official 2006 tax brags and beats

[frozzor]

-130k WHEEEE

[Triumph36]

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-130k WHEEEE

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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]

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what?

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

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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.

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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]

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what?

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

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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.

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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

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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]

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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

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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]

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brag: party poker

brag: Finland -> no taxes


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[derosnec]

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

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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]

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

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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).

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lol, that is correct. Deduct your HU SNGs.

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