"25% of your action" and the high hand jackpot -- story + poll - Page 4

Slim Pickens · #31 05-18-2006, 07:42 PM

OK, I think I get it. I just want to make sure that he doesn't get stuck paying my taxes as well, and then I pay taxes on anything I get from him. There the only winner is Uncle Sam, and that simply won't stand. Basically, I want to "kick back" the taxes that it sounds like he'll be forced to pay on my share of the profits, because the way I report my poker earnings, I'm going to end up paying taxes on them anyway.

tyler_cracker · #32 05-18-2006, 08:15 PM

[ QUOTE ]
And I thought everybody in town capped their high hand jackpots at $599 just to avoid the W2G silliness. Gold Coast is the first I've heard that doesn't.

[/ QUOTE ]

When they first introduced the high hand promotion, things were capped at $599 per usual. Then they uncapped them.

I was sitting at a 2/4 table there when this old woman (she is a fish so old that i call her The Coelacanth) hit a heart royal for over $2500. A rack of green at a 2/4 table == mega-awesome.

The Coelacanth is so passive that when she went 4 bets on the river, i knew she had the royal.

psandman · #33 05-18-2006, 08:31 PM

[ QUOTE ]
So either y'all do a 5754 and each pay your income tax separately (way too much bother), or you just make a guess as to how much income tax Tyler will owe on this. If you live in Nevada, and make a middle-class income, it's gonna be 25%.

[/ QUOTE ]

Unless of course Tyler will itemizing his deductions and declaring losses that equal his gambling winnings in which case the net tax on his gambling winnings would be 0.

jumpthru · #34 05-19-2006, 01:13 AM

[ QUOTE ]
[ QUOTE ]
And I thought everybody in town capped their high hand jackpots at $599 just to avoid the W2G silliness. Gold Coast is the first I've heard that doesn't.

[/ QUOTE ]

When they first introduced the high hand promotion, things were capped at $599 per usual. Then they uncapped them.

I was sitting at a 2/4 table there when this old woman (she is a fish so old that i call her The Coelacanth) hit a heart royal for over $2500. A rack of green at a 2/4 table == mega-awesome.

The Coelacanth is so passive that when she went 4 bets on the river, i knew she had the royal.

[/ QUOTE ]

When I hit quad 8's for an $80 dollar jackpot playing 6/12, the guy I raised on the river fliped the [censored] out on me for trying to get an extra bet..

bav · #35 05-19-2006, 02:00 AM

[ QUOTE ]
[ QUOTE ]
So either y'all do a 5754 and each pay your income tax separately (way too much bother), or you just make a guess as to how much income tax Tyler will owe on this. If you live in Nevada, and make a middle-class income, it's gonna be 25%.

[/ QUOTE ]

Unless of course Tyler will itemizing his deductions and declaring losses that equal his gambling winnings in which case the net tax on his gambling winnings would be 0.

[/ QUOTE ]

I kinda alluded to that earlier when I said if he itemizes to run TurboTax with and without the W2G and split 25:75 whatever the difference is, but you can't do that until the year is done. I also figure if Tyler needs staking from Pick he probably is not the itemizing type.

If he IS the itemizing type, then he gets to worry about having too much income and having his schedule A deductions start phasing out. Even if you itemize, if you make too much you can't deduct all of your losses... at some income level the Feds start whacking off deductions. So if you have a couple million dollar income, and $100K in winnings and $500K in losses, you're still gonna pay tax on a fair fraction of that $100K despite actually being a big loser for the year.

Congress sucks.

OrigamiSensei · #36 05-19-2006, 07:54 AM

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a fish so old that i call her The Coelacanth

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Gold.

Slim Pickens · #37 05-19-2006, 02:18 PM

Congress does suck.

We settled on $165, but I have to come up with a whole new section in my spreadsheet for "non-taxable poker income." I'm am not looking forward to being audited, dumping 2 banker's boxes of paper on some poor IRS person's desk, and saying "It's all there. Let me know if I [censored]ed anything up," as I walk out the door. (lacky-style)

Georgia Avenue · #38 05-19-2006, 02:34 PM

Sharing bankrolls?
Sound like collusion to me. Are you guys in "the crew?"

Slim Pickens · #39 05-19-2006, 02:38 PM

[ QUOTE ]
Sharing bankrolls?
Sound like collusion to me. Are you guys in "the crew?"

[/ QUOTE ]

That's how I roll to play 2/4, biatch. My crew works the Gold Coast room like high-rolla-ballas.

Seriously, don't make me post my donk outfit picture again.

bav · #40 05-19-2006, 02:53 PM

[ QUOTE ]
Congress does suck.

We settled on $165, but I have to come up with a whole new section in my spreadsheet for "non-taxable poker income." I'm am not looking forward to being audited, dumping 2 banker's boxes of paper on some poor IRS person's desk, and saying "It's all there. Let me know if I [censored]ed anything up," as I walk out the door. (lacky-style)

[/ QUOTE ]

Just like there are some things you don't tell your mother, there are some things you shouldn't tell the IRS. You guys are complying with the spirit of the law--Tyler will pay the tax and the Feds get their cheese. But the IRS auditors aren't going to be very happy seeing your spreadsheet with the "pre-taxed income from staked poker players" section.

If Tyler ends up winning a $20K badbeat jackpot, don't try to do it this way. But for your $165 of income, doing it "right" is just far too much work. (Actually had an accountant tell me that when I was complaining about the shortcut he was taking...yes, what he was doing was not strictly legal, but the result would be the same if he did it by the book but it woulda been FAR more work and just wasn't worth the effort for a few hundred dollars; he claimed IRS auditors do understand that people do such things and aren't gonna get their knickers in a twist over it long as the tax gets paid somehow.)