Re: Ship the Cayman!
 

$69K?! Porsche's website says it starts at $49K MSRP, so does this mean you got $20K worth of options on it? Or is it a Cayman S?

Edit: Very solid brag, IMO, but I would've been able to live much more vicariously through you if you'd gotten a 911 instead of the Cayman. [img]/images/graemlins/wink.gif[/img]

Re: Ship the Cayman!
 

[ QUOTE ]
How much did you pay in rake approx.?

60k is not that much compared to the amount of rake you paid.

[/ QUOTE ]
Obviously but would you rather have nothing?

Re: Ship the Cayman!
 

ur a beast. ship it.

Re: Ship the Cayman!
 

[ QUOTE ]
[ QUOTE ]
[ QUOTE ]
[ QUOTE ]
I assume u have to pay income taxes on the cash value of the car.

[/ QUOTE ]

I was wondering about this too.

[/ QUOTE ]

Me too. Maybe it could be considered a gift? Right? Right???

[/ QUOTE ]

Gift from all the fishies ldo

[/ QUOTE ]

def

Re: Ship the Cayman!
 

[ QUOTE ]
[ QUOTE ]
I assume u have to pay income taxes on the cash value of the car.

[/ QUOTE ]

I was wondering about this too.

[/ QUOTE ]

Most definitely has to report the $60k stars gave him as income.

Re: Ship the Cayman!
 

[ QUOTE ]
[ QUOTE ]
[ QUOTE ]
I assume u have to pay income taxes on the cash value of the car.

[/ QUOTE ]

I was wondering about this too.

[/ QUOTE ]

Most definitely has to report the $60k stars gave him as income.

[/ QUOTE ]

Not true, its in consideration of the millions of dollars of rake hes paid... thought I'm not 100% sure, but its definately not a traditional free prize.

Re: Ship the Cayman!
 

[ QUOTE ]
[ QUOTE ]
[ QUOTE ]
[ QUOTE ]
I assume u have to pay income taxes on the cash value of the car.

[/ QUOTE ]

I was wondering about this too.

[/ QUOTE ]

Most definitely has to report the $60k stars gave him as income.

[/ QUOTE ]

Not true, its in consideration of the millions of dollars of rake hes paid... thought I'm not 100% sure, but its definately not a traditional free prize.

[/ QUOTE ]

The sixty grand is most definitely reportable income in the US. Also, if someone just gives you 60K as a gift, you have to report that, too. (IANAL nor a CPA, but I believe the cap on untaxed gifts is 10K in the US.)

At any rate, I'm sure OP has an accountant who handles his taxes, so there is no need to speculate or take tax advice from BBV. (I am guessing people taking tax advice from BBV would result in some great BBV threads though.)

Re: Ship the Cayman!
 

Such a cool car. Congrats OP

Re: Ship the Cayman!
 

I likey! Give me one in Artic Silver Metallic with the Carrera GT wheels tho. Congrats!

Re: Ship the Cayman!
 

[ QUOTE ]
[ QUOTE ]
[ QUOTE ]
[ QUOTE ]
[ QUOTE ]
I assume u have to pay income taxes on the cash value of the car.

[/ QUOTE ]

I was wondering about this too.

[/ QUOTE ]

Most definitely has to report the $60k stars gave him as income.

[/ QUOTE ]

Not true, its in consideration of the millions of dollars of rake hes paid... thought I'm not 100% sure, but its definately not a traditional free prize.

[/ QUOTE ]

The sixty grand is most definitely reportable income in the US. Also, if someone just gives you 60K as a gift, you have to report that, too. (IANAL nor a CPA, but I believe the cap on untaxed gifts is 10K in the US.)

At any rate, I'm sure OP has an accountant who handles his taxes, so there is no need to speculate or take tax advice from BBV. (I am guessing people taking tax advice from BBV would result in some great BBV threads though.)

[/ QUOTE ]

Yes I know you have to report gifts as income, but my point is this is not a gift, and is in exchange for mass amounts of rake. Thus therefore it is not something for nothing and could be viewed as a contract in quantum meruit, as in a contract by principal. I have my tax exam tuesday... lets hope thats right.

Re: Ship the Cayman!
 

