Awful WSOP news from PokerStars - Page 8

cardcounter0 · #71 05-04-2007, 12:02 PM

[ QUOTE ]
[ QUOTE ]
[ QUOTE ]
LOL @ OP upset because he can't cheat on his taxes now.

FTW your entry is deductable as a gamling loss anyways.

[/ QUOTE ]

So you are definitely itemizing your concierge purchases on your '07 return, correct?
link

What about any t-shirts or books you've earned through various poker sites?

If I were to estimate the % of players who used the concierge service but didn't report, i'd probably go with 95%.

[/ QUOTE ]

You're probably right but they are still cheating on their taxes. The tax system isn't fair but it's still the law.

[/ QUOTE ]
You don't pay taxes on FPP purchases, it is not taxable income. If you have a credit card that gives you back 3% cash rebate on all your purchases, you don't pay taxes on that cash payment from the credit card company either. If you get a free airline ticket thru frequent flyer miles, that is not income, and you don't pay taxes on the value of the ticket.

A rebate received from the party to whom the buyer directly or indirectly paid the purchase price for an item is a reduction in the purchase price of the item; it is not an accession to wealth and is not includible in the buyer's gross income. Rev. Rul. 76-96, 1976-1 C.B. 23; Rev. Rul. 84-41, 1984-1 C.B. 130.

Some credit card companies allow you to gift your rebate to a charitable organization. In this case, you would have a charitable contribution that's deductible if you itemize on Schedule A, and you don't have to recognize the income from the rebate.

Of course if you use the credit card for business, your rebate is a recovery of a tax benefit item so that would be considered income. For example, if you had $10,000 in business purchases and the credit card company refunded you 1 percent or $100, the $100 would be considered income of the business or an adjustment to the cost of the purchases.

teddyFBI · #72 05-04-2007, 12:14 PM

[ QUOTE ]

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.

[/ QUOTE ]

Huh?

thebeebster · #73 05-04-2007, 12:26 PM

i can't believe cardcounter is posting actual information.

BGnight · #74 05-04-2007, 12:40 PM

Lol at paying taxes on FPP store purchases. My God, your getting it in the ass as it is by the IRS. This is precisely why I like cashing in FPP's for gift certs and such. THE IRS WILL NEVER FIND OUT!! (lol at people who think they I'm wrong on this). It's my little way of sticking it to the man I guess [img]/images/graemlins/wink.gif[/img]

cardcounter0 · #75 05-04-2007, 12:49 PM

[ QUOTE ]
Lol at paying taxes on FPP store purchases. My God, your getting it in the ass as it is by the IRS. This is precisely why I like cashing in FPP's for gift certs and such. THE IRS WILL NEVER FIND OUT!! (lol at people who think they I'm wrong on this). It's my little way of sticking it to the man I guess [img]/images/graemlins/wink.gif[/img]

[/ QUOTE ]
WOW! You are not paying taxes on stuff that is not taxable? You are such a radical, WAY TO STICK IT TO THE MAN!

If you really want to stick it to the IRS and cheat them blind, get a credit card that gives you cash back on all your purchases. DON'T PAY TAXES on your rebate check. That will really show them!

Then use your points on your credit card to get free gas, or a free airline ticket, or something. DON'T PAY TAXES ON THAT EITHER! That will show the IRS you can't be messed with.

BGnight · #76 05-04-2007, 01:00 PM

I can't believe I wasted a minute out of my life to click "stop ignoring this user" to read your super awesome post. I am now ignoring you again, so please fire away.

thylacine · #77 05-04-2007, 01:06 PM

Questions:

How do you get your $10k off of PokerStars? This forum is full of people having $ withdrawal nightmares. Why should this be any exception?

Can you use $W from PokerStars to buy into events (as in past years)? How would they do this? If I tell PokerStars I want to use W$10k to buy into the WSOPME will they send me real$10k?

BGnight · #78 05-04-2007, 01:08 PM

[ QUOTE ]
Questions:

How do you get your $10k off of PokerStars? This forum is full of people having $ withdrawal nightmares. Why should this be any exception?

Can you use $W from PokerStars to buy into events (as in past years)? How would they do this? If I tell PokerStars I want to use W$10k to buy into the WSOPME will they send me real$10k?

[/ QUOTE ]

The first part of your question is by check. There shouldn't be an issue w/ this(unless your in NY?) Dunno on the rest.

Backspin20 · #79 05-04-2007, 01:23 PM

Any predictions on the number of entries in the Main event this year? Due to Harrahs thrid party rule im guessing 5900

JacJacAtk · #80 05-04-2007, 01:48 PM

[ QUOTE ]
Any predictions on the number of entries in the Main event this year? Due to Harrahs thrid party rule im guessing 5900

[/ QUOTE ]

If Harrah's allows no third-party registrations at all, I'd be shocked if the number was half that. With full cooperation for non-US facing sites, I'd be surprised if they get to 5900.

This begs a different question, though. They've apparently prepared the schedule for 9000+, and unless they're complete morons they have to know there's no chance they sniff that number without direct buy-ins for online qualifiers. So, is the fact that they've prepared for a larger field than last year just a marketing ploy? Avoiding the truth for as long as possible? What else?