bush they could equate Pokerstars being similar to a drug cartel. I applaud Pokerstars and Harrah's for taking this course of action.

The office reason that Harrah's will state for the reduction of entries into the WSOP is that this time there was only an eleven month cycle between WSOP's. They may state UIGEA would account for some of the decline, but not likely.

[Dennisa]

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This may be stupid, but it seems like a reasonable solution would be to make you come to Vegas, go to their hospitality suite at the Rio during the WSOP and get lammers from them there, instead of just giving you $10k into your account.

Does anyone know why this can't be done?

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Is Dan Goldman going to come to the USA with a huge trunk of cash and distrubute it to players?

I doubt Harrah's will allow Pokerstars to wire into their cashier in exchange for lammers, not to mention the security that would be needed if Stars had 10,000,000 in lammers in its Hotel suites.

[The4Aces]

stars could fed-ex the lammers ahead of time.

[TylerD]

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and they have a TI-to-Mirage shuttle as well...although this might be out-of-order

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Has anyone ever actually ridden this?

I have never seen it operational.

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Numerous times.