[ QUOTE ]
I couldn't believe that full coverage is like $130/month. Go State Farm.

[/ QUOTE ]
I have no idea how this can be true. I'm 37 and married, and my most expensive/sportiest car is a Mini Cooper S and I pay more than that.

I call shenanigans!

http://www.sboxworks.com/images/BroomLG.jpg

Re: Ship the Cayman!
 

There was a thread in Legislation a few months ago about taxing FFP bonuses. We compared it to frequent flyer miles and the answer was: maybe, maybe not.

Re: Ship the Cayman!
 

I'm going to take a wild guess that once the IRS gets around to thinking about this, they come down on the "taxable" side. Call me clairvoyant.

Re: Ship the Cayman!
 

[ QUOTE ]
It was $69K with the 19in wheels, Xeneon headlights, full leather, seat warmers, kick ass Bose system , suspension and sport upgrades, taxes and that crap. Lol at seat warmers in texas though. Pokerstars ships $60K and I paid the rest.

[/ QUOTE ]

Oxymoron alert. Otherwise, sick car; congrats.

Re: Ship the Cayman!
 

sweet ass ride

Re: Ship the Cayman!
 

You look like a tool go cut your hair hippie

Re: Ship the Cayman!
 

[X] Original poster would look better in a 96' Ford Taurus.

Re: Ship the Cayman!
 

you're "buying" the car with your points.

Re: Ship the Cayman!
 

I always thought you looked like the guy in your avatar

Nice car, though something turns me off about the Cayman.

Re: Ship the Cayman!
 

nh sir, wp

sick

Re: Ship the Cayman!
 

[ QUOTE ]
[ QUOTE ]
[ QUOTE ]
[ QUOTE ]
[ QUOTE ]
[ QUOTE ]
I assume u have to pay income taxes on the cash value of the car.

[/ QUOTE ]

I was wondering about this too.

[/ QUOTE ]

Most definitely has to report the $60k stars gave him as income.

[/ QUOTE ]

Not true, its in consideration of the millions of dollars of rake hes paid... thought I'm not 100% sure, but its definately not a traditional free prize.

[/ QUOTE ]

The sixty grand is most definitely reportable income in the US. Also, if someone just gives you 60K as a gift, you have to report that, too. (IANAL nor a CPA, but I believe the cap on untaxed gifts is 10K in the US.)

At any rate, I'm sure OP has an accountant who handles his taxes, so there is no need to speculate or take tax advice from BBV. (I am guessing people taking tax advice from BBV would result in some great BBV threads though.)

[/ QUOTE ]

Yes I know you have to report gifts as income, but my point is this is not a gift, and is in exchange for mass amounts of rake. Thus therefore it is not something for nothing and could be viewed as a contract in quantum meruit, as in a contract by principal. I have my tax exam tuesday... lets hope thats right.

[/ QUOTE ]

no

Look, the rake is already figured into his net income from the STT's, this is above and beyond that. It's not like he is writing a check for rake to the site, and even if he was it would be deducted on his taxes and if they gave him a kick back that would be taken off the deduction, so the net effect is always the same.

Also, congrats to op. I would feel jealous but I played STT's for a while and I can never be jealous of that.

Re: Ship the Cayman!
 

who are the girls on the first pic?

nice car
well done OP

Re: Ship the Cayman!
 

Nice. From my years of party sngs I got 4 ipods, Tiger Woods 2007, a money clip, and some hoodies. I also occassionally got rb whenever my affiliate didn't feel like ripping me off.

Re: Ship the Cayman!
 

[ QUOTE ]
You look so out of place/uncomfortable in that car

[/ QUOTE ]

exactly what I thought.

Re: Ship the Cayman!
 

Av. ROI: 4%

uhm

Re: Ship the Cayman!
 

[ QUOTE ]
[ QUOTE ]
You look so out of place/uncomfortable in that car

[/ QUOTE ]

exactly what I thought.

[/ QUOTE ]

i dont even know dbeast you guys are prob busto tools

grats, sick car, esp for "free"

Re: Ship the Cayman!
 

Congrats. You deserve it.

