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#41
08-10-2006, 02:01 PM
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Re: HIV IS TAPPED
[ QUOTE ]
jesus i feel bad for him hes freaking 18 [/ QUOTE ] You're supposed to be broke at 18. I had about as much money to my name at that age as he does. I'm not going to feel sorry for an 18 year old for not having tens or hundreds of thousands of dollars stashed away. 
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#42
08-10-2006, 02:03 PM
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Re: HIV IS TAPPED
I thought I was tilting when I turned my 22 to 1700 then went back to 1200 and then cashed out for god sakes. That is ridiculous. I'm busto too now but because I need the other money, not cause I'm retarded. Someone stake me PLZ.
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#43
08-10-2006, 02:06 PM
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Re: HIV IS TAPPED
He still made enough to pay for tuition for a year. Sure it was up and down like crazy but the end result isn't so bad. That's what he deserves for being the worst bbv poster in history.
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#44
08-10-2006, 02:36 PM
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Re: HIV IS TAPPED
[ QUOTE ]
[ QUOTE ] [ QUOTE ] So, any chance in hell he'll think about claiming any of those winnings on his tax returns, or can we say tax fraud? [/ QUOTE ] Why claim it when he could just claim the lost amount as well and cancel it all out. [img]/images/graemlins/wink.gif[/img] [/ QUOTE ] A lot of states you can't claim the lost amount unless you're a professional... [/ QUOTE ] Actually, you cant deduct/claim losses at all on your state return in some states. Illinois, which I reside in, is one of those states.(I could be misinformed, but dont believe to be) Federal deductions are still fair game though in those states.
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#46
08-10-2006, 02:45 PM
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Re: HIV IS TAPPED
more importantly, for federal taxes at least, unless you're a professional you have to claim -every dollar won- seperately from the losses. You itemize the losses as you would anything else (medical bills, etc.) but only losing sessions, you don't get to just net it out. And even if you are a professional, unlike most businesses, you cannot run at a loss for tax purposes, it can only zero out. pain in the arse
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#47
08-10-2006, 02:49 PM
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Re: HIV IS TAPPED
[ QUOTE ]
I thought I was tilting when I turned my 22 to 1700 then went back to 1200 and then cashed out for god sakes. That is ridiculous. I'm busto too now but because I need the other money, not cause I'm retarded. Someone stake me PLZ. [/ QUOTE ] I'll stake you $22 [img]/images/graemlins/grin.gif[/img]
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#49
08-10-2006, 03:03 PM
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Re: HIV IS TAPPED
I hope for his sake that internet poker is banned.
For my sake, I hope I am in the games he he comes back to in a week.
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#50
08-10-2006, 03:07 PM
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Re: HIV IS TAPPED
[ QUOTE ]
more importantly, for federal taxes at least, unless you're a professional you have to claim -every dollar won- seperately from the losses. You itemize the losses as you would anything else (medical bills, etc.) but only losing sessions, you don't get to just net it out. And even if you are a professional, unlike most businesses, you cannot run at a loss for tax purposes, it can only zero out. pain in the arse [/ QUOTE ] Since I'm doing them this weekend, tax hijack from the Schadenfreude thread. Below is the definition of "session" on dictionary.com. I'm wondering why it's always assumed that we must group sessions into 1 day, as opposed to a week. Obviously there will be far less losing weeks than losing days, which makes life easier when filling out taxes. I don't think I'll have the guts to do it though. ses·sion Audio pronunciation of "session" ( P ) Pronunciation Key (sshn) n. 1. 1. A meeting of a legislative or judicial body for the purpose of transacting business. 2. A series of such meetings. 3. The term or duration of time that is taken by such a series of meetings.
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