official 2006 tax brags and beats

[Full-Metall]

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]

[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.