Re: Ship the Cayman!
 

did u not have 5million for the aston martin, cos thats another class of car right there

Re: Ship the Cayman!
 

[ QUOTE ]
[ QUOTE ]
[ QUOTE ]
[ QUOTE ]
[ QUOTE ]
[ QUOTE ]
[ QUOTE ]
I assume u have to pay income taxes on the cash value of the car.

[/ QUOTE ]

I was wondering about this too.

[/ QUOTE ]

Most definitely has to report the $60k stars gave him as income.

[/ QUOTE ]

Not true, its in consideration of the millions of dollars of rake hes paid... thought I'm not 100% sure, but its definately not a traditional free prize.

[/ QUOTE ]

The sixty grand is most definitely reportable income in the US. Also, if someone just gives you 60K as a gift, you have to report that, too. (IANAL nor a CPA, but I believe the cap on untaxed gifts is 10K in the US.)

At any rate, I'm sure OP has an accountant who handles his taxes, so there is no need to speculate or take tax advice from BBV. (I am guessing people taking tax advice from BBV would result in some great BBV threads though.)

[/ QUOTE ]

Yes I know you have to report gifts as income, but my point is this is not a gift, and is in exchange for mass amounts of rake. Thus therefore it is not something for nothing and could be viewed as a contract in quantum meruit, as in a contract by principal. I have my tax exam tuesday... lets hope thats right.

[/ QUOTE ]

no

Look, the rake is already figured into his net income from the STT's, this is above and beyond that. It's not like he is writing a check for rake to the site, and even if he was it would be deducted on his taxes and if they gave him a kick back that would be taken off the deduction, so the net effect is always the same.

Also, congrats to op. I would feel jealous but I played STT's for a while and I can never be jealous of that.

[/ QUOTE ]

Sorry to bump this [censored], but you're wrong. I don't know if your a tax guy or whatever, but your analysis is seriously off if you think it is wholly one way or another. He IS writing a basically a check to the site for rake, and he PROBABLY ISNT deducting the rake as a necessary and ordinary business expense. If he was, then yes the car would be income, as if he is writing off the rake, than the car is for free. In your analysis, the rake completely dissapears as part of your income which makes no sense, if its not being deducted anyway.

Re: Ship the Cayman!
 

[ QUOTE ]
[ QUOTE ]
[ QUOTE ]
[ QUOTE ]
[ QUOTE ]
[ QUOTE ]
[ QUOTE ]
[ QUOTE ]
I assume u have to pay income taxes on the cash value of the car.

[/ QUOTE ]

I was wondering about this too.

[/ QUOTE ]

Most definitely has to report the $60k stars gave him as income.

[/ QUOTE ]

Not true, its in consideration of the millions of dollars of rake hes paid... thought I'm not 100% sure, but its definately not a traditional free prize.

[/ QUOTE ]

The sixty grand is most definitely reportable income in the US. Also, if someone just gives you 60K as a gift, you have to report that, too. (IANAL nor a CPA, but I believe the cap on untaxed gifts is 10K in the US.)

At any rate, I'm sure OP has an accountant who handles his taxes, so there is no need to speculate or take tax advice from BBV. (I am guessing people taking tax advice from BBV would result in some great BBV threads though.)

[/ QUOTE ]

Yes I know you have to report gifts as income, but my point is this is not a gift, and is in exchange for mass amounts of rake. Thus therefore it is not something for nothing and could be viewed as a contract in quantum meruit, as in a contract by principal. I have my tax exam tuesday... lets hope thats right.

[/ QUOTE ]

no

Look, the rake is already figured into his net income from the STT's, this is above and beyond that. It's not like he is writing a check for rake to the site, and even if he was it would be deducted on his taxes and if they gave him a kick back that would be taken off the deduction, so the net effect is always the same.

Also, congrats to op. I would feel jealous but I played STT's for a while and I can never be jealous of that.

[/ QUOTE ]

Sorry to bump this [censored], but you're wrong. I don't know if your a tax guy or whatever, but your analysis is seriously off if you think it is wholly one way or another. He IS writing a basically a check to the site for rake, and he PROBABLY ISNT deducting the rake as a necessary and ordinary business expense. If he was, then yes the car would be income, as if he is writing off the rake, than the car is for free. In your analysis, the rake completely dissapears as part of your income which makes no sense, if its not being deducted anyway.

[/ QUOTE ]

Dude, has net earnings on s&g's with rake already figured in. He got a 60k car on top of the net earnings. End of story, not even close. I was pointing out that no matter how you set up your chart of accounts, that 60k is income, period. If you want to record a 215 as a 200 tourney with an additional entry as 15 for rake, fine, but it makes no difference.

Re: Ship the Cayman!
 

ahhhhhhhhhh mah head asplodes....

v nice man. grats!

Re: Ship the Cayman!
 

[ QUOTE ]
[ QUOTE ]
[ QUOTE ]
[ QUOTE ]
[ QUOTE ]
[ QUOTE ]
[ QUOTE ]
[ QUOTE ]
[ QUOTE ]
I assume u have to pay income taxes on the cash value of the car.

[/ QUOTE ]

I was wondering about this too.

[/ QUOTE ]

Most definitely has to report the $60k stars gave him as income.

[/ QUOTE ]

Not true, its in consideration of the millions of dollars of rake hes paid... thought I'm not 100% sure, but its definately not a traditional free prize.

[/ QUOTE ]

The sixty grand is most definitely reportable income in the US. Also, if someone just gives you 60K as a gift, you have to report that, too. (IANAL nor a CPA, but I believe the cap on untaxed gifts is 10K in the US.)

At any rate, I'm sure OP has an accountant who handles his taxes, so there is no need to speculate or take tax advice from BBV. (I am guessing people taking tax advice from BBV would result in some great BBV threads though.)

[/ QUOTE ]

Yes I know you have to report gifts as income, but my point is this is not a gift, and is in exchange for mass amounts of rake. Thus therefore it is not something for nothing and could be viewed as a contract in quantum meruit, as in a contract by principal. I have my tax exam tuesday... lets hope thats right.

[/ QUOTE ]

no

Look, the rake is already figured into his net income from the STT's, this is above and beyond that. It's not like he is writing a check for rake to the site, and even if he was it would be deducted on his taxes and if they gave him a kick back that would be taken off the deduction, so the net effect is always the same.

Also, congrats to op. I would feel jealous but I played STT's for a while and I can never be jealous of that.

[/ QUOTE ]

Sorry to bump this [censored], but you're wrong. I don't know if your a tax guy or whatever, but your analysis is seriously off if you think it is wholly one way or another. He IS writing a basically a check to the site for rake, and he PROBABLY ISNT deducting the rake as a necessary and ordinary business expense. If he was, then yes the car would be income, as if he is writing off the rake, than the car is for free. In your analysis, the rake completely dissapears as part of your income which makes no sense, if its not being deducted anyway.

[/ QUOTE ]

Dude, has net earnings on s&g's with rake already figured in. He got a 60k car on top of the net earnings. End of story, not even close. I was pointing out that no matter how you set up your chart of accounts, that 60k is income, period. If you want to record a 215 as a 200 tourney with an additional entry as 15 for rake, fine, but it makes no difference.



[/ QUOTE ]

Last time Im gonna respond to this, as theres already numerous threads on this in legislation, as well as all over the internet, but if I make 1 million bucks as a traveling businessman, and you could include those trips into "net income", then the majority of times you write the trips of as business expenses, something I doubt this player is doing with the rake. If they give me frequent flier points, and free trips, if you have written if off then yes, most likely these trips will come back around as income. However, if you have not written the trips off, and the airlines as part of a promotion (which fpps are), decides it wants to give you free stuff, then it is in consideration of your business- in the case of pokerstars, the millions you have paid them. Its like you see it like the rake is already factored into his income, like pokerstars directly helped him acquire the income and therefore anything he gets from them is considered a bonus. But pokerstars provided an ancillary service, that combined with his own talents, made him money. He basically signed a contract with the TOS that said you give us this much money, we will give you this much back- regardless of how much money your net income is, or your net losses are. Its just completely seperate from your profit, which I guess is where our points differ.

Re: Ship the Cayman!
 

[ QUOTE ]
Av. ROI: 4%

uhm

[/ QUOTE ]

Losing player last 5k games imo.